All Forum Posts by: Aaron Fletcher

@Daniel A. Thank you for the advice. That's good idea to get some contractors up there to look at it. I will start there!

Hello everyone!! I am a new member to this page and just learning about real estate investing. I am waiting for this conronavirus to be over so i can take my real estate exam. In the mean time i have really been interested with investing in single family homes. I plan on renting out our own home in the near future. i apologize if i am missing a lot of information as i try and explain the property that i am interested in. Please any feedback would be greatly appreciated!

  There is a 560 square foot cabin right down the road from me that i walk by everyday with my dogs. Its been vacant for as long as i have been here which is about 6 years. It looks in pretty rough shape at least from the outside. I pulled some comps on 3 properties that have recently sold and have listed them below. I would like to rehab it and rent it out or just flip it. i was able to get in touch with the son of the owner. Who is in charge of all the finances. I asked him what they plan on doing with the property and i explained that i would be willing to buy it. They did not really have any plans for it. And he asked me to come up with a price. But i have no idea what a good price would be. He lives out of state and hasn't seen the condition its in.

Comp 1- 560 square ft 2 bed 1 bath 96k sold in 2017

Comp 2 760 square ft 2 bed 1 bath 154k sold in 2020

Comp 3 560 square ft 2 bed 1 bath 98k sold in 2017

@Jeremy Bourgeois Thank you for replying! I will look into it more

@Andrew Postell Great! Thank you!

We are wanting to use our house into a rental property. But I was wondering if it would be beneficial to try and switch from a usda loan to a conventional loan?

I was wondering how the financing works. Should i go to the bank and see what i am able to afford when i am ready to make an offer on a property? My credit is ok, but i do not have alot of cash for a down payment. What is the best way to know what you can afford when you finally find your first property to invest on?

I was able to look up the property and saw that its assessed at $60,000. The house behind me that has 200 more square ft sold for 150,000 in December. I was able to contact the son who is in charge of the finances for the parents, I asked what his plans were for the property and said that he was not sure. He said he would have to come up from NC and take a look at it because its been awhile since anyone has. I gave him my information for when he decides what they would like to do. Is there anything else i should have done?

Thank you so much! 

I am just at the very beginning of this real estate investing. Which means im reading the books and listening to podcasts. Also fixing up our own home so we can rent it out. I live on a mountain in Virginia and right on my road there has been a cabin that has been vacant since I moved in 6 years ago. It is still furnished inside and looks like it needs some work done but im not sure how much. The driveway is all weeds now so no one has been there for some time. I would love to own it and fix it up. But I am not sure where to go from here. I do not have alot of my own money to invest in it at this time. But I feel this could be a good find for some one. What should my next steps be?