All Forum Posts by: KHALAN WHEELER

My bank offers a program that would allow this to happen as long as the repairs fell into the range im looking at. I know it is a huge undertaking, but i think its at least worth looking at, it might not be as bad as it seems. The size of the home and lot makes it worth it if the numbers are right. I also have the ability to do some of the work myself which will definitely help. I do work full time as an electrican but my wife stays at home with the children giving me all the rest of the time to get to work on the house.

I would prefer something a little less extensive but whats attracting me to this place is the potential to have a large amount of equity considering ARV so that i can use that to get into rental properties.

I am going to look at it at noon today. Ill post back with my opinion of the place after ive actually stepped inside.

Thanks for the reply and the concern :)

First post here so hello to everyone! A quick bit of background info on myself, I am married with children in my mid twenties and trying to get involved with real estate investing. I live in a small town in Ohio right on the shore of Lake Erie half way between Cleveland and Toledo. I am looking into buying an REO through a rehab program at my bank. The property is in rough shape. For starters I am thinking it needs new plumbing, new roof, some new windows or at least reframed and hung because some are unique and worth saving. Possibly rewired, not sure if it needs new breaker box yet. New front porch, bathrooms and kitchen gutted, etc. Exterior stripped and painted, some siding replaced. Pretty much a whole house renovation, but if costs can be controlled i stand to have a large amount of equity to cash in on and use the money to invest in rentals while making this home my primary residence.

The questions are where do I begin with the inspection process? 

Do I hire just a building inspector, a contractor, a structural engineer, and who is going to be able to tell me what the problems are going to cost with the most accuracy?

Secondly, can anyone provide references for someone in the area for both the inspection and actual work. It needs to be someone with experience with something this large. It is a 2000 sq ft+ Victorian style with a basement. 

I can see the potential of this place, but being my first foray into not only rehabbing a home but buying one as well, I really dont want to end up in over my head. That being said, fortune favors the bold so hopefully you folks can give me some advice on how to proceed and what to look for along the way. 

Thank you!