BiggerPockets

Good for you, and thanks for the update!

Is it just sitting vacant then? I think at one point you mentioned you were considering moving in with roommate(s) vs. just renting it out vs. flipping - please correct me.

Is there a chance of you moving in, getting a roommate as well for a reduced rate and either understanding the place is sub par, or with the understanding that they will contribute to the repairs in exchange?

Just a couple thoughts to help you amass your empire!

Originally posted by Richard Evans:

Yea, it's vacant for now. I though about having my sister move in with me and she would just have to pay a couple hundred a month. I'm kinda lost now, I just want to keep on the path to success, I'm afraid if I just live in it myself It will take forever to fix it... I only make 9.65 and hour.

I remembered you don't make a ton of money, but you need to decide (as others have posted) what the best use is. What would it sell for, and what would it take to get it there? What would it rent for, and what would it take to get it there?

Or live there free and have your sister pay tax and insurance, possibly maintenance, via her couple hundred a month. You did save the 21k pretty quickly if I recall, so if this is attainable in your area you could just get another one pretty quickly.

Have you already done each of those calculations? If not, before you spend a ton of money it may benefit you to do so. Example, don't put granite in as if its your dream house only to rent it out to tenants who don't care.

If you want, post questions here and you'll get tons of different opinions.

Originally posted by Dave Meyer:

Originally posted by Richard Evans:

Yea, it's vacant for now. I though about having my sister move in with me and she would just have to pay a couple hundred a month. I'm kinda lost now, I just want to keep on the path to success, I'm afraid if I just live in it myself It will take forever to fix it... I only make 9.65 and hour.

I remembered you don't make a ton of money, but you need to decide (as others have posted) what the best use is. What would it sell for, and what would it take to get it there? What would it rent for, and what would it take to get it there?

Or live there free and have your sister pay tax and insurance, possibly maintenance, via her couple hundred a month. You did save the 21k pretty quickly if I recall, so if this is attainable in your area you could just get another one pretty quickly.

Have you already done each of those calculations? If not, before you spend a ton of money it may benefit you to do so. Example, don't put granite in as if its your dream house only to rent it out to tenants who don't care.

If you want, post questions here and you'll get tons of different opinions.

Hey Dave, I actually think I would rather flip it than use in as a rental. I was told I could probably get at least 45k out of it If I fixed the roof and did some cosmetic stuff, I was thinking about trying to turn that carport into a garage too as I think that might boost the price a little. I was told by my realtor, who flips houses, that as long as I don't spend much over 10k on repairs, I should do pretty good. Now if I actually did do that and got about 45k from it, I would either want to buy a little more expensive house, maybe 30k, than use my extra 15k to fix this one even faster! These are all just thought though, probably a lot easier to say than do, how does that sound to you Dave?

Originally posted by @Richard Evans:
Hey Dave, I actually think I would rather flip it than use in as a rental. I was told I could probably get at least 45k out of it If I fixed the roof and did some cosmetic stuff, I was thinking about trying to turn that carport into a garage too as I think that might boost the price a little. I was told by my realtor, who flips houses, that as long as I don't spend much over 10k on repairs, I should do pretty good. Now if I actually did do that and got about 45k from it, I would either want to buy a little more expensive house, maybe 30k, than use my extra 15k to fix this one even faster! These are all just thought though, probably a lot easier to say than do, how does that sound to you Dave?

Richard Evans, first thing I'd suggest is get some good comps to see if the ARV is correct (the $45k).

Good comps:
-Similar (Age, bed/bath, story, sqft, etc...)
-Close in proximity (1/2 mile or less)
-Recent (3 months or less)

Then tell us what you get, and we'll all help you decide!

Manuel

Originally posted by Richard Evans:

Is there any sites you would use to do these comps? I know the zillow estimate for it is 42k, is that accurate at all?

Perhaps, but your agent can send you a detailed report of everything that has closed in the immediate area. Important to consider proximity, beds/baths, condition when making any comparison.

Also, you need to consider selling costs. If you spend 10k to improve and pay realtors 2.5k you have less profit.

Nice house Dave,
It's going to look great once it's freshened up. If I were doing it, I would see if the wall between the kitchen and living area is load bearing, and if it is not....then I would knock out the top half of that wall to open it up and create a breakfast bar there. People always seem to like those. :) Good luck. Can't wait to see it finished.
Kristin

find a realtor and find out if you could sell it right now and make a quick profit.

the realtor could also tell you top dollar what the house could bring after ou fix it.

DO you have an estimated cost to fix it up and what are your rehab plans? paint, new carpet, new laminate hard wood like flooring? new appliances?

@Richard Evans I just wanted to say it's amazing that you were able to save that kind of money, very impressive. Have you started on your rehab? How did the comps look from you realtor?

Good luck, it sounds like you are on the right path. Being able to live on less then you make is almost a requirement to get into business and most people simply can't do it.

@Richard Evans How's everything going so far?