All Forum Posts by: Douglas Larson

@Troy Sheets

Great job taking the plunge on this deal. Landlording is not for sissies but it is for intelligent investors that like making money!

My 2nd, 3rd and 4th investments were functional multi-family properties that I lived in. My first one should have been! I think You did it right!

I just got this home under contract with a National Bank and I would like to pass along a good value to a rehab investor in the Northern Utah (Ogden) area. Your first question should be . . . "if it's such a good value, why are you selling?" Great question! I'm glad you asked. I'm selling because I don't really want to work this Christmas and the home is over an hour from my house.

Home is a 3 Bed, 1 Bath, 1959 Brick rambler, 1,020 sq. ft. Offered at $49,500

Features:
Very close to Weber Tech College
Quiet neighborhood
South facing with good size lot. (.17)
All Newer vinyl slider windows.
Furnace was green-stickered in 2009.
Water heater is 2005 and appears in good shape.
Oak hardwood floors could be refinished throughout.

Needs:
New roof
Interior sheet rock damage in five or six areas.
Front and backyard are not in great shape.
Kitchen and Bathroom in decent shape but need new flooring and some fine-tuning.

The Numbers:
ARV = $97K+
Renovations $10K (less for DIY)
Purchase Price $49,500
Profit (without carry costs or commissions) $37,500

Similar Homes in the Area Rent for $850 - $900/ Mo

Home is winterized but easy to see and my timing is flexible. I would like a sale between Dec 16th and Dec 23rd.

I have lots of photos and a list of sold comps. Just message me and we can discuss.

Thanks.

Have Fun . . . and Make Your Own Luck!

Thanks for all the great advice.

Today the previous owner filed BK and the auction was postponed til mid Jan.

I think I'll let this one go and stick to what I know best. Too many "what ifs" and not enough upside on this "opportunity."

Thanks again BP Nation!!!

@Myles Coles

The best "place" to start is right here on Bigger Pockets! You've obviously discovered that. I wouldn't contact an agent until you've narrowed down your skills, assets, interests and goals in real estate. I hope you have read the and listened to at least a dozen podcasts. (my favorite is .... oh wait, that's my interview...)

This education will help you find an entry point that's right for you. My first property was a SFR in south Riverside County because I couldn't afford San Diego. I moved to Maui not long later and really couldn't afford the prices! I bought a duplex and lived in the smaller unit to make the numbers work. This strategy worked for me because I had good credit and a decent paycheck to qualify for loans.

Other new investors swear that wholesaling for a few years is the best way to start but it really depends on what you bring to the table and what you want to do.

Above all . . . Have Fun and Make Your Own Luck!

@Mike Webb

You said it's not a "home run" but most successful investors have a lot of base-hits and doubles that make up the bulk of their "great success." Keep it up and you'll be retired in no time!

Thanks for the good insights and advice! BP Nation rocks!

@Duncan Taylor

@John Rooster

@Wayne Brooks
@John Rooster

Thanks for the comments so far.

Perhaps I should explain further . . .

I'm a 15-yr investor - currently in Utah but I have done many deals in CA and HI. I've never liked courthouse or trustee auctions but I have an acquaintance that wants to buy her own house at auction because she owes 350K to the bank and believes it will sell at auction for about 220K (She purchased the home at market peak in 2007). She has 175K cash (from retirement money and savings from not making payments for 3 years) and wants an investor (me) to lend 45K or so as a first position mortgage. No other liens appear on title. There is no HOA and the taxes have been paid. I'm wondering if the bank can keep her from doing this as they do with short sales.

In other words, will the trustee allow or can they forbid the delinquent owner from paying cash for their own property at the courthouse steps?

Wow, it sounds like everyone finds good stuff but me! . . .

My most recent home (bought through an estate sale) netted me about $30 worth of empty beer cans and a few dead rats!

Have fun and Make Your Own Luck!

@Brandon Turner

Do you have a special category yet within the forums to share "not-so-successful" stories, but with great lessons for others?