All Forum Posts by: Dan Holden

I'm just starting out myself, both in real estate and on BP. I hear a lot of people say that they went over budget on the rehab. Is there a safe way to prevent that without over compensating? Or any way at all? I mean, I realize that a budget is just a rough estimate of what you want to spend but at any point do we factor in a 'buffer zone' so to speak?

I tend to find myself a bit on the paranoid side of playing it safe but I don't want to play it TOO safe either.

@Andrew Massaro & @Wayne Brooks , thank you both for the very quick responses. I apologize for my delay in responding back.

I honestly don't know the EXACT status of the house, as once Mom moved in with me she really just gave up on everything with it. I do know that her current Realtor isn't very bright and I was hoping to avoid her if possible. She has called my mother twice to let her know she has sold the house but both times she was talking about two different houses.

You gentlemen have kindly reminded me that I need to do more homework. I do tend to put the cart before the horse sometimes. What I'm curious about now is, how much info would the bank be forthcoming with if I asked them about it? Is the bank the people I should be contacting? Or should I contact her Realtor?

@Mehran K. , Thank you for the welcome. Sorry it took me a bit to get back on here. Did you think I disappeared already? lol

Yeah, upon listening to even more of the podcasts (and gratz to you and your visit to the podcasts) I'm thinking about switching gears. I was all gung-ho about doing wholesales thinking that would be a good place to get my feet wet but now I'm thinking about flipping. AHH! It's that Analysis sneaking up on me again.

I'm definitely going to try to puruse the site a bit more and see what I can find that other people are saying. The jumping out there and doing it, I can see where that would be a bit scary as I'm not too sure of it yet myself but I also find myself to be very excited about it as well. I just need to figure out how to get the excitement to overpower the paranoia.

Hello everyone! I'm a long time podcast listener and just joined the site and went straight for Pro!

My name is Dan Holden and I'm originally from a small village called Phoenix in NY. Been living in SC for about 18 years. I currently build actuators for the medical field and I actually enjoy doing it too.

I came across BiggerPockets by accident really while my Dad was in the hospital recovering from having his right hip replaced. I downloaded all the podcasts up to that point and listen to them everyday while I'm at work. Todays the first day I've actually gotten to see the site with a computer and not on my phone. I have to say, I am impressed.

My goal is to be able to live off of a passive cash flow one day. I'm in no rush. I realize that this will not happen overnight. Despite what the Rich Dad seminar I paid way to much for said. I do like to do a lot of reading and research and seem to have "Analysis Paralysis". And people tend to tell me that I ask too many questions but I'm sorry, if I don't understand I will question you about the subject matter until I do.

I would love to hear from everyone on here. I'm always open to new ideas and suggestions. I do not, repeat DO NOT, want to be one of the ones that come on here and then disappear. I want to get into this and stay. I have this weird feeling that this is where I belong.

Thanks for reading!

Dan

Hello Everyone,

Long time listener of the BiggerPockets Podcast, first time poster.

My mother has recently lost her home due to foreclosure. Long story longer, she lost her job and just stopped making payments. Being the good son that I am, she currently lives with me (and is driving me a bit insane).

What I am curious about is, can I use her problem to my advantage? I'm not looking for a way to put her back in the home, unless she wants to rent from me. I'm looking for a way to turn this around. What would be the steps I'd have to do to see about purchasing this home? Would a Short Sale be the way to go to try to get the bank to go with a lower purchasing price?

The ultimate goal would be to purchase the home, fix it up and either flip it or rent it out. I know this house isn't in perfect shape but I know it's not that bad either. (I did some of the internal work myself, which upon retrospect could be good or bad.) My mother has no illusions about getting her house back. Since moving in with me, she has gotten another job and is paying her share of the bills without issue.

I don't want anyone to assume that I'm trying to scam her in any way. I just can't help but wonder if this was the "sign" I was waiting for to try my hand at this. I can't help but be a little more comfortable with this house as I know it intimately. I hold no sentimental value to it myself so I'm not afraid of trying to get more then it's worth out of it.

I apologize as I do tend to ramble. I would be willing to hear out any ideas or information anyone may have. I am also willing to answer any questions anyone has for me and I thank you all in advance for reading this post.

Dan

Trulia

Spartanburg County Assessor's Office