All Forum Posts by: Richard Peterson

Brittany Kuschel Hey Brittany- Hope all is well and business is great!! Wondering if you know of any real estate clubs or local meetings for real estate investors in the Duluth area? I'm getting more and more excited to get into REI the more I read and learn. I'm searching out financing options currently... considering hard money lenders, any advice or experience with them? Thanks! Rich

@Brittany Kuschel

I'm also considering getting my real estate license or a brokers license... I don't plan to be an active agent listing properties but I think getting a license would teach me a lot and add some credibility maybe. 

As I search for ways to learn the ropes I was considering doing property management for investors who are renting currently. I can do all matter of home repair and maintenance as well as manage tenants if needed. Not sure if there is much of a market for someone like that? Have you heard or seen any demand for property managers? 

@Brittany Kuschel

Thanks again for your thoughts and experience here! I agree, after doing more research I think I would pursue a rental property that I can get in at a good price sometime in the next year if something comes along, or wait for the market to swing back to more of a buyers market- i'd like something i can rehab slightly and then rent it out... hold it for a while and evaluate / decide if it's something I'd keep for longer term or sell when prices rebound. 

At this point I'm exploring financing options just with local banks- then will look at more creative financing if needed. I want to get going but just have too much to learn yet! 

Your advice is well taken and I really appreciate it!

- rich

@Brittany Kuschel

Interesting to hear your perspective as an active agent. As you said it seems to be a good time to sell... wish I had something to sell besides my current home :) 

I'm interested in your comment on "rates increasing and more buyers flooding the market".  Do you feel the market would be better for the potential flipper in that scenario? If rates go up as I'm sure they will (demotivating buyers)... but at the same time there are more buyers in the market it seems hard to predict or even estimate if buyers will actually be there to purchase a flipped property for a decent profit within the next couple years, especially if that property is purchased in today's market! 

I'd say my general timeline to actually make a move would be to buy sometime in 2017... hold and remodel for 6-12 months depending on the property then put it on the market. But as I said above I'm much more evaluating how / if I could do this at all vs developing an actual strategy at this point.  I'm all over the place when considering if I did take the leap would I sell my current home to invest in a flip house while I live in it... or keep my current home and find financing for the flip property..? I guess I just have so much more to learn and investigate that I can't say at this stage. Just getting familiar with the market trends and forecast would be a good thing for me to dig into for sure.

I'd be up for meeting to discuss sometime... I don't want to waste your time however considering where I'm at in this process it could be months or longer before I make a move. 

In any case thanks for your reply and sharing your experience!

~rich

@Brittany Kuschel

Hey Brittany, Noticed your are also from Duluth! I am surprised to have found someone here on this big forum from my town! Hope you have found business to be good here and lots of opportunities for growth. 

@Dmitriy Fomichenko 

Thanks for the tip on tagging someone... I was wondering how I did that.

I'll check out your suggestions.

Thanks Dmitriy

~ rich

Hey Matt,

That's great! Good luck on the Duluth property! 

I'm a total newb, and really just snooping around to see if a 38 year old family man with a full time job could participate in the world of REI at all and turn any sort of profit at it.

The place I could see potential for me would be in flipping since I have a long history with house remodeling, with experience as an electrician, carpenter, tiler, builder, plumber, roofer etc... so I feel like given the right property and timeline I could flip a property for relatively low rehab costs... I guess it comes down to how much time I'm personally willing and able to invest while having a family and full time job and if the stretching of the time from purchase to re-sale would be cost prohibitive or not... just so much to learn.  

~rich

Hey Brittany, Noticed your are also from Duluth! I am surprised to have found someone here on this big forum from my town! Hope you have found business to be good here and lots of opportunities for growth. 

Thanks for the welcome all! I will check out your suggestions and I'm sure I'll be seeing  you around in other posts.  ~ rich

Hello Everyone... I'm really new here... just found the site today, signed up and this is obviously my first post. From the review of the site and posts I've seen so far it looks amazing... I have a ton of reading and learning to do and I'm sure lots of questions along the way.

Looking forward to learning and meeting some of you fine folks.

~ rich