All Forum Posts by: Travis Hamilton

Hi @Dominick Miller - if it's a single family home I would start by looking at the comparable sales in the area.  Use Zillow, or any other online real estate resource, and see what other "like" homes are selling for in that direct area.  Don't compare houses that are miles away but look for recent sales (I typically look at sales that are up to 12 months old - most investors will probably say more like 6 mo or less).

From there you can use the rent she's charging as another way to gauge (1%/2% rule) whether or not the house meets your investing criteria.

All the best!

Hi @Brenda Barnes and "Welcome" to BP.   It might help to get a little more specific...like do you want to fix and flip properties?  Or would you rather buy and hold them?

The most common suggestion you'll receive here is to attend a local real estate investors association meeting and see if there are a few other investors there that you might be able to get connected with and see if you can get something started.

Of course, you can find partners here on BP as well - but I think you'll have to share and engage a little more on the site before you find folks willing to offer up their time and resources.

Best of luck!

Some of it's going to depend on your goals ($2K-$3K/mo NOI) and how much time you can commit to the business. Fixing up beaters, even if your intent is to hold, isn't your typical "passive" investment. If you've got the time to commit to it and it's something you like to do than it can certainly help drive up your ROI. But it is a commitment...

All the best!

You should probably sit down with an attorney.  Layout the framework of the operating agreement you envision and they should be able to pull it all together for you and help you create the legal entity to make this happen.

Having said that - I would be interested to see how this all plays out.  I would think you'd need to convince both the seller and contractor that you are bringing some immense value to do this deal to get them to buy off, fund the entire deal AND let you collect $150K in profit at the end of the day.  I'm not saying it can't or won't happen but this seems like a real stretch.

All the best!

@Lisa Davis - Hello and welcome to Bigger Pockets!  Glad to see another NW Florida investor here!  If I can be of help, do not hesitate to give me a shout.

All the best with your RE Investing!

@Andy M. - that's a great story and video...loved it!  And congratulations on getting it done while making some great money.  

From a personal, self-interest standpoint I'd love to hear a little more about the red-tape that you had to work through to get going on the property.

Congrats again and all the best!

I've been hunting around for bit trying to find a local CPA who works with RE investors.  I haven't had the best of luck and it made we wonder if I really even need to have a local CPA??  

Do any of you work with out of town/state accounting or tax professionals?

Just curious - thanks!

@Account Closed - Thanks!  Super excited to be a dad and the closer it gets the more excited we are getting.

Makes it even more important to get deals inked and housed turned.  "Baby needs some shoes and Momma needs some teeth!" 

@Matthew B. - Negative.

If you have three years of credits (you don't even need a degree) from an accredited college level course and one year experience as a foreman you can apply for the license.

If you have a construction related degree you only need one year of proven experience (doesn't have to be as a foreman) and you can apply for the license.

Here is the application from myfloridalicense.com

I'll see you at the "New Residential Contractor's Certification Gala Dinner" next year :)  Both of us with our fancy business degrees and all!

@Matthew B. - I've stayed out of the free-for-all here but stumbled onto the same thing when doing some background work for my new business.   What I have learned is that to get your residential contractors license (I likely don't need a general/commercial license for what I want to do) that you do need four years of experience.  However, 3 of those years can be waived if you have a four year college degree. For the additional year you need verifiable "foreman" type experience.  Plus of course you have pass the test, credit-worthiness, etc.

My plan is to find a licensed residential contractor (preferably a retired or retiring one) and pay them to be the man on the permits, filing notice to commence, etc. while I run, as the "foreman" my own projects for a year.  When the year is up, the licensed residential contractor will have a little extra money in their pockets for permits pulled, overseeing my work (on my project  - BTW which I think it complete crap as you've pointed out) and I'll have my year experience and ability to qualify for my license.

And it will be exactly that easy...yeah right.  Anyway, that's my plan and all the best!