All Forum Posts by: William Brown

Shana Prymicz Welcome to BP! I don't want to simply rehash what others have said, so: You mentioned you have just started looking at properties. This is both good and bad. As a beginning investor I would say it is best gm to get a baseline of knowledge through books, BP, the BP podcasts, then move onto looking in your market. A house built with no foundation won't be a standing house for long.

Allow me to offer a contrary idea to the contrarian: Sell the 150. Vegas. Roulette Table.

Sounds like a huge jump. I'm not one to judge how experienced anyone is, but there is a huge difference between a SFR and a 12-unit. Maybe go into the 12 unit with another investor 50/50 and save yourself the headaches and losses later?

Red flag red flag!!

Why Detroit? Because you can buy a block for the cash in your pocket? That's what I thought at first. There is a reason @Joshua Dorkin continuously picked on Detroit for the first 50 podcasts. If you haven't put serious thought into WHY you are investing in detroit, I highly recommend listening to this podcast: https://www.biggerpockets.com/show50

Congratulations! Keep it up!

If I may ask, why NC? If you plan on living there, your best bet would be to go scope out and attend some REIAs and see what they are investing in and what is working. 

Good luck!

Generally with a flip you are buying a distressed property and make repairs cost as low as possible to keep the spread large. Which means you aren't turning it into a Taj Mahal. If you start to tailor to the buyers wants, as J said, they might not know what they want, and it will be the ugly duckling. That is unless you make pre-selling flips YOUR business and become known for it and, therefore, can charge the high price. But lets say you do 9 flips the exact same way and your contractor starts to work like clockwork, then you throw this curveball at him, you are guaranteed less favorable results.

Why do we go to Gurus and fall for these "Get rich quick" schemes? I speak on this because I did. I attended a 3day seminar/workshop with Real Estate intensive and all I can say is that I paid $2000 for a very special seed and taste for REI that was planted inside of me. And for that, it was worth it. But the value ended there. However, people believe that the 10-20-30-40k programs will get them to the next level, and give them an unfair advantage against everyone else? Is it because they will hold our hands and spoon feed us all the secrets that they claim only they know? NO! The majority of people who come out of these programs and boot camps spend the next couple years or even decade trying to pay back the money they spent. Because they didn't have the drive within themselves, they couldn't find a way to put minimal work in and expect huge results. Life doesn't give you what you want, it gives you what you deserve. Now there are some who have benefitted greatly from the programs. But I strongly believed that these few people could do it without spending that $20K. Finally, if you are reading this and thinking about buying a program, ask yourself why. There are all the resources you need here on BP and elsewhere, but if it seems like it would be too much work to teach yourself then you should just stop right now. Find something else. Go sell kittens at a pet store, I don't know. So essentially if you think that the $20K price tag will give you a golden ticket Charlie, think again.

If you want more ideas on investing and what is working for people make sure to check out the bigger pockets podcast @ https://www.biggerpockets.com/podcast

You will find more information there than you could ever need. Start at show one and start rolling.

Definitely unique. Maybe bring your clients a pot of natural honey overtime you visit them? Lol