For The Newbies - Welcome

25 Replies

I just wanted to post a few pictures of a property we just purchased with a tenant in the property. This tenant had been living here for 15 years and just moved yesterday (day before sheriff eviction). We did the set out today and I thought this would be good for newbies to see. Always be prepared for the unexpected! I had an idea of the condition as the tenant allowed me to look at the property before purchase. Some investors aren't as lucky and don’t get to preview the property. I got a super deal on this and that’s my other point. Make sure you buy right! Don’t get caught up trying to make a deal happen! You can get burned real quick.

We will be rehabbing this property over the next few weeks to flip. We should do very well on this deal... I will post pictures of the finished product along with the numbers when the property is complete.

Enjoy.....

@Jason James   do you get to keep that mattress?If so, it looks like you got a sweet deal!

On a more serious note I would be interested to see the details of that deal. It might shine some light on what one might have to look past in order to find a decent deal.

Cool post, Jason. It is easy to get sold on the idea of investing and pushing all your effort into making a deal happen. As someone just getting into the art of investing, I can say first hand that there is a fine line between being ready to pull the trigger and jumping the gun.

"The power of negotiation always lies with he who cares the least"

@Evan Manship  Love the quote! Its great....

Thanks by the way. You are 100% correct... It's easy to get caught up in the deal. 

Based on the quote you posted I think you will be just fine!  

Thanks for sharing with us newbies. I know you mentioned you would post the numbers after the rehab but do you have a time line for this project. Just trying to wrap my head around this a little better. Definitely will be following this post. Thanks again for sharing. 

@Paul S.  That mattress is just the beginning of what I get to keep... :) 

I have a busy afternoon but I will post the numbers as soon as I can. Great deals are subjective to your situation. What may be a good deal for me here may not be a good deal for you there. Regardless it will shine some light. 

@Isaac Guzman  With my teams current workload I would say 4-6 weeks from top to bottom but of course if I can push faster I will. I have picked up a bunch of great deals last month and I am now looking for more team members to help with the influx of deals. It’s a good problem to have.

Also I am mentoring a newbie here local and he is going to be getting some hands on experience on this particular project. That may slow me down some but investing in him now will pay me dividends later. 

Thanks @Jason James  Glad to see you are so helpful to the newbies. It is greatly appreciated. Please keep us updated. 

Ugh, that toilet. I bet the whole place smells like roses... Is there any major damage that you know of right off the bat? Rodents or insects? You can't keep a place that clean without getting at least ants...

Good luck! I can't wait to see the after pictures.

Mindy Jensen, Real Estate Agent in CO (#FA100049656)

@Mindy Jensen  No major damage and yes the place smells absolutely wonderful... The house is pretty solid really considering the people that were living there. No rodents and I think that is mostly because they had a dog and cat. The only insects are gnats! We have cleaned the place out and our pest control company will be bombing this week.

Thanks for the luck.. I have a newbie working with me and he is going to need it. I am trying to be patient and let him do some of the smaller task so that he gets a good feel for what it really takes to do these types of deals. This will slow us down for sure but again I feel teaching him will pay me back 10 times over, he's a really good guy. I have him involved in every aspect of this flip. There is no better way than to learn hands on. 

Hey everyone!  New to the site but not new to the business.  Looking forward to connecting, learning and sharing with all of you!

Hello all I am a newbie to the site and real estate investing. I am very interested in getting started into investing. I am also in college and for my advance English class I am writing a paper on real estate investing. Thought I could learn a little more and complete this assignment. Any tips, suggestions or advice would be greatly appreciated. 

@Kenneth Stump I would listen to the podcasts. They have a wealth of knowledge and cover a variety of topics. Especially good if you don't have a specific niche to which the assignment correlates. Welcome to you and @Account Closed  

Welcome @Kenneth Stump and @Account Closed  

I agree podcast are great. Browse the forums too.. Just dig in and you will find a wealth of information.

I will give an update on this project when I have more time. 

@Roy N.  

Agree... Good one...

It took 2 of them to get the trash out! Not demo just trash... Gotta love it

Originally posted by @Jason James:

... No rodents and I think that is mostly because they had a dog and cat. The only insects are gnats! We have cleaned the place out and our pest control company will be bombing this week.

... 

You sure the little black insects were gnats and not fleas, given that they had pets living in that filth?

@Steve Babiak  I am sure. No fleas. 

I agree you would think in that filth that there would be a rodent/insect problem but for some reason there wasn't on this one. We have had the house treated to be sure as we always do.

My newbie is doing great and really getting his hands dirty on this one. It'sgoing to take a little longer as I stated because I am going to let him meet contractors with me, negotiate bids and so on. I could easily use my contractors and make this super easy for him but I really feel he needs to go through all steps as if he was doing this alone. Of course I am guiding him along the way and pushing to keep things moving. It's actually more fun doing this than I thought it would be. I have been flipping properties for years and have become numb or bored with it. This has really helped me to get excited about this part of the business.

I would encourage all your experienced folks to mentor someone. It gets you pumped again and helps you stay fresh. Plus it's nice to help others and 99% of the time good things will come back your way...

I just wanted to post a few pics of the house my "newbie" is working on. I have been super busy and have had limited time to be onsite to help him. He has really taken control and jumped in there. He wanted to learn how to do a few things as well so he is actually doing things like tile and such. Of course this is taking him a lot longer than normal but I really feel it’s going to help him learn a lot. When he started he had a tough time putting a door knob on and now he is setting tile. Huge improvement! He hopes to wrap the project up by the end of the month. Even with the delays I feel he will do very well on this deal. Also as I stated before it’s really fun watching someone get excited about a project and helping them learn. I would say if you have some free time or just want to get excited about real estate again mentor a newbie. It really is fun.

Sorry for the crappy pics I just snapped a few last week when I was in the area. More to come.

Woah, your newbie set that shower tile? Give him a high five and a beer that looks amazing. No seriously, that's a damn good job on setting tile.  Look forward to reading your lessons learned at the end of this.

Thanks for the update!

@Andy Robison  Yup. He did set it with some guidance from yours truly. He is a great kid. He is going to do just fine in this business. For him it is all about having support. He just felt he couldn't do it without the support. I see us working together in the future for sure. Again very rewarding. 

I know it has been a while but I decided after starting this project to allow my newbie to run the show with guidance from myself. I wanted him to get a real world experience and not just a guided tour of how to do a flip. At the beginning he wanted to have contractors do 99% of the work but as we moved along he wanted to actually learn how to do some of the work so he would have a better understanding on future jobs. So we took ALOT more time than we should have but he got to learn how to do some of the trades. Keep in mind this guy works a full time job as well so his progress was very slow. He learned a TON and now knows what to expect from his subs. This was a fun project and very rewarding for me. I enjoyed very much educating him on the process. I also learned a thing or two during the process. As I stated before he will do just fine in this business. I think more people like myself who have been doing this for a long time should slow down sometimes and learn to enjoy the business all over again. I know I did. Very exciting…

Here are some pictures of the before and the finished product. We can’t get any outside pics as we have a crap load of snow on the ground still. We are meeting my realtor today to list the property so we will see what she thinks we should be listed at. Today will be another teachable moment for Jamie (newbie).

Once we have it listed and sold I will update the post with actual numbers. 

This is a fantastic thread to see a process from dingy (okay, beyond dingy) to dazzling.  Thanks for sharing!

RJ

RJ Reynolds, Real Estate Agent in MA (#111679)

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