All Forum Posts by: David McLean

Dont rush to "invest" in anything for 6-12 months. Educate yourself and take your time in making sound, incremental investments down the road. 

Curious if you know much about the history of the property and how it got to this point? What can or would you be able to do to avoid the same fate if you did actually take on this project?

I've personally never invested out of state or my local market but I'm in a relatively affordable market at the moment. There are many experienced investors that have done both in expensive markets.(bought locally and opted to buy out of area) You may just have to look really hard for a good deal in your market. If you choose to buy out of your local area, spend plenty of time doing due diligence on these other markets/specific neighborhoods. Go there yourself and spend time learning the market.

Its a tough decision for sure! I've had to do it a few times after inspections revealed issues that had not been accounted for in my initial offer and the sellers were not willing to renegotiate. 

Congratulations on your accomplishment! Thats very exciting! Keep us posted.

Welcome! BP is such a great place to learn and connect.

@Amanda Penna Thanks for asking! I learned something as well!

Congratulations!

I agree with Sue Hough that your should be applauded for being so considerate of your parents money! Here is my advice, consider a hard money loan and all that involves if you really believe you have a good deal. If that scares you, don't borrow that money from your parents.  Nothing wrong with borrowing money from a family member or friend as long as long as everyone involved understands its an investment with no guaranties. Be conservative on your analysis and plan your exit strategies. Just my .02!

Congrats on achieving your goal of reaching $1M net worth! Celebrate that and keep up the good work!