All Forum Posts by: Anxhela Musta

Hello!

First of all I’m completely new to real estate so I would say I don’t know much about it.

So I found a foreclosed duplex in a neighborhood I like. My husband and I would live in it for 6 months only because it's convenient for me to go to work at my seasonal shore job, so we're not doing an FHA. We are looking into hard/private money lenders. The property looks not great from the outside, so we know it will need work and money to get it into move-in ready conditions. We are looking to wrap up the repair cost in the loan obviously.

Property has 2x 2 bed-1bath units. We will live in one and rent the other one. It’s a shore town so possibly we will also AirBnB one of the bedrooms in the unit that we’ll occupy.

My problem now is that the agent that is dealing with it told me that we cannot go inside the property. How can I buy the place ‘sight-unseen’? Does this mean it’s in horrible condition inside? How am I supposed to estimate repair costs in order to present it to a lender? Or even possibly make an offer?

@Jean Haisch that’s a great point! I run an office for him that would need me to train someone for at least 2 months before he can fire me. So I guess that gave me some sense of security. Also he has been really good and generous to us this 7 years I’ve worked for him! But yes! You have a very valid point! I currently have no lease, as I said earlier we live here for free so there was no paper work done when we moved in.

@Mike Shemp thanks for your reply Mike! I guess I’d be cohosting, although the owner does not live here -but yes we will share the income and I’d be providing all the services to the guests. He’d be payed only because the property is his, and also he pays all utilities.

Hello! My husband and I live in an apartment building owned by my boss. He lets us live in one of the apartments for free! Yay for us! Also there is 2 more empty apartments in this same building that are currently empty! Today I had the idea to present my boss with a plan! I offered to fix up both apartments (they need some work) and advertise them on as AirBnB in exchange for a %. I’d be dong all the managing and he’d only collect part of the income! This is where I got myself in a pickle! I know nothing about this. Initially I thought ‘well we’ll fix it up a bit, clean it real good and post it on the AirBnB website’ but after my boss accepted my offer I kinda got cold feet. It cannot be that easy, right? So I’m here now looking for any ideas and advise! Thank you!

@Lien Vuong Thanks for your input! We do not rent, my job provides us with a studio apartment as part of my salary, all utilities included also, so our major expense for now is a car payment which we will be getting rid of in the next 5 months. We will continue to live here for at least one more year or even two. Also, we do have some rehab experience as my husband has already reahabed 2 houses for his sister. Her investment strategies are not long term and they are different from the BRRR strategies, so we cannot exactly learn from her.

@Justin Johnson Thank you for the helpful and useful reply! Good luck to you!

Hello, I am very new to all of this. Our goal is to gather some money up and in about 8-9 months look for an investment property. I wanted to get some opinions since for now my husband and I are still brainstorming and trying to educate ourselves, so the more information the better. My question is: As a first time investor would it be more profitable (in the short term) to buy, rehab and resell? Or rent it out? After our first property, our goal is to rent but unsure what we should do with the very first to turn in a quick profit that would help us financially to continue our journey. We live in the city of Philadelphia and we are not homeowners! The city is up and coming and with all this old properties in need of rehab the market is blooming so the opportunities are endless and the time to invest is now! This would be my husbands primary occupation after we start. So we would need to have some money to continue growing our portfolio.

@Russell Gronsky does all that “nastyness” give you a chance to lower the buying price? :)