All Forum Posts by: Jonathan Thrasher

omg what a dream project!   As someone who loves old homes, this home deserves to be brought back to its former glory.   What kind of area is it in?  What level neighborhood?

Don't change to much and ruin it's character and charm of a SFH.

@Brandon Turner please please let me help on this project if you get it! :) 

Happy Birthday @Joshua Dorkin!!!  Thanks for creating this place!

I'm guessing he means 30 minutes of the B.O.B downtown.

Petru, the B.O.B (Big Old Building) is a development downtown with several bars and restaurants inside.   It's centerally located but Grand Rapids is small enough that 30 minutes from downtown is quite a distance. Happy to help if I can.

@Luke McCann,  you don't really "apply" for a license.  You have to pay to take a class, then once you've completed the class, you have to pay to take a test.  If you pass the test, you get your general  license to buy and sell real estate.  A Broker license is far more involved and something you can't get unless you've taken more classes and had more experience as a Realtor.

Getting your license might eventually be a good idea but it's not necessary for just starting out.  

thanks @Mary lou L. for this post!  I just turned 40 this month and I've been freaking out lately because I'm just wanting to get started in investing but wishing I had started 10-15 years ago.  I feel like I'm so behind in life being 40 and just starting a brand new career.   Most of my friends are married with kids and here I am broke, single, and trying to start a new venture.  It's very encouraging to read all these stories. I know, once I get started, there will be no stopping me.  I'm so glad I found biggerpockets.

thanks everyone! After talking to a couple other local people, it seems I over estimated the ARV because it's an older house and even though there are homes nearby that are 400k + they are newer.

@Arianne L.  I actually haven't looked at it yet in person.  I had plans to but when haven't been able to work it out yet.  

I'm sure there has to be a reason why it hasn't been purchased, but even if it did need major work, which I'm sure it does, I can't imagine rehab costing 200k.  And even if it did, there's still seems to be room for profit. 

The listing agent already said the previous offers fell through because of the condition it was in and the banks wouldn't lend the money.  So they are now only taking cash offers. 

Do you ever find deals that seem to be home runs even without running the numbers?   Obviously I know you have to do the numbers is very important but sometimes I seem to find deals that just seem like they couldn't be bad.

I found a listing on the MLS the other day for 140k in a very good location where once renovated I'm sure could easily sell for $375-$400k+. The fact that it's even on the MLS and hasn't been snatched up leaves me a little curious and cautious. There have been 4 offers that fell through because the bank wouldn't finance it in it's condition so now they are only taking cash offers. I'm not sure why the listing agent didn't say only cash from the start.

It's a 3/2.5 over 3000sf on a lot that's almost 1.5 acres.  

I'm a newbie so I'm probably missing something but I can't imagine this being a losing deal.   

If anyone else from Grand Rapids, MI or West Michigan want to discuss please contact me.  If it really is a good deal, I'd love to parter with someone.  I have equity in my home that I'm planning on using to invest. 

@Jack Robertson save your money and don't go.  The only thing I've ever heard about that seminar is that it's a just lots of sales talk to get you to spend more $.