All Forum Posts by: Jeremy VanDelinder

@Jim Goebel First, I'm so sorry you are going through this. I own a restoration company and flip fire damaged properties. I've dealt with numerous homeowners some of whom thought they didn't have options, but we were able to discover some. There are a lot of factors in play--mortgage balance, house value, extent of damage, insurance settlement, etc. @Rene Owczarski has given several ideas above, but the best choice for you depends on the specifics of your situation. If you can sell and come out even or ahead, that is the best option. If you have the cash to rebuild, eventually you will recoop if you hold it long enough. Walking away is an option, but I see it as a last resort.

As for @Greg M.s comment 🙄 The bigger pockets community is not simply "people on the internet" Many are attorneys, tax professional, realtors, insurance agent, experienced investors and in my case, someone who has dealt with this very situation many time. Yes, obviously, check the legalities and tax implications of a plan before you execute--goes without saying. 

I wish you the best. Please let me know if there are any specific questions I can help with.

I flip fire damaged properties and own a restoration company. From what I can see in those pictures that is just smoke stain, not structural damage. So, there shouldn’t be an issue. (of course, I’m limited in evaluating from just pictures.)

Good for you! Great idea seeking advice and learning from others. I'm especially excited to see a young man in emergency services. That is my background (I started in 1997 as an EMT and have been in EMS, Fire and Law Enforcement over the years.) I am now restoring and flipping fire damaged houses. 

There is some great advice above. I would add that you should be saving a lot to poise yourself financially and seriously considering a house-hack in the next couple years. FF1&2 will give you some insight into construction, but the emphasis there will be a bit different than learning the process of construction. 

Boy, I wish I had your foresight when I was your age!! Keep it up. Let me know if I can help. 

I will also invite you to another thread that is firefighters. 

I have a piece of property in LH that I plan to develop in the future, so--while I can't claim to be an expert on that sub-market-- I've been keeping a close eye on it. The area is poised for tremendous growth and rentals seem to move quickly, so I don't know that you would have an issue. Personally, I don't buy negative cash flow properties, but that is a personal choice. If you are just out for long-term appreciation I think the prospects are incredible out there. 

@Ryan Avila Check out this thread if you are not already engaged.

I flip fire-damaged properties and own a restoration company. Yes, the process of wholesaling is the same. What will be different is what buyers will be interested and/or able to take on that type of a property. Fire damage can be more extensive than meets the eye and many investors don't want to deal with that. 

Let me know if I can help or answer any questions. 

I'll assume that you are asking about Oklahoma City, then. https://www.phoenixrestoration.com has a location in OKC. Let me know if there is anything else I can answer for you.

Any of the Bigger Pockets books are good. I would also read "FLIP" and "HOLD" Listen to every single BP podcast. 

My first bit of advice would be to not sign up for a "guru" course. I'm not familiar with "Austin Flipsters" so I can't comment on them specifically, but I would not pay a whole bunch of money for a course. Read, listen to podcasts, start attending meet-ups, and get to know other investors so you can add value to what they are doing and learn in the process.

Yes, it is hard to find deals in Austin, but there are some. In some areas of the country you can buy properties with margins from the MLS--that is very rare in this market. Early on, much of your attention will be focused on finding deals and getting to know those that are finding deals.

Glad to hear you are eager to learn! Welcome to the REI game--its a ton of fun and very rewarding!! Let us know how we can help.

In Oklahoma City? I'm a restoration contractor in Austin. I can check with my network and recommend someone.