BiggerPockets

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?

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

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?

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.

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.

@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!

Good stuff!

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.

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!

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