All Forum Posts by: Michael Breedlove

Hey BiggerPockets! So here's the deal....my name is Michael and I own a painting business based just outside of New Orleans in Metairie, LA. I've been spending the past 6 months or so learning as much as I can about real estate investing and it's time to actually DO something about it. My focus is primarily going to be to buy, renovate, and flip (possibly in the Metairie/Kenner location) to start out. Then, I'd like to own several rental properties once I gain some more CashFlow. The plan is for my wife and I to get a traditional mortgage inorder to purchase a home to renovate. Then, my inlaws have agreed to take out an equity line of credit on their house and are going to have a little more than 40k in money that they are going to allow me to use. I plan to use that 40k towards renovation costs, holding costs, & other expenses. My questions for general BiggerPockets users: Would you recommend a single family home or condo for a first time flipper? Or would you just say that it depends on the specific area? Is it necessary for me to form an LLC when I'm first starting out in the investment game? (We are keeping the 40k in a completely separate bank account) My questions for local NOLA area BP users: What areas would you recommend for a first time flipper? I've heard suggestions for parts of Kenner, Harvey, Marrero, New Orleans East. Recently, I've heard people even talk about trying to purchase properties in the areas where the recent flooding has occurred. I would assume that resale for those areas may be pretty difficult, but those areas potentially could be good for acquiring rental properties. What are your thoughts on that? Thanks for any and all of you that take time To read this and respond. Any info/opinions will be appreciated!

Nice to meet you Carlos M. ! I'm new to BP as well and I'm new to investing. I'm on a small successful painting business based out of Metairie and my wife and I have a short term goal to purchase a property we can put some sweat equity into and flip. The resources BP offer have been very beneficial. Be sure to check out the podcasts and forums for all kinds of topics. Thanks for introducing yourself!

My name is Michael Breedlove and my wife Jennifer and I are from the New Orleans area and currently live in Metairie, La. We have 1 awesome daughter named Grey and she's 10 months old. Almost 2 years ago I started my own business called Integrity Painting & More. Business is growing and doing well. My wife and I are wanting to grow our knowledge in the real estate industry. Our short turn goal is to possibly acquire an investment property that I can put some sweat equity into and we can flip so that we can generate a little more CashFlow. Our long term goals are to generate enough passive income to get out of the "rat race"! We know it's going to be challenging because I'm a small business owner and my wife is a stay at home mom and those factors make it difficult with acquiring a loan from a bank, but we aren't scared of a challenge! Thanks for any and all of the advice. I'm looking to be a sponge and soak up as much knowledge as possible!