All Forum Posts by: Charles Whitaker

I started the exact same way, except I found that by not acting when i was ready I was just prolonging my enrollment into the school of hard knocks. You never really learn until you do. Yes, one needs to know all the details but not as fine as one might think. The details change dramatically in the market place from deal to deal, the best education and most costly comes from just doing it.

I wouldn't sign! Simple as that, the best deals are those not listed so this should be just another method by which you aquire property, not your only method. Most useful realtors will help you if you help them but you shouldn't have to sign documents to enact a mutual partnership.

I would have to say time and cash. Not enough cash to make up for lost time and not enough time to make up for lost cash.

I'm afraid that even a rough number would not work for you, there are just way too many factors to consider. If you totally gut the house, sheetrock and all, and finish it out at a mid range level ~ maybe 20K and up. I have a similar house that was almost gutted on the bottom floor, costs roughly 20K to rehab. We didn't go down to the studs everywhere nor did we have to remodel any baths. But anything over 20K is a given.

Originally posted by "Wheatie":

A rehab to sell and a rehab to rent are two different things. If you did the rehab to sell, you probably want to move it. If you end up renting, you'll need more work before its over and done. Get it priced right, and be done with it. If you do need to refi, then do that before listing, as Tim mentions.

Jon

I would have to agree here. Do you have enough wiggle room for a quick sale price reduction? I've heard that some HML's offer to refinance the loan for another term, only if you haven't maxed the house out with 2nd loans. Either way out, hml or bank, you'll have more points to pay and the monthly payments just keep on a coming.

The more rehabs you do the more you'll find that inspections are better done by you. Of course you'll need to know structural details, termite problems, water issues, etc. The inspector will not always be available at moments notice which is often the best time to buy. I don't like waiting for anothers' opinion on issues when I could check it myself and leave with a signed contract.

I have missed quite a few issues recently and in the past. That only makes me that much more aware the next time around. Sometimes termite trails are treacherous, often its as simple as replacing a stud or two. Learn whats in your houses and always be around for demo, the education is priceless.

good luck

Sounds like a good strategy until you said live in it. Living in an investment is fine and dandy but not realistic if you wish to make money now or if you want to be a serious investor. If you find a deal that you must purchase for yourself then do so, but be realistic.

Find a starter lipstick rehab and go for it, don't underestimate repair estimates or patience, they'll both eat you alive.

Good luck

Upgraded,

Much like everyone else here has said, anything is possible when you focus. The best example I can think of at the moment is the movie "the pursuit of happiness". The main character and his young son end up homeless after numerous hardships. He decides that he no longer wants to live that life so he changes it. He does everything in his power to change his future and, through determination and focus, he lands the perfect job and lives happily ever after. :wink:

If you want something not easily attainable then you must work that much harder or smarter to get it. I'm not going to answer the questions that you posted except number 9. You need to learn, that simple.

I decided many years ago that I do not want to live as I was raised, nothing against my parents or anything. I went to college and landed a great job which pays more than I ever thought i would make. I was then finally convinced to start real estate investing and so I started learning, meeting people and acting, not watching. Now, I have studied real estate and learned how it works. I consider myself a full-time investor, even though i currently have a full-time job. I sold one house, about to sell another, and have two more houses that I am currently working on. Ask anyone on this forum who has been around what I knew when i started, nothing. And yes, I learned 70% of what I know from the great people here. I made it a point to leave the "rat race" of being broke and decided to make a change. Through working my *** off and being focused on my goals I have made a change, its visible now.

My point......work your *** off to get what you want. Be determined and do what it takes, no laziness here

I second the thought of not including SS appliances in a home under a certain amount~determined by your market. We always look for deals at wholesale prices and determine if it can be used where we need it. I usually only go with a new dishwasher.

The floors would look great refinished but you did state that this is a low income prop, with that said i would go with the cheapest carpet i can find. Having pets will almost definately mean another refinishing before trying to sale and that's not what you want after hours of work.

Best of luck