All Forum Posts by: Brian Gilstrap

I am a roofing contractor, so I'm often giving estimates on properties that are about to be sold. Today I looked at a rental property in the Greenville area that was badly in need of a roof. The owner currently rents the home at $795 and is trying to make the decision of whether or not he wants to roof the house before he sells or try and sell it as is. 

I was in the home, and I was surprised to see that it apparently needs very little work outside of the roof and maybe some Kilz where there is a minor leak. The owner said he is going to list it at 55k if he sells it as is. It's on a corner lot, and since I can do the roof ( which will cost me about $2,800 ) I'm thinking it may be a good buy.

I've always heard the "one percent rule", but I've also heard that you make your money going in. The house has a tax assessed value of 72k according to the county. I am eager to do my first deal, but I also don't want to jump in too quickly.

What do you guys think? Does this sound like a god deal? I am planning to finance it through the bank I have my business account with on a 15-year fixed rate loan with a $10,000 downpayment if I do the deal.

I am open to any thoughts or feedback.

Thanks

I definitely don't plan to wait ten years. I hope to have my first property this year and, provided I find the right deals, invest in two more next year. 

Hello Everyone!

I am a 26-year old aspiring investor in the Greenville, S.C. area. I graduated from Clemson University in 2010 and currently run a roofing contracting business that has been in my family for over 75 years. 

My business has been doing very well the last few years and my wife and I have been lucky enough to pay down her student loans, car, and other consumer debt. We should be debt free by November and we're currently looking into making our first purchase in an investment property. 

I am a licensed general contractor and have experience in most type of exterior trades ( roofing, windows, boxing/fascia, gutters, siding, etc. ) and know many other contractors that are very reasonably priced that can do the type of work that I cannot. I feel like this puts me in a good position to find deals on distressed properties that I can rehab and either flip or rent out. Given my age, I would rather pursue a buy and hold strategy and pick and choose my properties very carefully, but I would be open to a flip if the money was right. 

I am here on Bigger Pockets hoping to meet others in my area that I can work with and learn from all the knowledgeable investors on the site.

Thanks