All Forum Posts by: Tyler Carpenter

Ive heard it time and time again that the real estate deals that are the real good ones, are not found on the MLS. What my questions to all the investors of biggerpockets is where have you found to be the best ways in finding properties outside of the mls? Courthouse? Marketing yourself with local investors? etc.. Im trying to see if I can get get peoples advice on where to find them and maybe if someone around the local chicago area would be able to give me pointers on marketing myself better. Any information is helpful and much appreciated.

Also, my bank just told me that I need 12 months in the property for seasoning. So i guess i may have to go a different route.

Ryan, thanks for the replies, it gives me a few ideas on how to achieve outside of leverage.

Delondon; Im not really sure what you mean as far as marketing. Like i said, im pretty new to everything asthis is my first house. Im still a little new to the area of aurora and naperville so just trying to get my bearings as well. I really need to get my name out there so people know what im trying to do. Any suggestions?

I plan on being in the real estate business as well as holding some properties too. I also do want to flip my next home to pay back my investor and give myself some cash to keep moving on. Then keep flipping a property and taking some cash to buy a rental and another flip. This is my ultimate goal, is to carry enough profit to buy a rental every time i sell a home along with some profit to fund the next project too. I understand cash is key, but also want to be able to obtain as many properties as possible too. Just looking for any real world experiences from investors that may have been in my shoes in the past.

Hey all, sorry its been awhile since I have been on in awhile. I just wanted to say that this place has helped me a lot and wanted to thank everyone who helped me get there. I finally just got done rehabbing my first purchase in which I am currently living in with a roommate renting the other room for extra income. I purchased my townhome for 74,500 here in Aurora IL, and have put about 10k in it rehabbing it. The house has came back after appraisal at about 140k. I am really pushing to get another property in the next few months (possibly a flip), and not really sure how to move on doing so. I had an investor invest $40,000 with me in which I plan topay him back in about a year or so. Im planning on using a home equity line of like 30k to fund a down payment and rehab process for this next property but not really sure if there is seasoning regarding me only owning the home for about 2 months. Did know if anyone had any ideas or suggestions or real world experiences of what they did to get to the next level. Any input is appreciated greatly as always. Thanks again

Sorry Vikram. I read your statement wrong.

Would I be the 55%? and the investor 45%? Because orignally i was throwing around this ballpark number

Haha I like it Jon. The way I figure it, by gaining this money at the start I can venture into real estate faster than I would on my own. I have no problem sharing some of my profit early on in my career. Like I said Im 24 and have plenty of time to regain some of the profits. Im going to propose somewhere between a 45/55 and 50/50 profit for the first few deals, if that sounds fair and equal from what other would agreed on? I have faith that I can buy right and make it work like you said. Thanks again for all the replys. I truly appreciate all of the effort that people put forth on answering my questions truthfully. I owe all my knowledge to this site and the people on it.

Ill give you a little bit of a background as this is a little bit different than what most of you have been through. In feb 09 I lost my job and moved back home with my rents to save money. After painting fences for extra cash for a friend of my moms, I was hired as an engineer for her son at ballco manufacturing. I became the quality control engineer there and have been there since august of this year. I have been asked to work extra everyday and wanted the owner of the company to know what i do when i leave work and on the weekends. I wanted him to know so that way he realizes im not giving up on my dreams regardless of any job. After talking about real estate and my goals with the owner of the company, he became interested and wanted to learn more. I presented him with my offer of a cash on cash return in a year or two and pay him back in full. I think his style of thinking is a longer term and has given me 5 years to figure it out. This is where I am at. He has reserved the money for me once I have a contract that dismisses his involvment if anything gets hairy.

So everyone is in concenous that I should try to pay him back as soon as possible? At what rate would you provide? 50/50? Is that fair?