All Forum Posts by: Chris Medeiros

If BP works better for you than a more structured approach with Renatus, that's great. For me, a structured program with a local community that meets each week presents the accountability I need to get my RE business off the ground. If it costs me an initial layout of money for that accountability component in my RE education, so be it. I'm not rich, but I'm worth the investment.

Regarding a few comments I've read basically saying, "Why would someone pay so much for information that's already out there for free?" Hmmm... Should we apply that same train of thought to our educational institutions?

One last comment. It seems a few in this thread are "victims" of not receiving what they perceived was due them. That's understandable, but not profitable. Sometimes we we have to look inward to see where the real challenge lies. Unless I am willing to take responsibility for my own actions, I will always be a victim of my circumstances.

And on those happy notes, a Happy and Prosperous New Year to everyone!

Nice work Jeff.

@Bill Schrimpf Thank you for posting!  The lot is zoned to be split if desired or a second building to be built. Is that where you were going with that?  :)

@Brent Coombs Thank you for your post! I totally agree, there are many more details to consider before you could really make an educated decision.  I'll try to go through and answer your posed questions.

The biggest "deal" would be that it could be turned into a rental with minimal work.  The plan is to spend a year or two in it first though making it into a nice rental before moving on.  My wife and I may be able to get it a little under market value considering it does need some work.  The property is move in ready, but overall feels like it still needs to be finished.  For example, tile was put in the bathroom around the tub, but the tub was not replaced... Or the cabinets in the kitchen look newer, but it seems that the end pieces of the cabinets were not put up (you could see particle board at the end of some sections). So I'm thinking maybe 10k-15k off asking... not much, but again this will also be our starter home.  

I'm not completely positive how you would go about figuring the rental value with or without the full lot? Obviously I do not have those numbers figured out yet. :)

Same with value of say, half lot.  I need to look into that also.  

As far as zoning, like I mentioned it's already zoned to split or add a second building.  Would there be other zoning issues with the land if we were to either split or add a second building?

Thank you again for your response!  I know there are many things to consider with this property.  I hope what I said makes sense! :)

Hi BP Community!

Hope everyone is doing well!  I'm looking into an investment property and I wanted to ask a couple questions.  

This is the situation:

The property I'm looking at sits on over a quarter acre of land.  It's a 3/1 that has been updated for the most part.  Detached garage.  The lot can be split if desired, but I think I would prefer to keep the whole lot and just build a second building for another unit to rent in the future.  I plan to spend maybe a year or two in the property and then rent it out.

Just curious what others in the community think of splitting the lot up.  Would it be smart to split it and make a profit on the land to then invest into further updating the existing property or would it be smarter to keep the entire lot and eventually build a second building to use as rental income also? Would leasing out the back portion of the lot be a possibility until a second home was built on it?

Thank you all for your thoughts, suggestions, and opinions!

@Al Williamson Thank you Al!  We will look into the email list. We are also looking into being at the summit!  We will get there one way or another! Thank you again!

@Sergey Tkachev Thank you! Unfortunately the property we were looking at moved quicker than we could get to it.  We were ready to jump but without having even our contracts set up and ready to go we were stuck.  Hopefully we'll be able to find someone soon that will be willing to walk through our first deal with us! In fact, since it sounds like you have some experience, we are more than willing to do the leg work of finding your next flip if you wouldn't mind helping us get everything rolling! Let us know if that might be an option you are willing to take!  

Thank you for the info about the local REI clubs! We have been able to check out one so far and will continue to get more connected and networked as we continue soaking up all of the information available!

The summit looks interesting, but at $295 per person and three of us attending, $900 is a little out of reach at this point.  Who knows though, maybe we get a couple wholesales in between now and August! That would make it possible!

Again, thank you for the info, and posting here on our conversation!  Hopefully we will be able to work with you in the near future!

@Dylan Vargas Congrats on one done and one in the works! Nice job! Like I mentioned, we are looking for someone who has been through the process to join us and walk us through our first deal.  We already have a property in mind and a possible buyer lined up.  

We would like to move into the multi-family properties eventually also.  Maybe we can partner up in the future or at least be able to help each other out at some point!  

@Derek Jones Thank you for your advice!  My wife (Nicole) and I (Dennis) went to one of those weekend events and yes like you say they do push for you to continue with their super expensive training! Glad we were able to find the BP community so we can continue learning at an affordable rate! 

We do feel confident about our numbers. Our comps are at max a couple blocks away, same amount of rooms/bathrooms and square footage.  We are also using the BP wholesale calculator to really give us a good idea if the property we're looking at has potential.  We believe that with a willing mentor at our side we may have a winning deal for all parties.

Thank you again for the advice!

@Dylan Vargas Thank you! We have been looking into local meet ups and have started attending some recent ones.  We can tell that they will be a major benefit for us in many ways! We will keep you in mind as we search for deals.  Are you wholesaling at this point or are you still looking for your first deal also?  

@Gabriel Ugarte Thank you! I'm guessing you have a wholesale or two under your belt at this point?  We would like someone to walk us through our first deal so we feel confident about moving ahead. We would of course make sure they were compensated for their effort.  Good news for anyone that wouldn't mind giving us a hand is that we already have numbers ran on a property and an interested buyer.  We are basically ready to move on the deal.

If you are unable to help with this deal, we will of course keep you in mind for future deals!

Thank you again!

Hello BiggerPockets Community!

My name is Chris Medeiros. I am partnering with my son Dennis and his wife Nicole to build our REI business. We are fresh newbies from Antelope, California (Sacramento County).I am a computer support person for a local school district. Dennis works as part of a ground crew for an airline carrier. Nicole works as a paraeducator  for a special needs classroom.Like many other beginners, we are eager to learn. (There seems to be plenty to learn!!!) However we are also eager to get in there and start making mistakes to learn from. We plan to start with wholesaling and then move on to buy & hold and flips. We're all excited because we think we found a potential house to wholesale already. With our limited baby knowledge, we have run the numbers through BG's Analyze Calcs and we believe we may have a winner, but we would really appreciate a "mentor" to come along side us for the first go around. So, if there are any wholesalers out there in the Sacramento area willing to help us out, please let us know. Hopefully we can work out a deal for a "win-win".

We found the BG community with the search term "real estate wholesaling" after Dennis and Nicole returned, with sticker shock after attending a 3-day Guru Seminar. The wealth of RE information on BG is a God send.

Thanks. --Chris

Al Williamson is organizing the meet-up.