All Forum Posts by: John McAllister

So I am buying a home to live in and Rehab. My current home I will rent out [Have FHA loan]

This new home is on a USDA loan.

It......Very exciting that you can, in fact, have BOTH LOAN packs.......

I have about 15-20k budgeted rehab for a new home to move in. 

I will do the Roof, then demo and replace a few walls, Paint, update a few appliances, and then move in [as seen in the schedule below]; from there, I will live in and fix-up. 

My concern or question is how do I know if I need new plumbing & Electrical?

I don't want to do new work and then find out that I have to rip out new work to repair old. 

Also, let me know any feedback? This is my first rehab; my first property was rehabbed before I moved in by others. 

SCHEDULE 

For items after move-in:

1. Electrical - just light fixture replacement etc.
2. Foundation - Just bricking up a window
3. Septic - Inspection, and service -since a grinder pump. 

CASH FLOW

BUDGET BREAKDOWN

I just uploaded the spread sheet. 100 % love it 

@Dan Handford

I am currently doing #2 with the goal to achieve #3.

3/26 I jumped in the market with zero experience and been scalp trading as the market goes up and down. My savings were in a bank account w/ 1.5% interest and the pass few weeks I have a 30% + Return. There where 30-40% discounts on company’s.

Buying my first house hack last year, listening to bigger pockets and reading books like RDPD caused me to see the opportunity and go for it.

“Overcome fear”

“Make your money work for you”

“Learn a new formula “

“Learn a new skill”

Are a few principles from RDPD and I am glad I applied them.

#3 is coming and I will be ready to ride that wave up.

@Jay Hinrichs

@Jay Hinrichs

I have some cash in bank i have been saving for a deal. Maybe not enough but have been looking.

Last Monday I put 8,300$ in the market and it is currently valued at 12,000$. 31% ROI...... that's a deal.

That’s a great return and more then the 1.5% my money was making in a savings account.

Goal is to double money then take out for my next deal.

You have to take opportunities that’s come in life even if you have to jump in unfamiliar areas.

Had I not read Rich, Dad, Poor, Dad.... listened to BP, bought my first house Hack last September I would not have had the confidence to jump in last Monday.

Bottom line: I am an entrepreneur and when an opportunities comes and it’s a deal I am going to jump on it.

The market will dip again in the next couple weeks , don’t miss out!

@Jay Hinrichs

@Jay Hinrichs

I have some cash in bank i have been saving for a deal. Maybe not enough but have been looking.

Last Monday I put 8,300$ in the market and it is currently valued at 12,000$. 31% ROI...... that's a deal.

That’s a great return and more then the 1.5% my money was making in a savings account.

Goal is to double money then take out for my next deal.

You have to take opportunities that’s come in life even if you have to jump in unfamiliar areas.

Had I not read Rich, Dad, Poor, Dad.... listened to BP, bought my first house Hack last September I would not have had the confidence to jump in last Monday.

Bottom line: I am an entrepreneur and when an opportunities comes and it’s a deal I am going to jump on it.

The market will dip again in the next couple weeks , don’t miss out!

Hello, there is property I want bid on

Was vacant owned by the VA

Needs extensive rehab

Does the VA have any certain requirements before they except a bid? Do they need three or four bids?



I want to bid 50k . will the reo agent laugh or are they obligated to show the VA the offers immediately?

@Chris Magma who do you ask for the entire data base? Do you get from online? How does that work?

I see the positives to that

@Jourdan Johnson I have been using the following technique and it’s free. Had good results and been able to cold call easy.

Get a vacant address.....

Go the county website and search tax records by address. That will give you the owners name.

Plug address in Trupeople.com per the address. You are gonna find multiple names for the address but if you confirm via county site you can drill down who you are looking for.

Also if the owner don’t live at address the county site will give their address and then you can use Trupeople.com to get #s.

I want to use a paid service to streamline but don’t know which one to pay for ATM.

@Barry Pekin does it give you phone numbers?

@Cara Lonsdale thank you for the feedback. 

If I did do a loan that would be legal so thats good to know. 

With this new information - I wanted to co-sign for the FHA loan for her and then loan the closing money, then rehab it and after her year is up start a LLC with her and have her sell the house to the LLC.

How about that?