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All Forum Posts by: Rob Gillespie

Rob Gillespie has started 44 posts and replied 1428 times.

Post: Newb From Syracuse, New York

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841
I would be happy to help you show your kids what to do. My 13 year old just purchased his first house a few months ago. Welcome aboard!

Post: How old were you when you bought your first investment property?

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

I was in my early 20's.

My son just bought his first two houses on one lot to fix and flip to a hedge fund. 

He is 13!!!

He bought and sold his first car at 9! 

I guess he pays attention to his old mans advice! LOL

Post: looking for local seminars

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

Hi Mark, 

I am not doing one in your town, however I have a 3 day training I will be doing in Cleveland Ohio. It will be 3 days long and discussing Rehabbing. It will not be a big sales fest. there will be a  bus tour taking everyone around to my properties. 

If you would like two tickets, i would be happy to send them to you. 

Post: First deal - thoughts?

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

Kyle, 

Have you had a chance to compare to properties in Pittsburgh?

those seem like pretty tight numbers and I am not loving the 2 bedroom idea. 

In my market, Cleveland, I can get into a nice place for less than 25k that throws 800 per month. That is not in a war zone either. 

I like to look at houses like that to finance like a car note. Use IRA money at 12% and a 5 year amortization. This way you own it free and clear in a hurry!

Just my 2 cents. 

:-)

Post: Contractors?

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

Kyle, 

I would just make sure you are VERY detailed on the contract.  never let the money get ahead of the work. put in bonus money for getting done early and penalties for getting done late. whatever the contractor says for a completion date, add two weeks before penalties start. 

Contractors may eat up profit, but they make life easy if ya pick the right one. 

Good luck! 

Post: Financing a mortgage under $30k

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841
Originally posted by Berdens Julceus:
Thanks for all your responses, this is great information. The properties I'm looking at are in the Palm Beach and Broward county in south florida. I'm work on building a relationship with a local banker. I'm going to look into one of the credit unions. I have a feeling they might be more flexible than most.

I LOVE Palm Beach. I go down a couple of times per year. If you find a steal on a deal down there in the area, let me know. I would like to be on Lake worth or near Worth Ave. I know I am not gonna get a deal down in that area that I would get here in NE Ohio, but hey, never hurts to throw it out there. LOL!

Post: Financing a mortgage under $30k

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

Local banks and Private capital. Nothing that is getting sold to Fannie or Freddie.

Post: New member introduction from Las Vegas

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

Welcome Brandon!
Would love to help ya with any wholesaling questions.
BP is like a google for the investor. If ya can't find it here,
you can find it anywhere.
Good luck!

Post: Newbie from Springfield, MA

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

Welcome Karolynn,
Welcome to BP and investing!!
Why wholesale to move on?
I have done it since the 90s and it is a great biz by itself.

Post: New to the Real Estate World

Rob GillespiePosted
  • Specialist
  • Cleveland, OH
  • Posts 1,611
  • Votes 841

William,
Welcome to BP.
It all depends on the lender on what the qualifications are.
I would not leverage it at all.

I would wholesale and make coin from nothing at all other than time and energy. Just my 2 cents.

good luck