All Forum Posts by: Patricio P.

@Rachel Gill The house looks fantastic. Congrats on a job well done! The pictures came out really nice, did you take it yourself, use a real estate photographer, or did your agent handle this?

Thanks @Brian Fouts these are great insights!

I think you are getting ahead of yourself. You first need to define you strategy and your goals and come up with a plan. 

Are you going for Buy and Hold? Flipping? Whole Selling? 

Are you looking for a Joint Venture (JV)? Bank Loan? Private Lender? Portfolio Lender? Hard Money?

What are you providing in exchange for this money?

There are numerous options and we can't recommend one without knowing more about your situation. 

Welcome to the site. So you've been doing deals since '77? How many flips have you done to date?

@Jonna Weber @Chris L.

You both made some excellent points. As a new RE investor who is looking for a mentor and or to pick the brain of an experienced investor I've heard a lot about providing value in exchange. 

I understand each person is unique but what sort of things would you find of value if someone were to approach you asking for assistance or a mentorship arrangement? 

Just to be clear, I would be looking for an in person mentor in my area but I want to get a general idea of what I could do so that the arrangement is mutually beneficial.

@J Scott, I want to start off my real estate career with flipping. As a total beginner, what is the bare minimum I need to know before I should start taking action vs. exclusively focusing on learning?

I think the best way to learn is by going through the experience but how do you balance responsible learning with getting started and avoiding analysis paralysis?

Hi BP Flippers,

How are you guys structuring your deals with cash investors on flips? I know several guests on the podcast mentioned doing a 50/50 split, where they perform all of the legwork and the investor provides all of the money for the purchase and the rehabbing costs. The investor then gets back all of their money and then the profits are split 50/50 upon selling the house. Is this how you are structuring your deals assuming you are partnering with someone on the finance side? What if both parties bring funding to the table, how are you splitting the profits at that point?

Hi BP Community!

I've been reading tons of posts and listening to the BP podcast and thinking a lot about my goals and plan for investing in Real Estate. My general thoughts so far are to get started with rehabbing but I understand there is a steep learning curve. I will try to find a mentor or someone experienced to partner with on my first few deals (and maybe more). Before I take that step I'm joining the local REIAs and want to learn as much as I can and formulate a general plan.

What advice would you give to someone who lives in Silicon Valley in the Bay Area when it comes to performing market research and selecting zip codes to search for deals?

I want to identify a target area to search for potential rehabs and could use your advice on best way to find which homes are selling the most and the fastest. From there I can get a good idea of the general ARV for those types of homes in those areas and work backwards (using the 70% rule) to find homes that meet my criteria.

I want to get as focused as possible so I can get some actionable leads. Thoughts?

Bonus questions:

1. Can flipping be a profitable endeavor in silicon valley, CA?

2. Does the 70% rule apply in hyper-expensive markets like the San Jose Metro area?

3. For those of you who are currently flipping houses in the Bay Area are you finding the deals via direct marketing, MLS, Realtors, or wholesalers?

Thanks @Jeff Pollack, I appreciate the response. I have a general idea of what I want to do (fix and flip several SFH per year to increase working capital and buy 1-2 cash flow properties per year) but I think I need to put pen to paper and very clearly define my goals and strategy.

Hi, my name is Patricio and I live in the Bay Area, CA. I've been interested in Real Estate investing since around 2004/2005. I've bought and read many books on the topic from Rich Dad Poor Dad, Millionaire Real Estate Investor and several books on flipping. Many things have held me back from getting started but mostly doubt. I decided to join BP, introduce myself and get started. My first step I'm taking is joining a local REIA or two so I can network and find a mentor down the road. My interests are wholesaling and flipping but I'm looking to do a hold and rent strategy long term. I look forward to learning from all of you.