All Forum Posts by: Warren Swede

@Austin Hawthorn

My business partner bought his house that needed some minor repairs. It took him some time, but he eventually got the work done and started renting (I would recommend hiring contractors). I helped him do some of the basic stuff; removing carpet, basic demo, and landscaping, but he ended up getting an electrician to help out with putting in a second washer and dryer and someone to do flooring. In the end he got some sweat equity built up and if he does ever decide to sell he will make a good profit based on its new value.

TLDR; buy a house with repairs you are comfortable making or contracting for and get some sweat equity.

@Matthew McMenamin

How big is this “pond”? If you’re seriously considering the property could you fill it in for a decent price, or put up a fence in the back yard to separate it? Is it a pond that’s part of the property or is it one of the storm water management or other large man made ponds?

My current business partner is in a similar arrangement right now, its called house hacking.  He is living in a townhouse and rents out two other rooms while living in the basement with a separate entrance.  I am not sure about your specific state, but in Virginia he did not have any issues with zoning.  The only thing I think he was required to do was be an owner occupant for at least one year before he sold it, but that may have been something specific to his mortgage.  Best of luck!

You can really do anything you set your mind to.  There are enough resources here that you can tap to get started.  Make some goals for yourself, set up timelines and hold your self accountable.  Best of luck

If you fail to make payments yes.  

If you are trying to build credit I would suggest getting a cell phone in your name and making the monthly payments on it.  Or going to your bank and speaking with someone who can help you.  My first credit card had only a 500$ limit on it, but it helped me build credit to what it is now, about 790.  I use the app Credit Karma and it helps me to keep track of my credit score and offers.  That and the Mint app help me a lot.

There is some good advice in this thread.  If i was you, i would get a walkthru with a qualified GC and go with my gut.  There is plenty of money to be made on properties like this and, as someone else said, you are only getting one side of the story.  Let us know if you decide to go through with it, best of luck!

i would recommend finding an agent or GC that can do a walkthru before purchasing anything. Basing repairs off of MLS pics is probably not the best idea