All Forum Posts by: Zac Davis

good job. your one ahead of me. cant wait to feel like that

@Andrew Hypnarowski,

i would like to know the answer to this as well, however im not sure your ever going to get a clear yes or no here. I feel your pain though because it seems like here where i live, everyone is an investor...Its one of the reasons I'm finding it hard to start.

@Pete McPherson, oh good deal! I hope all goes well. keep me posted. good luck

Beautiful place! I would be proud to own it. Your tenants should be proud to liver there too.

I'm not an expert by any stretch of the imagination, however it seems that the rehab budget is low. only 5000, and the house is super old. with the current tenants, im worried that they may not have taken care of it, so there could be some huge issues that you cannot see.

I would see what you can do to get a better estimate on the rehab needed

Thanks for the response. we had one person semi interested but they wanted it for 160. The main projects will be done by my uncle who is a retired contractor. I would do the flooring. nothing too major, just update it to attract a better price. no more than 15k into it. the home was bought for 130. 

can i include anything more that would help?

My father bought a house when I started college for me to live in and rent out to 2 tenants 4 years ago. everything was great but since i have moved out he has not cash flowed well enough for his liking so the plan is to sell the place after the current tenant's lease is up in June. 

recently, homes have been flipped in the area and sold, upgraded and similar sq ft, 3b2bt for 205K-215K. During a brief time between tenants the place was put on the market for 185(needed some work) but didn't sell . this was about 6 months ago. 

our plan is to update the kitchen, and both bathrooms. 

has anyone done this before? I know this house can sell for over 200k with some updates, but i would like to know if this is a good idea. We are both fairly new to investing, especially when its time to unload a property. we just want the most we can out of this one.

another benefit to all this is since im local i would be handling the renovation. I would get the experience because eventually i think I would like to flip homes and this would definitely help learn the process.

I bought my first home through Homepath.com. Overall i still think I got a good deal, however the process was very different from a typical home purchase. We put in our offer (all that we could afford) and were asked (2 weeks later) to come back with our best. We didn't change a thing since we were already at our max and expected to lose out on it. we were never told no, so we waited another 2 weeks and it was accepted. it may have been our area (Boise, ID) but the process was very long and we were in limbo waiting for any news for a long time. Due to our inexperience back then we didn't know what we were doing the whole time. Its clear now that the process was taking a long time because the bank was probably waiting for better offers to come in. they asked for another bid not because there was more interest, but because they thought they could get more for the property. it was very strange but it had a good ending. we have lived there for 2.5 years, made what i would conciser a huge improvement to the house, and because of its proximity to the University, we will easily be able to rent in the future once we move on. 

Homepath.com worked for us, but the buying process was long and drawn out. I'm not sure if there is any useful info in the ramble, but i wanted to share what little experience i do have.

WOW! Excellent job. how long have you been doing this? How did you come about this deal? 

Great post. I'm brand new and its encouraging. So far I just read, I'm so now that I don't feel like I can add much to any conversation. I'll get there though. thanks!

@Larry Fried

Thanks so much for the feedback, you're right i do have to keep that same reserve in the account for that reason. another issue is there are 2 work orders for the exact same day for the same thing, one is for $247 and the other is for $107. to me this sounds like someone was trying to get this one to fly under the radar. what do you think?