All Forum Posts by: Eric Turner

No the ROI isn't even close if we pay $300k and do $50k repairs (0% ROI). But something like $280k and $25k repairs would be good enough for us. I believe it would be a $10k profit if we sold after a year. But we would be happy to live in the property longer if the market slumps or we just liked the property.

I did call a biohazard company and am awaiting a response.

Thanks for your insight.

 I will check into it. I have heard of them, but not very familiar. Thanks!

 Thanks for you response. My agent did say to put a clause that we would only close if the property was completely vacant. I am unsure of the laws here as well. But I have heard it can be very difficult especially if the squatters are savvy.

Looking at a 3/2 1600 sqft, $300k SFR. Originally I had wanted to buy this house for my family. The price was right for us. We viewed it and it was trashed. There were a handful of drug addicts (the owner among them) and a couple rooms barricaded shut so I wasn't able to inspect them. The place is in pretty bad cosmetic shape at the very least, but was remodeled in 2008-ish. I assume they are heroin addicts, but there was a strong chemical smell, so I can't rule out meth.  The shop needs at least some securing of the doors and windows. The yard is in surprisingly good shape, aside from the junk.

An offer was made and accepted before we had a chance to discuss it. Yesterday it was put back on the market.

The most similar home sold for $370k COMP. It is nicer and in a nicer area, so I figure I am in the 350k range once all fixed up.

I can't really estimate repairs, because I am not very good at that yet, and I wasn't able to look at half the house and didn't really inspect the part I could access very thoroughly. But it had damage to the walls, and floors, the kitchen was in disarray, I assume the bathrooms will be as well. Needs updating either way.

I figure this could be a decent first purchase for us because we have options. If we want to stay once it is fixed up, we have that option. If we can sell for a profit, that would be fine too.

I am unsure of the best way to finance as well. This would be our first home purchase as we have always happily rented because we didn't stay in one place long.

Thoughts or experiences with these situations? Thanks!

We have 3 people so far. Looking to get 6-8 before we start!

Rich Dad Poor Dad.

The Richest Man in Babylon. (not real estate specific)

The Greatest Salesman in the World. (not real estate specific)

The Book on Rental Property Investing

The Millionaire Real Estate Investor

These aren't necessarily the best. But they are the only 5 I have read so far.

I started a mastermind group for self employed e-commerce business owners like myself about a year ago. People signed up from all over the country, at all different stages in their business. A few people have came and went but the core 6 of us meet once a week every week on a video chat for an hour to discuss our wins, goals, challenges etc... It has been absolutely amazing for the growth of my business. There is no charge, no self promotion, no selling, no spam. It is just a place to meet and discuss business with like minded people.

I would like to start one here for real estate investors. If this sounds like something you would be interested in. Please comment below with your experience level and days and times that would be best to meet. Once we get enough interest I will try and get 6-8 people together and we can start meeting.

I have yet to buy my first property, but am actively seeking one and plan to have closed my first deal within 6 months. I can typically meet anytime between 9am and 4pm PST Tuesday through Friday.

Thanks

I am interested if still available. Please message me with further information. Thanks

They gave me the address. As I understand it they bought it and are going to be flipping it.

As I said if they try to sell me anything, I am out.

They are based out of an area about 45 minutes from me. And their sign was in my town. So hopefully they are just trying to expand to my area and need some boots on the ground.

 I googled them and it sounds likes they have 2 "jobs". The first is just driving for dollars. You get paid $5-$10 per qualified lead and a percentage if they buy the property. I assume their "qualification" is something very difficult and I would guess you probably make very little money.

The 2nd job seems more like a mentor program. I am sure it has some catches, and probably involves more of the marketing and sales side of things.

It will be interesting either way. And I will be sure to update after the first meeting.