Newbie from Decatur Alabama

[Bryan Chapman]

Hello everyone. I started looking around BP a few weeks ago and thought I'd finally introduce myself. A business partner and myself got into real estate about two years ago with a very rough foreclosed duplex. After a year of trying to find time to do the upgrades ourselves, we finally hired the rest out and have had renters for about a year. We're ready to grow and are now we're looking at an 11 unit apartment building. The articles on creative financing have opened our eyes to a new world of possibilities. We're currently waiting on approval letter from the bank so we can make an offer. Our plan is to build a long term income for retirement. But that's a long way off. Thanks Bryan

[Brad Sanford]

Sounds like you have found out first hand the TV shows are a bit misleading when it comes to renovations and repairs.  In my opinion investors need to have a good understanding on maintenance and repair issues, as well as what it takes to handle improvements.  Ultimately, time is going to be a determining factor in the success of most investors.

I have been fortunate because I have learned enough over the years to handle most any situation. The wisdom, as you are learning, is the realization that money saved by doing it yourself may be less valuable than the delays that happen when your do it yourself.  I've saved a lot of cash by doing it myself over the years, but often, at the end of the day, what I saved was less than the rent income or carrying costs I incurred.

I still have rentals in Madison county (Harvest-Toney- HSV Sec. 8) so feel free to keep me posted on how your new project develops.  We are starting to look toward small multifamily also.