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My first property ever, 21k! [Video]

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Richard Evans

kingman, Arizona

Sep 14 '12, 11:31 PM
5 votes


I wanted to share a video with guys of my first house. I had no life for two years so I could save up for it. http://www.youtube.com/watch?v=d2ARc2c1eFM&feature=share&list=UUE5zZeFgjUobAgz88_ifIGg Can someone tell me how to make a clickable link?



Uwe S.

Real Estate Investor from Dublin, Ohio

Sep 15 '12, 12:03 AM


Thats your link Richard.

For URL you should click on the URL tab above the topic if you write an post. First click to create the URL link and second to close it.
Hope you can understand my english ^^.

-Uwe



Jeremy M.

Saint Louis , Missouri

Sep 15 '12, 07:52 AM


How much are the estimates to fix it up?
What are your plans for it after the rehab?



Ed Lee

Residential Real Estate Agent from Hattiesburg, Mississippi

Sep 15 '12, 08:20 AM


Congrats! Are you planning on owner occupying, fix and flip, or rental?



Richard Evans

kingman, Arizona

Sep 15 '12, 09:51 AM


Thank you Uwe S. I'm doing and owner occupy for now, I want to fix and flip it if I can make decent profit, if not I might just get a roommate so I can save faster to buy another one. once I have two propertys hopefully saving just get easier. The major thing I have to fix on the house is the roof, should cost around 1500. Most of the other stuff is cometic, I have a working ac unit from my older brother that does HVAC, I might put that in instead of the swamp cooler, so that will be some money right there too. any ideas on what I could do to ad value to it?



Dennis Hempler

Homeowner from Coweta, Oklahoma

Sep 15 '12, 09:54 AM


Awesome congratulations! You are going to learn a TON from this. Let us know what your plans are after the rehab.



Mark H.

SFR Investor from Phoenix, Arizona

Sep 15 '12, 10:15 AM


Originally posted by Richard Evans:
Thank you Uwe S. I'm doing and owner occupy for now, I want to fix and flip it if I can make decent profit, if not I might just get a roommate so I can save faster to buy another one. once I have two propertys hopefully saving just get easier. The major thing I have to fix on the house is the roof, should cost around 1500. Most of the other stuff is cometic, I have a working ac unit from my older brother that does HVAC, I might put that in instead of the swamp cooler, so that will be some money right there too. any ideas on what I could do to ad value to it?

Congratulations!

As for adding value, just get the mechanicals in good working order & get it looking clean & fresh - paint & carpet or other flooring do most of the work. Get the kitchen & baths sparkling & you may double or even triple your money in short order.



Ed Lee

Residential Real Estate Agent from Hattiesburg, Mississippi

Sep 15 '12, 10:17 AM


Originally posted by Richard Evans:
Thank you Uwe S. I'm doing and owner occupy for now, I want to fix and flip it if I can make decent profit, if not I might just get a roommate so I can save faster to buy another one. once I have two propertys hopefully saving just get easier. The major thing I have to fix on the house is the roof, should cost around 1500. Most of the other stuff is cometic, I have a working ac unit from my older brother that does HVAC, I might put that in instead of the swamp cooler, so that will be some money right there too. any ideas on what I could do to ad value to it?

Biggest things I see to improve are Paint, drywall repair, replace the acoustical tile ceiling with drywall, flooring, Counter tops, shower surround. Just basic cosmetic remodel stuff.

Probably looking at 10K-15K or so to have it cosmetically prettied up.

What kind of roof is that btw?



Joel Owens Moderator

Real Estate Broker from Canton, Georgia

Sep 15 '12, 10:17 AM


That's great Richard.

Instead of wanting everyone to give you something you have shown the perseverance and discipline to make it happen for yourself.

Everyone wants success but just a few will work for it to make it become a reality.

Make sure you have no debts that cost you money every month charging high interest and instead bank roll and keep growing your money. If you have a lower income job find a way to leverage up to a higher paying job to get more capital faster.

You could also go work for a flipper investor or buy and hold to learn the business.If you want to do it full time I would do that rather than running up 100k of debt you can't get rid of from college.

All the best.



Medium_allworldrealtyJoel Owens, All World Realty
E-Mail: [email protected]
Telephone: 678-779-2798
Website: http://www.AWcommercial.com
www.AWcommercial.com 678-779-2798 [email protected]


Richard Evans

kingman, Arizona

Sep 16 '12, 10:19 PM


Wow, thanks for all the great suggestions! So that's a real type of ceiling huh, Ed? I thought someone just glued floor tile to the wall or something lol. Mark H. Wow that would be amazing if I could flip it for a profit like that, I could start getting into some real investments! Thank you for the compliment Joel, I appreciate it. By leveraging up to a higher paying job do you just mean get a better paying job? I would love to fix and flip houses full time, how might I get in contact with a flipper investor?



