All Forum Posts by: Chasity C.

@Damaso Bautista Woooooowwwww!!! You know me so well, this is the BIGGER pockets forum for a reason not “BIGGER HEARTS”

@Poe George yes this is definitely possible, PRIME EXAMPLE installing a tin roof over asphalt... that’s what folks in the country value.

@Darius Ogloza you made my WHOLE night with the fairytale climax lol...there are currently 11 listings in this town two being 40 acre lots for $100k...properties are selling but not quickly! There is DEFINITELY an opportunity to buy & hold as a rental property.

@George Pauley thank you! As a new investor I truly value the TRUTH in your metaphor :)

@Travis Steinemann that’s a GREAT point! There’s a federal prison, casino, and lumber and food product supply companies...most employees drive in from out of town.

@Shaun R. Oakdale

In need of a bigger pockets Princess or Prince to SAAAAVVVVEEEE ME!

Okay now that that’s over here goes...

Texas resident here...I am interested in purchasing real estate in my home town (Louisiana) that’s a BLINK small & population about 6,500 a homey place where everyone knows one another by name.

The town is going down and it’s upsetting to visit and see how the community is dying away.

Is doing the unthinkable INSANE or nah? Yep rebuilding it...

There is currently a foreclosure listed at $35,900. The lowest the bank will go is $30k 3/2/1500+sqft basic structure is solid but it'll most likely need $50k or less for upgrades based on contractor's observation, ARV $135k!

A house at this price point is a BANK ROBBERY in DFW Texas!

Here is the issue MARKET DIFFERENCES! I was advised not to do this because it’s not worth it...but if I don’t no one will!

So here are my questions:

Who or what determines a market?

Can gentrification be tackled by ONE person?

How do you shift mindsets of people in this space?

What’s the WORST that can happen?

What’s the nearest insane asylum, I’d like to be admitted (I really want to do this)!

What would you advise ALL scenarios considered...

You may enter, Rapunzel has let down her hair!

@Kenneth Garrett your statement "I also looked at what I would have done versus what they did" resonates with me strongly. I interpret that as establishing my own identity as I will not always take the same approach as others. That is wisdom!

I have to admit I am a "formula person", I read and follow ingredients, and normally prefer precision over approximation; I'm aware now that what works once in RE is not guaranteed to be happen again. You've been really helpful, I will definitely reach out!

@Michael King this is TRUE, I recently read a thread on the importance of reserves. I'm not even close to being in this position. The property in question is a duplex. I estimated $1300/unit based on the market here in DFW, but you are right the neighborhood possibly calls for lower rent. Which poses another question. How does gentrification occur in this case? If I renovate a property could I charge higher given the condition of the neighborhood?

@Johnny B Bad thank you for clarifying. I’ll never forget this... #everythingDEPENDS

@Michael King that’s GREAT insight. I have this misconception that realtors and investors are separated by a stream...it seems that working together would be the ABSOLUTE last resort for both parties.

I’ve sat through NUMEROUS investor seminars that pushes the “Golden Formula“

70% of the ARV - Repairs = Offer

From my understanding this approach doesn’t work when purchasing a property traditionally and through a realtor because homes are usually purchased as is and (with the exceptions of a few touch ups) for market value. That said I never even considered the thought of a realtor working (negotiating) on my behalf.

Would you say this is a safe strategy for beginners since I am in a sense “getting my paint brush wet” and could use the additional support?

Regarding the 1% rule what does this number represent. If looking at the property I mentioned above that’s listed at $259,999... $2600 would be 1%, what does that say about this particular property.