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Updated over 8 years ago,
REI Firehose
I just want to say thanks to everyone who is participating in the podcasts. I joined BP about a month ago or so and I feel like I am drinking from a fire-hose. Every time I think I might be narrowing down my desired market, something new comes up in a horizontal market to what I am learning about. The wealth of knowledge is amazing out there.
All this great info has gotten me a little bolder to just start looking and talking. Today I saw someone standing outside a run down SF home that was for sale, so I stopped to see what was up since the house was 'deserted'. The guy was pouring diesel into the furnace feed line :) He said he was the owner of the property so I asked what he was selling it for and started a short conversation. He said he just bought it and was listing the house for $107k so I asked him how was planning on getting that price.
His response was he was planning to rehab it and was simply starting the sales process ahead of time. So I said "Oh you are flipping it that's cool." His response was an immediate and fearful "Oh no I will do a good job. it will be a good house ..." As if flipping were a four letter word. I told him that I was very interested in REI and that flipping carried no negative implications with me but I would not be interested in buying it after he renovated as I would prefer to buy and rehab myself and then keep it as a rental property.
He said "Make me an offer." How cool was that :) Make me an offer. I love that. I told him I could not do that without even seeing inside etc. We exchanged cards and went our seperate ways after a little more conversation about how he came about getting the house since he was from an hour away. (The house was his lawyer's mother's home and she passed away and the son didn't want it all run down etc.)
Anyway I went and looked it up and he purchased it for $40k and wants to sell it for $107 after he rehabs it. I brought it to the rental calc (not a paying member yet so I only get a couple more tries at that fun toy and I can't print a pdf for your perusal.)
This guy bought into a franchise business called HomeVestors and he is flipping. Anyway I immediately emailed him a thank you for taking the time note and encouraged him in hos ventures even if we don't end up doing a deal to keep in touch as we are both new to this whole thing.
All that was to say - thanks for the torrent of great information and the encouragement that I get from all the podcasts and webinars and the forums and the ... well you get the idea. It has all helped me to get out and start talking. To a guy on the street, to my local banker, to my favorite realtor, etc.
At this point my wife says "I am just sitting on the outside watching. You know I am skeptical of it all." I am glad to say that at least she is encouraging enough to let me learn and see what I can do with this - even if she thinks I'm nuts.
Thanks Brandon, Josh, and the whole gang and EVERYONE here who is helping out the newbies (and the oldies ;) You are a blessing.
Chris