All Forum Posts by: Josh Johnson

Thanks to everyone for all of the support! I just found out about another property close to my house for a pretty good deal that I am going to look at today! Maybe that one will work out too!

Josh

Hey BP Nation,

Well, I finally landed my first deal- kinda by accident. Here is the story:

As it happens I work full-time for a disaster restoration company, and a call came in from a lady who had a friend who was a hoarder. Not just normal hoarding mind you, but animal hoarding. Anyway, I took the job lead and went out and met the hoarding homeowner, and as it turns out- I know him! Anyway long story short, I told him that we could clean his house for X amount. He explained to me that he didn't have any money. Through general conversation, he told me that he owned another house across town. I then told him that I was in real estate investing, and could possibly help him out. I went and looked at the other house that hadn't been lived in for about eight years, and decided that even though it was really rough, and in not the greatest neighborhood, that I would help him out and buy it. It was a win win win situation. He got his house cleaned, my company got some work, and I ended up with a deal! I just thought I'd share my story with you guys! I'm pretty stoked! I'm finally "in the game!"

Thanks for the feedback everyone! UPDATE: the bank's lowest price is $18,500 so I'm contemplating on what to do. The house is in a B- or C neighborhood and needs a full, I mean FULL renovation. I think that 18,500 is a little high for what the house needs but the neighborhood is somewhat better than comparable houses of this price range. I also have another deal in the works and don't want to get myself stretched too thin working on multiple projects. Any thoughts?

Thanks,

Josh

Hey BP nation,

I was cruising through the MLS today and saw a property that I had looked at, evaluated but didn't buy because I didn't have the funds at the time, sell for half of the asking price. I could have died! If only the timing would have been better, if I'd only had the cash, etc., etc. Now that I have the funds, the market for my price range has dried up and I've made a few offers with no luck. Any of y'all ever experience this?

Oh yes it is! I've been on the sidelines for over a year and I am ready to get started! Thanks!

Hey BP nation!

I just made an offer on my first investment property! It is an 846 sq ft 2/1,could be 3/1 (has an added on room in the back) in an older mill village. The list price is $25K and comparable properties in this neighborhood usually sell for 50-80K. It needs a total rehab, which I will do mostly myself (I have a construction background with plenty of connections) and I estimate that it will be worth 55-65K once fully renovated. Rents in this neighborhood go from $500mo- $750mo if I choose to hold and lease. What do you think? Feedback Greatly appreciated!

Thanks @Brandon Turner!

How do I get on the webinar scheduled for tonight? This is my first one and I don't want to miss it!

Josh

Thanks Chris!