If you really want to know more about the situation I'm happy to give more details. The story with "the flood house" is a long and complicated one that involves family but the key point (I think) is that it was not purchased as an investment when I started. Purchase price was $28,000. I had the roof and electrical panel replaced bringing my all-in to $40,000.
Then, one week after the roof was done, it was hit by the Sanford/Edenville dam failure (2020). I started calling people to get quotes before the water had gone down. However, with the large number of people in the area needing the same work, only 2 people ever called me back. The first person told me that people didn't care how much it was. They were telling him "you show up and I'll write the check". The second person quoted $25,000 and they wouldn't start for 3 weeks. Now I'm left with, how do I turn this situation around? The answer was, to do it myself. So I did the "flood damage mitigation" work myself. For anyone that doesn't know, all that means, is ripping out the wet stuff and letting the structure dry. At this point in the story, the thought of real estate investing had not happened yet.
So, now I'm spending massive amounts of brain power on how to turn this negative into a positive. I came up with a 2 part plan. The first was a no-brainer, join a lawsuit. Payday on that, if any, is 10 years away. The second was again, do it myself. I then started learning everything I could about DIY home repair. After calling my local building office to talk about permits, I realized they were not going to make it easy for me unless a licensed contractor was involved. At the time, because I didn't even look into it, I thought getting licensed was not feasible, so I just put that issue on the back burner and kept learning.
Over the phone quotes based on pictures ranged from $40,000 to $60,000 for just labor, in the Spring of 2021. I couldn't get anyone to give me a quote on materials because of the "supply chain crisis". That's what they told me anyway. I did it myself based on Home Depot prices and came up with about $40,000. That covers subfloor, finish floor, drywall, insulation, kitchen cabinets, the whole bathroom, plumbing, water heater, interior paint, exterior sheathing, siding repair, and a back deck to replace the one that floated away. That price does not include replacing the furnace or ductwork. A good comparable on the same road sold in the summer of 2021 for $95,000. The pictures looked great and the listing mentioned stone countertops, tile floors and new mechanicals. The best offer I got was from someone who sent me a "yellow letter". After talking to them they were will to give me $10,000. 25% of my cost. If the reno cost is $100,000 making my all-in $140,000 and I sold for $95,000 minus fees and commission, I would get about 60% of my cost. Yes, instead of losing $30,000 I would be losing $55,000, which is why I'm not doing that. If, by doing the work myself, I can get the reno done for around $40,000-$50,000 making my all-in $80,000-$90,000, I might just turn this into a win. At this point real estate investing still had not entered my mind. I was simply thinking, how do I not lose money on this house?
Skipping ahead a lot because this post is already way too long, I started to see videos in the vain of "maximize your returns with these DIY projects". This led me to seeing a video with David Greene and then to Bigger Pockets. Bigger Pockets planted the seed and I watered it by diving into BP the way I did with DIY.
Skipping ahead again, I realized that having those rehab skills and a license could make me a great partner for someone. Now if you already have 1000 doors then no, I'm not going to be of great value to you. If, on the other hand, you are someone like me, just getting started in real estate, finding someone with the skills/resources that you lack and partnering with them, can drastically change the trajectory of your investing. I'm not looking for a money partner, I'm hoping to find a business partner.
With 11,000 post to your name, it would seem you have been in this game for awhile, so from your prospective I'm sure none of this makes sense. So, if you have a list of easy ways to get started in real estate with little to no knowledge, experience, skills, or connections, that will hopefully fit my personal situation, then I'm all ears. Tone doesn't always come through the way we think it will in text so I want to say I'm not being sarcastic. If you have a list I would really love to hear it.