All Forum Posts by: Nick Feyereisen

I would avoid 1908 for sure. Im a general contractor and have looked at many of these from a investment side. They are so far out of todays building code, that you will be updating or most likely replacing everything in the home. There are many items to consider here. Pre 1978 home so there is lead paint everywhere on this home. You will pay more to have it painted due to the EPA guide lines for lead paint and construction.   wiring and plumbing will need to be replaced , im sure they have been updated to some degree but still once you touch it, its usually bigger and more than you expected. With that being said you can plan on it costing more and taking longer to rehab. The only way I would consider a house this old as an investment if you are getting it at a extreme discount. I dont know what that is your market. and if you do consider to buy make sure to run plumber,HVAC and electrician through the property for prices before you buy so you know what shape the property is in. hope this helps and good luck to you. 

Im looking to scale my business with in the BP site. I m a serious fix and flip investor in the Twin city area. Looking to network with other investors who I could refer and add to my RE investment network in the area. Thanks

Nick 

i know here in mn . You can do a contrsctor look up on the dept of labor and industry page. Good luck 

I had an agents ask me to sign exclusive with them. Then I asked how many investors work with him and he said I would be the third investor to be working with him. deals are hard enough to come by as it is and I would be 3rd in line to get a chance at them. No thanks. I would stay away for signing exclusively with an agent. Good luck. 

I just listened to one of the BP pod cast and the guy they interviewed started out building units to rent. He said if he would do it over he would have invested in pre built units. That it was too much work to build new. I dont know your situation but might be an angle to look at to see if building a new unit is right for you. Hope this helps and good luck .

i was in your exact same spot 4 years ago. Construction company owner working check to check to stay above water. I did a few rehabs for investors and tried to learn how the processed worked. Most investors dont know how to do most of the work,they have to learn as they do rehabs. So if you can learn the transaction/money side you will be in a good spot. Not many investors start knowing both sides. I would think there are a lot of new investors start out not too fimilar with either side. My suggestion would be to learn as much as possible about the transaction money side here on BP before you jump in. There is always something to learn in this business. I down load as many pod cast as i can and listen to them at work while im bending nails. Its like your making money while you learn about real estate . Its a win win for you. Good luck. Hope this helps out. 

i always explain the process if they are not fimliar with how real estate deals work. Then i go into "this is how your investment is protected.".i let them know that we buy properties at under market value and that there will be a lien filled on the property with there name on it for the amount they invest. I always give them the woarse case senario. "In case i get hit by a bus, your invest will still be protected and you be able to liquidate the property very easily and get your investment returned. If they know you are prepaired and have them proptected, they more likely to say "yes". Show them all your docs and be completly transparent. They need to trust you 100% . Im in the process of having my lawyer draw up some peivate money loan docs. This also shows you are not messing around and that you are adding another blanket of protection to their investment. Hope some of this helps. Good luck!!

That is a good way to start off. Congrats!! 

The trims boards are attached to the house and then the stuuco is applied around the boards . You are going to have a good stucco contractor tell what is possible. You will have to make sure that once you remove the boards that you still have all the proper flashing in tacked, to insure you dont have any water issues. One other thing to consider is once you fill in the new stucco, you might need to re dash the whole area to make sure the texture matches. I would think it would be hard to fill in all those areas and be able to blend the old areas with the new ones. Just a few things to think about. Good luck.

read as much as you can and learn , but start looking for deals as well. Even if you have no money or not exactly sure how to close the deal. Experienced investors will be more than happy to take you under their wing and show you the ropes. Just do your homework on who you might ask to help you when you do find a potential deal. So in short, find deals and find a experienced investor you trust. Once you find a trusted investor, ask them if they would be willing to help you if you find a deal. Good luck .