All Forum Posts by: Collyn Bennett

I've been looking for my first deal and found an interesting property. It's a house with a detached garage that has been converted into an apartment. Both buildings need to be gutted and completely redone. All the repairs looks like they're just cosmetic. The property is listed at a good price though so even with a good chunk going to rehab the deal works. This would be my first BRRRR property and I can tell just from pictures that it will need a lot of work. My question is what kind of problems should I watch out for due to hefty repair costs or long term issues? Things that come to mind are foundation issues, septic issues, etc. What are things you avoid no matter what?

@Jeb Brilliant I'll gladly take those names.

@Jeb Brilliant I've been working with a "regular" real estate agent. He helped me buy my house but doesn't specialize in real estate investment. By an agent's list do you mean set up through their portal, or is there a different type of list you're referring to?

First place I saw in person isn't going to work. The area wasn't very nice, worse than I want to get into. I'd give it a C. The listing was a little misleading as well. It was listed as a 3 bed 1 bath that could easily be made into a 4 bed 2 bath. The 4th bed would be doable, but the 2nd bath was a big stretch. It's more than I want to get into. I've found another place outside of town that I'm going to make plans to go see. Off to Plan B!

Thanks everyone! I'm going to see a place today. As @Nick Giulioni said I don't know what I don't know. Might as well just get started.

@Kevin Zolea I want CoC above 10%.

@Kevin Zolea I'm looking for a buy and hold rental. I'm pretty handy and can do a lot of repairs myself. I don't want to start out with a place that needs a ton of work that I would have to hire out though. There are a lot of properties in less desirable areas that I could get into and some in gold areas that don't offer as much ability for forced equity or roi.

Hello BiggerPockets! I'm glad to be here! I have known for a long time that I wanted to get into real estate investing. Due to some exposure to some incredible resources, like BiggerPockets, I now know I can get started without already having millions in the bank.

So here I am looking for my first deal around the Indianapolis area. I don't have a great stream of potential deals coming my way because I'm just starting out, so I feel like the really phenomenal deals aren't as available as they might be down the road. Should I just find something that'll work to get my feet wet or keep digging to try to uncover a great deal?