All Forum Posts by: Paul Sorgi

@Cynthia Ligon  That is a "big" question.  Your post has very little detail.  Are you looking to flip?  or buy and hold?  Single family or multifamily investing?  What do you mean by promising prospects?  Share your numbers.    If you have a specific deal that you are looking for a partner you can always post in the marketplace for a partner or an investor.  

@Evan Kelleher  good luck with your project keep us posted on your progress.

1. Ease of entry to real estate investing it is a good starting point for many

2. Lower level of experience needed and a great place to learn real estate

3. Easier to obtain financing and partnerships

4. Stay with because they develop experience and systems around acquiring,  maintaining and liquidating SFRs.

5. Easier to Liquidate a SFR than a 5M apartment building.

The above are educated guesses on my part because I have yet to acquire 10 properties or a 5M apartment building but I felt like chiming in.  

Purchase Price: $220,000

Rehab Costs: $70,000

Finance Costs: $15,000  

Holding Costs/Closing Costs:  $25,000 

SOLD: $386,500

Net Profit: $56,000

Deal structure:  Partnership with partner funding the deal 100%  with interest and a percentage of the Net Profit. 

Lessons Learned

1. Shorten holding time we held this for 18 months

2. Hire more contractors we did to much of the work our selves

Before

Good Idea to have them but do not  let that keep you from attending events.  Get out there and make sure you get the cards of those you meet.   You can then email them or send them a note in the mail reminding them of who you and your contact information.  

@Mitchell Jaggar keep your money. Stay active here on BP. read lots of posts and you will develop a strong knowledge about REI.

@Christy Delaney BP is a great place to reach out and network.  One suggestion I have is update your profile.  Provide more information about yourself and potential partners will have an opportunity to find out about you.

@Joshua D. have you made any progress on this property?

I bought 5 properties at a free and clear sale in May 2014.  Just got 3 of the deeds today but they were recorded in Aug 2014.  

I believe there is a 30 day period after the sale that it can be contested.  

Look forward to hearing about your progress.