Newbie from Durham North Carolina

Newbie from Durham North Carolina

Investor · Durham, NC · Member since 2016 · 10 posts · 1 vote

Hey everyone. My name is Jeremy Simpson and I just stumbled across BP and I am already blown away by the amount of information available. I cant wait to jump in with both feet. (is there another way to jump in?) and read everything on the site. I am currently married to an awesome wife who has agreed to support my decision to get involved in REI. I also have a 9 month old daughter. Some of my passions are new technology and college football. I am a huge fan of Virginia Tech and I try to go to all of their games. I would say I'm also a huge fan of meeting new people and really enjoy solving difficult problems.

I never really considered REI but recently the idea just slapped me in the face. Before I was married my wife and I both owned our homes separately and we decided to just rent her home out when she moved in with me. Her property isn't very lucrative but it makes money and to be honest as long as we weren't losing money we were ok with it. That was 2 years ago. Then this past December I inherited another home. The home was old (built in 1961) but in decent shape. I decided to update it a little and try to rent it out as well. Well i have been having a blast getting this home ready to rent. Deciding what sink to put in the bathroom and what countertops to put in the kitchen has been super fun for me and it got me thinking maybe this is something I should be doing more of. I have always been a fan of repairing things and in fact my full time job is as a tech support analyst at UNC. I think real estate investing is something that I didn't even realize i had a huge passion for. I have been thinking about it nonstop since December 13. My coworker even asked me at lunch, can we please talk about something else??? I am sure that I will learn so much in the coming months and years on BP but starting off I am mostly looking to find out how to know if the property is a good deal. I see lots of inexpensive properties on Zillow and other sites but I don't know how to determine if these properties are a good investment or not. I'm mostly interested in Buy and Hold properties though I am not against flipping as well to build more capital. Finally I am trying to learn what repairs should cost. For example how much should someone charge to fix a hole in drywall, put in new carpet, power wash a home. These are my most pressing issues.

Thanks for reading my introduction and even though I am a newbie if there is anything anyone feels like I can help them with please do not hesitate to ask.

Jeremy

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Rental Property Investor · Durham, NC · Member since 2014 · 1k+ posts · 1k+ votes
10y
Originally posted by @Jeremy Simpson:

My coworker even asked me at lunch, can we please talk about something else???

LOL! Sometimes I start talking REI around my friends and if I don't get that statement, I get a look that says as much.

Welcome to BP.  You'll find a ton of information here.  Good luck in your hunt!

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  • Rental Property Investor · Durham, NC · Member since 2014 · 1k+ posts · 1k+ votes
    10y
    Originally posted by @Jeremy Simpson:

    My coworker even asked me at lunch, can we please talk about something else???

    LOL! Sometimes I start talking REI around my friends and if I don't get that statement, I get a look that says as much.

    Welcome to BP.  You'll find a ton of information here.  Good luck in your hunt!

  • Adam SchneiderPro Member
    Lender · Raleigh, NC · Member since 2012 · 957 posts · 639 votes
    10y

    Jeremy, you might want to join TREIA and attend the New Investor meetings that Tim Masters holds once a month. Regarding how much something should cost, there are a couple good books through BP. I wouldn't worry about how much every single widget should cost ahead of time. If you learn the costs for the common items and the big dollar items first, that's a good start. Paint and carpet are examples of common items. HVAC, Roof...examples of more expensive items.

  • Jonathan Taylor SmithBusiness Member
    Rental Property Investor · Durham / Raleigh (Triangle), NC · Member since 2015 · 840 posts · 801 votes
    10y

    Hello @Jeremy Simpson- I'm not a big a VT fan (from Florida), but enjoyed watching them in the Vick days! Cool that you have the full support of your wife in the REI pursuit. I could not be doing this without my wife being in, although she leaves all the work to me. My full-time career is also in IT (I own an IT Consulting & Web Hosting business). I started in RE in January of last year, got my Realtor's License, and acquired two properties. I stuck with Townhouses with HOA's so that I did not have to be concerned with siding, roofs, or any exterior maintenance - but I've now learned enough to move on a detached SFH. Always welcome talking REI over coffee.

    Blue Chariot Realty & Management4.915 Reviews
  • Real Estate Agent · Burlington, VT · Member since 2015 · 108 posts · 46 votes
    10y

    @Jeremy SimpsonWelcome! If you are looking to find out what repairs should cost get the bigger pockets book on estimating Rehab costs. It's a great place to start. 

  • Rental Property Investor · Cary, NC · Member since 2014 · 120 posts · 89 votes
    10y

    Hello @Jeremy SimpsonWelcome and if you thought Facebook was a timesuck BP is equally so but in a good way because you actually learn valuable stuff!

    I would second what @Adam Schneider said, I am also in TREIA and there are some great people in the group. BTW: Adam is one of those people. I also agree with him that your questions are a bit too detailed. You need to be looking at higher level #'s. You'll kill yourself trying to work stuff out to that level and won't take action and then miss out on all those super valuable mistakes your in for. I mean that seriously, its a hard buz to learn entirely from a book/website and small "mistakes" are going to be your best lessons. I think the popular word for that is - Experience.

    Let me know if I can help answer any questions.

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