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Joshua Mattson
  • Great Falls, MT
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Is this idea and potential "IN" to RE investing feasible?

Joshua Mattson
  • Great Falls, MT
Posted Oct 14 2017, 16:03

Background, I am currently in MT and am a full-time firefighter. I have been on BP for a very short time and have been listening to BP podcasts and trying to absorb as much info as possible. I have no RE experience. Currently in the process of finding partner/mentor. 

This past year my grandmother in law passed and left her house (paid off and in north central Illinois) to my father. My mother and him have no use for the house except to end up selling it. Im tossing around the idea of buying it from them. It is in good shape structurally but was an elderly persons house so no updates in decades. 

The kicker. I would have to give up my full time job of firefighting and move back to my hometown in Illinois. This idea came up yesterday while talking to my dad on the phone so the idea is very young and I am in no rush and neither are they to sell it. Housing in my area of MT is fairly expensive compared to where I would be moving in Illinois. Comparable 2-3 bedroom SFH are in the range of 50% less expensive in Illinois (rural 1-1/2 hours southwest of Chicago) compared to Montana. My first thoughts are to buy the house, do minimal updates so it's livable for my family (IE flooring, paint and appliances) then possibly HELOC it and then either flip or buy and hold duplex/Quad depending on which would be better for the market there.

What is everyone's initial impressions of the situation? what do you see as potential snags or issues I will possibly face? Again this is a very fresh idea that is being tossed around and I am not on a time constraint for the potential property.

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