All Forum Posts by: William Dubus

@Mike Wadsley

Good to know, it is kinda in that area, and that could change the flow of this whole thing. What should I look into.

@Grant Stoecklin

Plumbing was copper and pvc in the crawl space, electrical is copper, 2 separate panels kinda newer. It was used as a grow house, and the potheads had an electrician redo the whole place. They left a bunch of their crap there, also contributing to the sellability, and I dont know about termites, but at this elevation I haven't heard of it at all. I'll get a home inspection as I said. But I'm glad I looked in the right places to start.

@Joe P.

I grew up chronically poor. Dealt with homelessness poor. I don't have just extra funds sitting around. That 8k and a small roth IRA is all I have to my name. It took 2 years to save it while I was working up in my w2 job. I recently got a pretty nice raise and so now I live on half of my income, and I've been investing the other half into index funds and crypto currency, but this raise happened a month ago.

I currently pay in rent about what the mortgage would be factoring in taxes and mortgage insurance. I currently invest 2k a month so I can divert 1500/mo into this and continue to invest, just diversify my investing into real estate.

I haven't factored in the changes in lifestyle that will inevitably change my cost of living going from city living to the base of the mountains. My commute is in a company car though so aside from the jump in grocery and gas bills it will probably be reasonably similar.

I'm aware this plan is optimistic. I expect to discover all sorts of what I dont know. I appriciate you pointing out some of it.

@Jaron Walling

Yes. Getting ahold of the owner has been a month and a half long nightmare. She's out of state, and her son is attempting to sell it on her behalf, but isnt getting a commission or anything.

@Lamont Chen

Always get a home inspection.

I walked the property. They have reports for the roof, foundation, and the structure in the floor, and the components look good when I get down in the crawl space. No cracking, the boards are straight, and well supported.

Septic has been recently serviced and drained, well pump was installed in '06 with the furnace and water heater, so just a little older, but likely still in decent shape.

The scary things are the kitchen has no cabinetry, counters,or appliances, the dryer hookup is In the living room and the laundry room (washer hookup) is across the house, and the bathroom needs to be scraped off and started over. But the plumbing is fine, and it being a tiny bathroom is a blessing in disguise.

Thanks for the input.

Hi, I'm William. I was born and raised in Denver, and I want to get into real estate investing. I have a construction background, and I've spent 2 years listening to bigger pockets, reading every scrap of literature I can find and tapping youtube dry.

I found a house in Golden Colorado thats really weird, and pretty ugly, but looks like a good deal for me. It's a 4 bedroom 1 bath, just under 2000 square feet for sale by owner built in the 60s. Asking price is $248,500, comps are in the low 400s, and after itemizing what I need to do im looking at 23k in materials, tools, and rentals, and about a 6 month long project if I do it all myself.

I have 8k cash right now, im a first time home buyer, so I qualify for an additional 6k with a grant from the state, it's in a usda loan area and I think I can qualify.

Id like to share some pictures and the paperwork ive put together and bounce this off of someone. The deal looks awesome, but its been on the market for almost 3 years so id like to get input from someone more skilled than me if I can. I'm moving forward regardless, even if I'm wrong by a margin of 100% 50k to rehab this place is still viable. I've got enough of a wedge to screw up a fair amount and still come out on top.

I'm just hoping someone smarter than me would like to look at this and tell me what, if anything, im missing. It's an old house, I'm a new investor and I'm fully aware I'm about to get in over my head.

Sorry in advance for the long post, and the lack of syntax. I'm on mobillong-winded. winded.

Hi, I'm William, I'm 26 with a construction background. I currently live with my folks as I save for a house, because the rent is pretty cheap with them.

long story short, I have a kid in VA, his mom moved away while she was pregnant so I really want to get out there.

Earlier on in this journey, when I had 200 dollars to my name I discovered Bigger pockets, and my focus changed from getting the dream house out the gate out there, to starting with a little 2 bedroom from the 70s or something so I can fix it while I live in it and then Brrrr or FSBO it depending on where I wind up and if I think the appreciation will be worth Tennant calls to me.

I'm looking in rural VA near Warrenton, but I've got about a 100 mile radius that im willing to work in. I know with that non specific of an area nailing down values is gonna be hard, so im willing to narrow my focus, but don't really know how at this point.

I'm looking for a house around 80-120k, I'm comfortable with a c class property, I just wanna be out there with my Kid, and starting my "rental empire" while I'm at it will be helpful.

I have $8,500 to my name, and a 640ish score, I missed pre-qualification with a very large national lender by 4 points on my credit so I know if I call around to little banks I can probably get that, provided I manage to find employment beforehand.

Im trying to go for a usda loan, most of where im looking is pretty rural anyway, id like to save what I can for the rehab, and I'd like to work toward having a cash reserve if I can. I know 8500 won't rehab much, but I'm magic at cheap fixes with my background. Ive done a lot of construction with reclaimed materials, and leftovers from bigger construction companies, diy rehabs and building demolition. Lucky for me I know a guy who builds houses in the area. 

I know im capable of moving there with a fair amount of work, that doesn't intimidate me; however I figured asking smarter people if that was the smart move was smart. 

I'm open to solicitation, I'd love to work with some bigger pockets people, and I dont have a lender, or a specific deal in mind.