All Forum Posts by: Dustin Oaks

Judging by the pictures I would have the roof looked at first and foremost because that's going to be the most expensive thing for this rehab. I say that because it looks rotted out and if that is the case then there is no telling how the attic is going to be and the trusses inside. I would figure maybe a third of your rehab budget going to that early in the planning and get it fixed first because if it leaks and rains during your rehab all your inside could ruin and you'd have to pay double for it. I say this because my parents went the cheap route on their rent house and the roof practically is falling apart to this day. 

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@Robert Norvell 

I have seen some listed around cavanaugh but wasn't sure about them! Right now we are looking for flips!!!!

Thanks

@Hattie Dizmond 

Thank You!!! I will listen to that podcasts!!!!

@Ray Ellen 

I appreciate the input and will have to print it out to have a good list to double check. 

Right now this is what I have:

Goals: Fix and Flip until we think we are ready to buy and hold. My ideal goal is to buy and hold in the bahamas or caribbean. I know everyone wants to do that but that is my ideal buy and hold deal! My initial start was vacant lots on the islands to eventually build on later but my wife wants us to focus around here first. 

10-15% ROI would be nice and trying to stay moderate with that because I know this area isn't exactly booming.

My team currently is just me and my wife. I haven't tried any realtors yet because when I bought the house we currently live in was supposed to be a fix and flip and here we are 6 years later living in it. The Realtor wasn't very helpful and made the whole thing kind of miserable for me. I have been trying to figure out how to go about working with a realtor as an investor like this. I still need to get a solid contractor as well. I can do most stuff but I am out so much that we need one that can do it right and not give my wife a hard time. I am still working on figuring out a lender because for the most part we are looking for something we can pay cash for outright at the beginning. 

I do have a lawyer that I use! But accountant and inspectors are other things I need to get situated with because I always just thought about calling someone to do it when needed, but on second thought will need to find a good one because of the reason I mentioned before, my experience buying this place I am in. 

Thanks for all your input and your example! Greatly appreciated! 

@Robert Norvell 

We were looking at a house by Rye Hill that was listed forever but apparently it sold! We found one that is on the North Side of town that would be great and the size is bigger than our house. The biggest issue is the location! We will have to see how the rest of the area is because when I was a kid in school, Martin Luther King Park wasn't exactly a friendly area but it might have changed since then. 

I apologize for getting back so late, my wife and I are redoing our kitchen cabinets!

@Arian Potter I have been looking at a few houses but my experiences with realtor's has not been the greatest by any means. There are a few houses I am interested in but guess I just need to call the realtor and talk with her. I would be able to pay cash if the price is right! 

@Joel Davenport my wife has thought I'm crazy for the last 5 years which is ultimately the whole time we have been together because I've been more in land and land management for hunting and trying to find land to lease out or guide hunt on. My initial funding goal was timber but timber prices have fallen in Arkansas and made it hard to try and use that to fund the acreage I would like. 

I've been trying to find great house to invest and flip for passive income for the last couple of months seriously. I have always been interested in land but my wife wants to solely focus on renovating homes for resale. My issue is the analysis paralysis in trying to get past the initial ordeal and pulling the trigger to get the deal done. My question is how long did most of you analyze the numbers before pulling the trigger? I am anxious to get moving but this paralysis is really killing me.

Hello all,

I have been contemplating getting a vacation rental but biggest issue would be financing. I have been actively looking primarily in the Virgin Islands and Bahamas for properties that are ideally within the budget I would like. The property would be an investment and a passive income until I retire. My question is how would I present this for financing? 

Dustin Oaks

Wanted to update,

I have been in constant contact with the realtor in question and have been trying to schedule a visit to look at and evaluate the land. She has been a ton of help and goes to show that I was gettting ahead of myself yet again.