I am new to REI. I am interested in wholesaling, local tax lien sales and long-distance buy-and-hold opportunities. Currently, I work as an educator.
We just bought our first home in October 2017, and although it wasn't the best purchase ever, we did buy at a 14% discount based on comps in our neighborhood. We are tied for worst house in the neighborhood currently. Additionally, I was able to calculate accurate rehabbing costs due to my long ago affiliation with the trades of painting and landscaping, willingness to ask questions, and general DIY experience.
To be honest, we mostly just relied on our long-standing affiliation with garage sales as our guide, since we had no idea about REI.
We are currently repainting the outside and installing landscaping which, when completed, given current valuations would give us an 80% LTV, while only having put together a 5% down payment of $12,000. Our total rehab costs will be around $15,000 and if appraised accurately, will allow us to access around $50,000 in equity (I am probably going to use Unison for this).
Fortunately, I have an uncle who is successful in buy-and-hold -- his advice has been valuable. Also, I have spent some time educating myself here at Bigger Pockets and via books sold on this site. I have discovered a real passion for finding deals and creative finance options.
This summer, I am going to research some areas of the rust-belt looking for buy and hold opportunities -- looking forward to that.
Hello @Matt Pich-Maxon, welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here!
@Matt Pich-Maxon welcome, fellow Cali investor currently investing OOS. Looking forward to seeing your first deal! I love Big Bear - if all goes well I will probably get a vacation rental out there. :)
Thanks! @Dave Visaya I am looking forward to networking and learning here.
@Com M. perhaps we can meet up sometime you're up here and talk rei. Also, it seems one area of need up here is year-round rentals. There is a real scarcity of year-round rentals. If you know of anyone interested in new construction, I have some thoughts on this.
@Matt Pich-Maxon hard to imagine that there would be a rental shortage out there! Only a local would know ;) I don't make it out there often but I will definitely reach out when scheduling my next trip.
Hello welcome to BiggerPockets. Great plan. Look forward to hearing follow ups as you work through your rehab.
Welcome to BP @Matt Pich-Maxon. My niece has a place in Big Bear. I think buying your own home as a fixer upper is a great way to start.
Welcome to BiggerPockets! It is great to have you and please feel free to jump in the community - there are certainly great people around here
Thanks for feedback. We're making the rehab work -- the roof is replaced and landscaping work is underway. I just bought some 5 point scrapers and a box of caulking. The goal is to have it ready for appraisal by the end of August....
@Ned Carey Thanks as well for the feedback. We've really been educating ourselves as to the local market.... where I didn't see any deals, after some education... I've found a lot of potential up here.... How's the Baltimore market?
@Aziz Raji I've read some of your deals for sale on the listings here. As a former Cream City resident, I'm interested in looking at deals there. Specifically, I'm looking at Riverwest (nothing too far West of Bremen) and West of Bay View, however, taxes seem somewhat high in WI. Any thoughts on taxes? How's the rental market in Brew City these days?
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