Go ahead! Get Your Feet Wet!
I have been reading the articles like crazy on biggerpockets.com and have really learned a lot in a very short time. I wouldn't be able to do this if it weren't for the people before me who have been where I am. Thanks, y'all!
I have made a decision to just jump on in and get my feet wet with this real estate investing thing. I imagine not many people have been successful just dangling their toes in the water!
Yesterday I scoured the internet for some possible deals in my area. I chose 4 properties that are in need of rehabbing and just did a drive by. One property peaked my curiosity so I made an appointment for a showing this coming week. My intention is to evaluate repairs. Now with all the good information that you fine folks have given me, I am hoping I do a bang up job in that evaluation. I have already warned the realtor that I should be at the house for most of the day.
The only drawback that I can foresee is the fact that in this area, we have a lot of thieving going on around here. If a house sits for too long, the thugs come out of the woodwork and literally start stripping a house. Wiring, appliances, light fixtures, a/c units, tubs, sinks, it doesn't matter! If they can get a buck for it, they will take it! The house I just looked at yesterday, the garage had already been broken into and things taken. Thank goodness the owners of the house had sense to put boarding around the windows.
Anyhoo, I am excited about evaluating repairs and getting to work to see if this is a workable deal. If it is, I hope my private money lender will think so too and want to move forward. I will let you know how it goes!
P.S.
I found an interesting quote the other day by Abraham Lincoln
Things may come to those who wait....but only things left by those who hustle!
You think Abraham Lincoln knew the word hustle? Was that the language of his time?
Comments (5)
@Harry and Jon...I think you are right about not working in an area that has a high crime rate. It is very sad. I am close to the Houston area so that is an option or I could also move out further into the country such as Dayton, Liberty, etc... Seems country folks don't put up with that nonsense! I was out in Dayton today looking at a house that from the outside, appears to need only minor repairs done. While there, I found 2 vacant houses that I will be sending a letter to the owner to see if maybe they are interested in selling.
Anne Walls, about 14 years ago
Great AL quote, but it does sound like a modern paraphrase. I'd think real hard about buying in an area that obviously has high crime. Welcome to BP!
Jon Klaus, about 14 years ago
Anne, That theft problem can ruin your whole day. Is there a market nearby that you could work where that would not be an issue. You'll likely have to have materials delivered and you can't be there gay and night. What major market are you close to?
Harry Hallows, about 14 years ago
Thanks again, Josh!
Anne Walls, about 14 years ago
Hey Anne and welcome to the world of real estate investing. I think you're going to learn a ton by exploring these rehab deals in your area so you can start to practice your analysis. Don't hesitate to jump on the forums once you've got some numbers, so the great members of this site can help you with your crunching. Good luck!
Joshua Dorkin, about 14 years ago