All Forum Posts by: Victor N.

@Karin Dimauro,

Thanks for the encouraging words!

@Kevin Gerace

Welcome to BP! Im also a new member from Meriden, CT.

Im an experienced rehabber and own a few rentals. It will be good to connect and trade ideas.

Hello BP members!

I just joined and love what I see so far!

I am an experienced rehabber/landlord but eager to learn more from your experiences.

I was like most newbies: a little bit afraid to take the plunge since I had no experience! What worked for me was to purchase a residential multi-family in which I lived. I was then forced to learn how to be a landlord, make minor repairs and deal with contractors. That gave me confidence to purchase additional rental properties which I currently manage myself.

I've flipped only one property and it was a huge success but for whatever reason, I have only concentrated on accumulating rental units. Now Im actively looking for a rehab project.

Hope to get some insight from all of you to make me a better investor!

I agree with Sherri on this. 4 hours drive will make it very difficult for you to keep a constant eye on the property before, during and after the rehab. Unless you plan on moving closer at least during the rehab, Im afraid it would be impractical.

Dealing with contractors is not easy but you will need them for this deal. Get 3 different quotes for the total rehab job including landscaping ( even if you plan on doing some of the work) this way you know the exact cost if for whatever reason you no longer can do it yourself. Get a local realtor to run the comps for you. You can also tap the realtor resources since they usually know a lot of contractors.

For your first flip, I would suggest a house or condo closer to where you live that needs mostly cosmetic fixes. The profit margin will be much smaller but so will the risk. It will also be easier to convince private investors to lend you the money.

Good luck!