All Forum Posts by: Sebastian Zwolinski

I went to see the house, and I must say, there is no way anybody would pay anything close to what they want. The front porch is slanted, the floor is damaged throughout, the garage has a hole in the ceiling, and it has cracked floor. Looks like they were breeding dogs in the basement, the porch does not have a floor, and the ducts don't look the best. I would pay about $20,000 for it, and get it rehabbed, but nowhere near $90,00. I'll skip this one.

It's a 3 bedroom, 2 bath house, with a basement and 2 car garage.

All the properties in the neighborhood list around 170K.

Would it be a good idea to offer $80,000 for it, or should I stay around $90,000? I'm looking to flip if for around $15,000.

It's listed for $94,900, and the Zestimate is $174,500.

One more thing. I would appreciate any tips, and suggestions from some of you, more advanced investors. I have some buyers in mind, that I found on craigslist, and others on facebook, or REI club members.Thanks

So, I finally got the knowledge to start investing, and I decided to act on it. I started an LLC, and went to a local REI club meeting. I found a nice Fannie Mae REO property, and I called the listing agent. He told me that this property has water damaged floor, and it would cost between $800 to $1200 for the work. He also told me I need to get a Proof of Funds letter to see it. I said no problem, got a POF letter from a transactional funding company, and e-mailed it to him. He was very pleased to see the letter, and said he is glad to talk to somebody who knows what he's doing. I will go see the property tomorrow, and I'll probably make an offer on it. It looks pretty good from the pics posted online, so I hope the floor should be the only issue. The house is marked around 80 grand below ARV. Now my only hope is to find a buyer, get the earnest money deposit, and complete the deal. Wish me luck. :D
Sebastian

I just had this idea, come to my head, that if I went to school for home inspection and for appraisal, then I wouldn't have to hire anybody to do it for me, when trying to make deals. Has anybody done that, and is it a good idea, or is it better to pay somebody to do it each time?

This might sound a little harsh, but you need to get off your *** and start doing the everything you know needs to be done, in order to get where you want to be. You need to start doing things that you don't want to, or don't like, in order to get somewhere. Just get focused, and forget about the pain, and how hard it will be. Also I would recommend books by Larry Winget. I read a book, by him, called "You are Broke Because You Want to Be". A lot of times You just need to ignore your emotions and feelings, and go with your gut. If you don't do what's right, you might find yourself in a place or situation where you don't want to be.Hope this motivates you enough.

I started out as a lifeguard, when I was 16. Then went to college for engineering, but dropped out. Served in the Army for 12 years- 9 as a generator mechanic, and the other three as a Communications Instructor/Supervisor. I am currently in Afghanistan, and plan to go full time into REI, wen I return home, in a couple months. I would like to find a good mentor for a couple of my first deals, and to help me get good at the business. I'm trying to educate myself as much as possible on the topic, in the mean time, by reading books and forums.

Sebastian