All Forum Posts by: Alyssa Cairns

Hi BP! 

After redecorating and refinishing most of my Logan Square, Chicago condo over the last 2.5 years (and hitting the market at the PERFECT time)- we were able to sell for 140% of our original purchase price, and will pocket over $85k. We accepted a full price offer and will close in mid-June.

Now we are looking for a fixer-upper in East Grand Rapids, MI, and hope to be even more intentional about improving our new home. Eventually- the equity built in this home will be the jumping off point for the start of our real estate investing business. (more on that later!) My question for you is this:

What is the best way to estimate renovation costs before/during the buying process on a distressed home? We will be using an FHA 203(k) loan, and have been approved up to the maximum finance limit for Michigan ($271k). I don't want to under-estimate the repairs, have an offer accepted, and then end up having to walk away from the house because we couldn't afford the work that needs to be done. We are trying to expedite each step of this process to reduce the time we need to live with friends/family members. 

Thanks so much in advance. 

I've been reading (and reading, and reading!) and listening along to BP for a bit over a month now, and I can't wait until we are ready to take the leap into REI. We are relocating to the Grand Rapids, Michigan area, and I'm not sure what the best plan will be.

Option A: live with family for free until we have new job(s) locked down, then move into real estate once we have a salary for a traditional mortgage

Option B: rent a cheap apartment in GR to get our bearings in the city while looking for jobs, and learning more about the REI/rental marketplace by living there

Option C: explore creative funding options to speed up the purchase of our first investment property, which will help fund the purchase of our own home

Option D: look for a 2-unit to live in, fix, and rent before we purchase a larger home? 

....... and they go on and on.......

Does anyone have experience relocating to a new city before finding traditional career jobs - all while trying to enter the REI marketplace at the same time? Any feedback or advice is welcomed! Thanks :)

It's so great to see other successful investors in the Grand Rapids area. My family is planning to relocate from Chicago to GR this spring, and I can't wait to meet and learn from all of you.

We share some of the same goals- as I'm craving more flexibility and time at home to spend with my little family of 3. I'm VERY interested in a "fix and rent" business model, as it speaks to everything I love about real estate and creating homes that I'm proud of. Hope we get a chance to talk again soon!

I am so excited to start learning and networking here at BP! After earning my Master's degree in University Administration, and working and teaching in community colleges- I'm looking forward to pursuing a lifelong dream of working in home renovation and design. My husband, 3-year-old daughter and I are planning to relocate to the Grand Rapids, MI area this year after almost 7 years in Chicago, IL. It's the perfect time for a new adventure and I can't wait to start this journey towards self-employment and financial freedom- all while doing something I love.