All Forum Posts by: Stephen Warnock

@Michelle Bright Thank you for the tip! I will be sure to check out an REIA in the area.

Hello BP community!  I have been lurking around the BP site for several months now without properly introducing myself.  I finally decided to formally introduce myself to the Forums.  I am a high school special education teacher in San Marcos, California.  Due to recent life changes and events, I have rekindled my passion for investing.  It all started with "Rich Dad, Poor Dad."  A fire was lit after reading that book...

Since finishing that book, I've spent the last 6 months reading, researching, and studying real estate investing; Now it's time to get into action! I am looking to invest out of State, using the BRRRR and Fix and Flip strategies. I have contacts in the Midwest that make that area quite attractive for me. I have a local California lender who remains a good friend and has been helpful with getting me pre-qualified for traditional lending. In addition, I have established several partners who are ready to join me in deals around the country.

Here are some of my immediate real estate investing goals:

-Buy 2 SFH, or 1 Duplex that yields a total of $400 CF in Hamilton County, Indiana by 12/31/18.

-Complete 2 profitable Fix and Flips in Marion County, Indiana that yields a total of $30k 12/31/18.

-Form an LLC

Here are some of my long term goals (The Why):

-Accumulate $1M in net worth through assets by December 2025.

-Acquire $6K in passive income per month through Rentals, Notes, Lending, etc... by December 2025.

-Have the option to quit my W2 job if desired by December 2025

Thank you for reading through my New Member Introduction.  I look forward to interacting with the BP community more consistently.  The amount of information and resources on this site has been extremely helpful for me and my real estate ventures.  Now let's go make some deals happen!

Stephen 

I appreciate everyone's feedback.  It sounds like it's possible, unlikely, but possible.  Also, creative financing would make this possible as well... Buy with investors cash and quick refi as an option.  Thanks all.

I've been given several different answers from friends and acquaintances in regards to purchasing a foreclosed home at Auction.  I have heard both, that you need all cash to be able to bid on properties in foreclosure.  But I have also been told that you can have the winning bid and use a loan to secure the purchase of a foreclosure.  

So, in the bigger pockets experience, which is it?  Can I secure a foreclosure property at Auction with a loan that has been pre-approved?  Thanks for any help.

Hello BP community,

I am completely new to the real estate investing world (zero experience).  My interest was first peaked after reading Rich Dad Poor Dad, and then "How to buy a home with no or little money down."  I am in the educational phase of the transition from a J.O.B. to letting my money and investments work for me.  

I have several ideas to get started; finding business partners, attracting investors, etc... But was curious if there were other ways to get started with "the first deal."  

Sadly, I don't currently have enough capital to put any of my own money into an investment. I realize HML is one way to go, however they still require 10-20% of the purchase price to get started. I have excellent credit, and have considered the idea of using a credit card to fund the 10-20%. Has anyone in the bigger pockets world done this, considered this, done well with this, etc...

I look forward to learning more as I keep reading and researching the site.  Thank you for any suggestions and help.

Stephen