Just finished my lates Project.... My 27day rehab

[Rusty Thompson]

I have always loved real estate investing. I've studied it off an on for a few years. After some very traumatic experiences last year I figured it was time to get my feet wet.
I probably looked at over 60 houses & made offers on probably 20. I got close several times but never got anything. It took me 6 months to finally close on a house (bought it at auction). I thought I would share my #, costs & lesson learned.
I bought this house before I discovered bigger pockets... so a lot of my decision making processes were very flawed. I made a lot of mistakes & I feel lucky that this is the house I ended up buying. I tried to get into a lot worse situations.

[Rusty Thompson]

Things I learned.

-Everything takes twice as long and costs twice as much

-There are a million things that you never thought you would have to pay for (garbage disposal)

-Getting things done fast always costs more money.(I needed this project done so I could get funding on the next.)

-If you have misgivings about a agent GET RID OF THEM. my first one cost me about 20000 in potential profit.

-Quality workers a worth there weight in gold.

-Listen to others council but make your own decisions. I don't know how many times someone said I should replace something that didn't need it. I finally just started telling them that if it bothers them that much they could donate it to the project.

- I love seeing a plan come together

- A good neighborhood makes renting something so much easier. I had this one rented before it was finished... they moved in as I was installing trim.

- Just because you can buy it at Lowes or Home depot does not mean it meets building codes...

- Cross price compare. I saved about $1000 on this project in materials by comparing prices.

- and probably a million other lessons

At the end of the day I am happy with the purchase. I have a strong equity position, which lenders love. And it cash flows as far as the bank & the 50% rule are concerned.

I will be closing on my next property on the 26th. It is not in as nice of a neighborhood. But its bigger, and a dual income property so it will cash flow much better. I will keep everyone updated

thoughts and tribulations gladly accepted