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Posts Tagged ‘flipping’

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Hi Everyone,

Thought I’d give an update on what we’ve been up to lately. 

Buying a Rental Property – The past week or so, we’ve been looking at a ton of properties on-line and even saw a couple with a local realtor.  Last weekend, we saw a duplex and a triplex in our area.  The duplex is newer and in really great condition. One half is rented for $1400/month from good, long-term tenants who want to stay.  The other half is occupied by the owners who need to move out of state.  It’s a short sale and has been on the market over a year…and it’s still overpriced.  We wouldn’t consider making an offer anything close to asking price, but we’re still crunching numbers.  The triplex was a much older home that needs a complete rehab.  It would qualify for Homepath financing, but I think it’s more rehab we want to do for a rental.  If we could get it cheap enough, maybe we could flip to a local landlord.

Wholesaling/Buyers List – I’ve also been calling bandit signs and classified ads looking for wholesale buyers.  I am figuring we can target more buyers and what they’re looking for so we can find wholesale deals just for them.  Many of the other cash buyers on our list we obtained either from our Craigslist ads or our website, which is fine, but we also want to shop for deals specifically for our local buyers.

We Need Money – Lastly, we are looking for money for deals.  I am considering purchasing the Private Money Blueprint course.  I also have seen some “cheaper” courses on the same topic.  If anyone has feedback on obtaining private money or courses to take, that’d be great.  I also have been contacting local commercial/portfolio lenders looking to see if they could fund rentals for us. I talked to a great guy yesterday at a local, small credit union.  He gave me a complete rundown of their rates and terms and really walked me through their process, so I’m gonna keep him in mind to see if that will work for us.  The only sticking point with that option is if we buy more than one rental, we may not (initially) have all the downpayment money needed, that’s why I’m thinking we need private money, too.

Happy Investing and Happy 4th!

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I took a break a little while ago from my blog and the whole investing game.  I have been super busy at work and my personal life has been downright crazy for quite some time.  I’ll spare you all the details, but in a nutshell, we’ve had a lot of illnesses and losses in our family.  Most of my free time was spent caring for sick and ailing family.

Instead of crawling under a rock, all of this sadness and grief makes me more motivated to give this real estate thing even more of an effort and truly succeed.  I’ve seen too many people live their lives working like dogs at a job they hate and never having the time or opportunity to really enjoy life with their friends and family.  I’ve also seen first hand people that have left this earth too early, never even having the chance to follow their dreams.

So, all of this heartache gives me the motivation to press on and move forward.  I am a fighter, and because I a job, husband and a child, I don’t have the luxury to stay in bed and feel sorry for myself.  Moving forward is what I must do.

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I’m going to start marketing again and possibly buy some motivated seller leads.  I’m planning to do more to promote my website and also finalize our LLC for investing.  I also am trying to plan for my exit from my job.  It’s going to take longer than I had originally planned, since my husband got laid off, but I still don’t want to lose sight of that goal.

For motivation, I’ve been reading books, like the 4 Hour Workweek, and even Steph’s Flip This REO ebook.  I keep listening to investing podcasts and success stories, like the ones on Steph’s blog.  Those really keep me inspired.  I also read tons of investing blogs (check out my Blogroll).  I love hearing about other people investing, especially those who are trying to balance a family and/or a full time job.  Juggling it all isn’t easy, but it can be done.

How do you stay motivated?  How do you juggle investing with your family, job and other personal commitments?

Happy Investing!

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