Manuel Acuna

Rehabber from Albuquerque, New Mexico

Sep 16 '12, 10:37 PM


@Richard Evans That's great you were able to jump in!

I got some q's as I'm looking for my first too:

1. How long did it take to find your first one?
2. In terms of negotiating with the bank, was there many counter offers?
3. What was the asking price.
4. From putting in your first offer to closing, how long did it take?

Thanks a lot! And great job!



Will Browm

Buford, Georgia

Sep 17 '12, 04:48 AM


Looks like a great first house to me, Congrats. Since it is an OO, I suggest you do the minimum repairs to get in it. Then I suggest you live in it a while building some cash and experiencing the house. Don't go overboard. Your goal should be getting the value towards the top value of the neighborhood. Any work beyond that is wasted $$$.



J Salter

Multi-family Investor from Shreveport, Louisiana

Sep 17 '12, 06:55 AM


You seem like you've got a hell of a deal. Take care of it, get the best insurance you can because you can afford it and deduct it. Screen tenants harshly and good luck.

Make sure you keep investing wisely.



Steve Babiak

Real Estate Investor from Audubon, Pennsylvania

Sep 17 '12, 09:17 AM


Originally posted by Ed Lee:
... replace the acoustical tile ceiling with drywall, ...

In lots of places I've seen owners put up acoustic tile ceilings because there is some other issue with the ceiling above the tile. Maybe cracked, or sections of plaster & lath collapsed, or water damaged - but whatever that is, you will have to look first and fix it before putting in the new drywall ceiling. Might not even be anything wrong - some people just use the latest fad in decorating, and tile ceilings were all the rage at one point.



Steve Babiak, Redeeming Properties, LLC
Telephone: 6109082183
...


Joel Owens Moderator

Real Estate Broker from Canton, Georgia

Sep 17 '12, 09:49 AM


Richard look up your local real estate investor association.

If you go to work for a flipper to learn the business make sure you are not used and abused.Make sure they have completed a certain volume of deals and that they have the knowledge to give you.

What investors do not want is to work with someone with no drive who wastes their time.

If they will pay you a decent wage that is at least what you are making now or more,you hit it off from the start,etc. then you are on your way.

Eventually you can partner with them on some deals when you save up some more cash and they will show you how to save and supplies and do quality repairs and upgrades in a fast manner.



Medium_allworldrealtyJoel Owens, All World Realty
E-Mail: [email protected]
Telephone: 678-779-2798
Website: http://www.AWcommercial.com
www.AWcommercial.com 678-779-2798 [email protected]


Richard Evans

kingman, Arizona

Sep 17 '12, 09:23 PM


Hey Manuel ( How do I quote people now?) I've Actually been looking at houses online for over a year before I got one. I've only started going inside them and checking them out in real life in the past for months though, The only counter offer the bank made was they didn't want to pay for insurance, So the reduced the price of the house by that much. The asking price was $19,900 I offered $21,200 because most of the good deals get bought for more than the asking price from what i've seen so I just wanted to be safe. I think I put my offer in on 8/19/2012 and it closes this Friday. Sorry Ed, I forget to answer your question about the roof, it's a shake roof. Thank you J I think it's a pretty good deal, Thanks for the advice! Steve I could be very possible that the tile ceiling was put up to hide a water damage. Wow thank you Joel, that would be amazing, I'm going to see if my town has a real estate investor association right Now!



Manuel Acuna

Rehabber from Albuquerque, New Mexico

Sep 26 '12, 01:20 PM


Thanks for replying @Richard Evans! :D

And if you want to quote someone I just press the "quote" button by their name, it's under their picture. And also if you want to directly talk someone you can put a @ sign and then type out their name like this, "@Richard Evans". (Notice there is no space between the @ and the name) Thanks again, I'd love more details as your project moves along so keep us informed :D

Manuel



Richard Evans

kingman, Arizona

Sep 26 '12, 07:37 PM


Originally posted by Manuel Acuna:
Thanks for replying Richard Evans! :D

And if you want to quote someone I just press the "quote" button by their name, it's under their picture. And also if you want to directly talk someone you can put a @ sign and then type out their name like this, "@Richard Evans". (Notice there is no space between the @ and the name) Thanks again, I'd love more details as your project moves along so keep us informed :D

Manuel

Oh, I see it now! Thank you Manuel, I'll definitely keep you guys updated.



Dave M.

Residential Landlord from Chicago, Illinois

Sep 29 '12, 08:31 PM


So @Richard Evans you closed yesterday, right? Congrats by the way!

Did you get right to work on repairs, or move right in?



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