All Forum Posts by: Brenda B.

I think it's important to remember that selling a house can be very emotional. Even though you are just looking for good investment deal, any owner you deal with is likely coming from a much different place. If we can be sensitive to that and even show empathy, we will all be more successful when negotiating these types of deals. 

I read in some forum that having the Pinterest and Houzz app on your phone is very helpful. And even if you don't find a board to follow on Pinterest you can do what I did and create your own board to save all of your ideas in one place. 

I'm with @Nicholas W.- The seller of the house left you in this position and I don't think it's a good idea to pass it on. Restoring the floors will cost money and hopefully you can get some of that cost back by noting the refinished floors in the description of the home. If you are selling to by more rentals then you're making a life/career out of real estate investing and redoing the floors will only be a positive for your reputation- otherwise you could look like a "lipstick on a pig" landlord/investor and that's no good! Good luck and don't forget to take before and after pics to share!

I've been listening to the podcasts and I've heard over and over that is that everything be "new" or at least appear new. Many buyers in this price range have always rented and had less than nice appliances, flooring etc. When they walk in and see everything new, they are sold- it doesn't have to be the best quality but new is where it's at. I'm rehabbing a house with the same ARV and I've found new items on Craigslist, the classifieds, garage sales etc, but this takes time. Good luck and remember to take before and after pics to share!

@Bob Okenwa I'd love to have that PDF! I just don't know how to PM you! Lol- 

Does your state have standard Real Estate forms? If so, you could use the appropriate form- but in this deal you may want to consider asking an experienced RE agent or a RE attorney to walk you through the process. For example, there may be issues with water or mineral rights, liens on the property, tax implications, etc. You could negotiate with an agent or Atty and say you'll pay $500 or $1000, whatever-but it would be money very well spent. I'm frugal and I think many times RE agents are either overrated or not necessary but in this case could be very helpful. 

@Neddrick G. I would start with speaking to the owner of the property to see what the actual status is. He could already be in the process of selling it or could be figuring out a way to finish it. I would also research to see if he's paid the taxes on the property. The property could have a tax lien against it- if someone bid on his past due taxes, you could offer to pay the past due taxes as part of the deal you put together. This "gesture" would show the owner that you are actually helping him and I think would result in him working with you to figure out a solution to the big mess he got himself in. 

@Kunal Mishra I think the term rehabber/RE Investor, as @J Scott suggested, is the best description of what you do. Being a rehabber definitely involves taking on big or small projects and seeing them through until the end, which could include engineering, working with GCs and/or builders, plumbers, electricians, zoning officers, etc. A rehabber does much more than just builder or develop. 

@Jason Young I am in this exact situation- we just closed on a house that we bought using a HELOC from our primary home. We're moving forward even though we don't know if we're going to do the BRRRR method or flip it. However it's getting to the point where we need to make up our minds because we will rehab it one way for a rental and a different way if we plan on flipping. I also need to research what the tax implications are in each scenario. My husband and I each work full time W-2 jobs, and the plan is that two of our adult sons will do a majority of the rehab work- but they can't start until June so we're just spinning our wheels. I'm very interested in the responses you'll receive and I wish you lots of luck!!

I do it all online- usually the assessor will have all of the property info, while the Public Trustee has the foreclosure info. One of the main counties I look in has past real estate sales, etc- it is a WEALTH of info! Hopefully you'll find the same thing where you're located!