All Forum Posts by: Jonathan Plant

Just move right in and enjoy this almost fully renovated home! Set far back from the street. From the plumbing and electric to the Kitchen and baths, nearly everything has been done for you! Newer laminate flooring or carpeting in all the rooms. Newer windows throughout. Newer Roof, Hot water tank, furnace and air conditioning. Newly painted both inside and on the exterior deck and patio. Carpeted bedroom downstairs, and another three rooms upstairs. Two of the upstairs bedrooms DO NOT have built-in closets, but are large enough for them. Currently vacant but area rents are $850 month.

Single family 1,363 square feet above grade newly refinished home. A 312 out of the 624 square feet finished basement includes a half bath, laundry area, new water heater/furnace. Second story 624 square foot 3 bedrooms and 1 bathroom. First floor 739 square feet consists of a kitchen with new appliances. Additional breakfast room off the dining room views into fenced in back yard with a 2 car detached garage with new door. Extensive new drywall/plumbing/electrical and paint. Exterior has just been freshly painted and all new windows installed. Recently listed with On Target Realty.

Have you tried Lendingclub.com?

You can get a personal loan to complete the project and then sell it when your done.

Neal,

Sorry that I’m responding now. I didn't receive notice that you responded.

How is the rehab process working going?

Jon

I bought a vacant property that is being rehabbed and it keeps getting a lot of mail every day.  They are addressed to many different people not noticeably related by name.  I’ve held the mail for 30 days through the USPS and selected for me to pick it up after that.  The USPS will "Return to Sender" if not picked up by a certain amount of days.  I am going to start another hold mail for another 30 days but was wondering if anyone knew of a method I can use to stop all this mail from arriving. Thanks.

What is the status of your project?  Is it complete?  Still need funding?

Welcome to the RE world of investing Oscar. It’s good to hear that you want to start at a young age. You have started off right with your goal and so next I would suggest be your why. Do you want to have $1,000 of cashflow per month by the age of 32? I suggest sitting with your wife and list your specifics.

The Air Force offers many benefits to you with an interest in RE. Example? PCSing. You will broaden your market experience every few years just by PCSing every few years and have the benefit of building your teams along the way. You WILL need someone on the ground you can trust to go and view the properties of interest, help meet contractors, appraisers, maintenance issues and much more. Start now where you are by going to a local “MEETUP” group, talk to people in your church about your interest, if you go, in your workplace, didn’t say foxhole because you are not ARMY:). There is nothing wrong with voicing your desire in the workplace. If it is ok to talk about the NFL, it’s ok to talk RE. You will be amazed on how many people will discuss their experiences and come to you with their issues. Just keep educating yourself.

VA Loan: you can purchase a home up to a 4 unit with this option. You must live in it though. When you PCS, you can restore your entitlement and use it again. Talk to your VA loan rep on the current process. I've used it various times.

Good luck and I’m glad you’ve come to a good free source for information to assist you along your journey.

I am currently using American Modern Insurance Group (AMIG) to cover my property.  My first plan was to quickly flip it with no work involved.  The home was a case of break and entering and received a lot of vandalizing.  Stealing some copper piping/wiring/damaging a lot inside.  The buyer backed out and so I filed a claim.  AMIG did cover half the damage due to their caps of $5K for plumbing/wire.  $31,000 in damage/I received shy of $13K.  

I'm now rehabbing it using a General Contractor (General Contractor).  AMIG does not carry builder's risk to cover the goods purchased by the GE so I'm going to get some quotes from Zurich and others.

Overall, AMIG has been helpful and quick.  The agent covering my case was very busy with others but was able to help me quickly as I was able to provide everything as requested in a timely manner.  Help them help you...

If the date of claim he owned the property then, he will get the check whether he has sold it or not.  Who is to say that he used his own money to do the repairs until he received his claim monies just to sell it.   

Do you think you can do all the research work yourself?  Or, do you feel you have to pay someone $1,997 to motivate you to look for a deal?  Once you find a good business deal, you should find a partner you are willing to "marry" with.  Do these guys act and make decisions you feel comfortable with?  On the other side, can you bring them a deal and have them pay you an acquisition fee without you first paying them the "entrance fee"?  I am skeptical of people that want you to pay them first...

Good luck.