All Forum Posts by: Aaron Edmondson

About 75% finished with the outside!!! Ive been working on this all summer. Ripped off the old siding from 1975 and updated windows. I should the rest nailed on and painted within 5 days.

This is my first project like this.  I was Extremely nervous to get started, but I convinced myself to rip that first sheet of siding off in the back yard, and once I got started there was no turning back.  My girlfriend actually introduced me into remodeling. She moved in and decided to remodel the bathroom one day when I was at work. I was so scared when I got home because I had no idea how to repair what she had done if she didnt finish it. Looking back all she had done was repaired some drywall screwholes and painted. but I had never done anything like that. Not too long after we were ripping out the vanity and flooring and then I tackled the other bathroom on my own. Updated vanity mirror, Im talking moving the light fixture around, which let me tell you is alot of work when you are cutting big holes in drywall and then replacing them and smoothing it out. ripping up the floor and replacing it from water damage and reinstalling the toilet and all the plumbing... I learned alot. That bathroom taught me enough and gave me the confidence to stand outside and look at my house and say to myself, I CAN replace that siding. I thought I could do it Alot faster than this. but being as Ive never worked on siding, I had no idea how many steps it takes and time invested. Its been a learning experience for sure. And I would do it again, and again. In fact, as I was picking out paint colors for the house yesturday, I was excited for what different colors I will choose for my next remodel.

DANG forget flipping houses, we should all be landscapers for that price haha. seriously though, for that much money there better be an irrigation system installed.

Been spending alot of time remodeling my house and listening to BP podcast while I do it is awesome. 

I dont mind the work, im pretty good at it for a newbie contractor. And it sure saves me alot of capitol for my next project. 

Just started my 2 week vacation from my day job yesturday. I've got plans to finish off the siding on this house and have it painted in that time. 

Studying these podcasts and comming up with strategies makes the time fly and is twice as productive. 

I hope the rain leaves me alone. crossing my fingers.

I live in Nevada, and my town is about 50% manufactured homes. I have thoughts that Manufactured homes don't hold value and they depreciate. But I would like to be open to investment strategies with these homes since the market is saturated with them in my area.  

Does anyone have any ideas on how to make money with these? 

;) Good question, Im following the thread.

so a scenario could be, to qualify with the fha loan and buy a duplex with you moving into one side of it. Then you could save up some more money and consider buying another place to move into and rent out the other side of the duplex... Since Ive been looking at loans, it appears that if I was to buy say a single unit for the purpose as an investment to rent out, I would need 20% down... but if I was buying the unit as my primary residence You can qualify for a MUCH lower down payment depending on your income. You should head down to a mortgage loan office and talk with them for 15 minutes and discuss this strategy. I think you can only have 1 FHA loan out at a time, so your second loan in this scenario would end up being a traditional loan which I believe for a primary residence is 5% down.

Im gonna follow this discussion. 

So what are you as a landlord legally aloud to do? Can you evict tenant for being loud? IF you were to evict them for noise... I would think you should build up a bit of paperwork in case you need to defend your self in front of a judge. maybe something in writing from past tenant. maybe a couple calls to police for noise complaints. have you talked to tenant about the issue? Id document that. Im just thinking that if I was the tenant and I was just a noisy guy that stomped around and had some music on all hours, I might be pissed to get an eviction notice, might be unfair to me, I pay all my rent on time. they might try small claims court. 

what kind of strategy are you thinking? Move into the apartment and update it while living there? Would you live in one of the duplexes? 

Thanks for the replies! So my strategy is going to be to have property I am holding, Im 34 and I can see this as a great retirement solution. Even if I am not seeing any immediate cash in my pocket, I would be reinvesting any cash back into principals, or down payments and fixes to new properties. "Snowballing" ;) . I wish I could say my first property was a home run, but it wont be. It WILL however be a great experience and my first step towards my next opportunity.

Great work! It says this is your first Flip. Looking at how fast you flipped it and the quality of work you did to upgrades and the total profit. Id say you had quite a bit of Real Estate knowledge before hand. What type of experience or training prepared you for this?