All Forum Posts by: Dan Dunmire

Hello BP, and thank you for such a great site and community!

I have never bought real estate before, and so I have bought many books on the topic (even "The book on rental property investing") which is what first brought me here some time ago. I have been saving money for my first purchase and though my goal/plan was to wait until September to enter into the market and buy, I have recently found a property that has been on bee on the market for over 4 years. It first went up after the owners passed away in 2012 for about 8k less than its value at the time; long story shortened it never sold. This year the price was dropped down to 5,000 dollars, cheap I know. The house does need, well everything. There is mold, bad roof, smell, old electrical, walls are beat to hell, and the list goes on. I had at the time decided to run the numbers on the house as a test to see if it would cash flow given that the areas rates for rent were so low, and after listening to "The book on rental property investing" a few more time, I crunched the numbers and found that the ARV would be so high that after the rehab that I could get an equity lone and get all my cash back from the purchase and rehab costs with an extra 8k on top of that. I made an offer last Friday and spoke with the duel agent today, she told me that they will most likely accept the offer, the only thing stopping them was me showing the proof of funds. Needless to say I already spoke with my bank and the bank send they were sending it within the next 3-5 business days. This is all really exciting and scary at the same time, am I crazy for doing this?

A few options I've thought about is no getting a home equity loan (not by choice, more like an exit strategy) and just renting it out, it will cash flow for about 200 dollars this way.

Or, if everything goes to plan it will only cash flow for 100 dollars.

My finial exit strategy would be to sell the house and make the 40k that was made from the forced appreciation, but then I would have to pay taxes or do a 1031.

I feel like I done a great deal of research, and I know I don't want to over analyze and if I don't do something soon I might not at a later date for whatever reason, but am I jumping the gun? I hear all the time in the podcasts that the biggest difference between success and failure is taking action, should I just say to myself no matter how this turns out I'm just paying my school fees?!

I guess I just want to hear what others more experienced have to say.

Hey Greg Miller and welcome to BP!

Jamane Y. Oscar Lopez Hello, I'm interested in the Danville va market. I am looking for a reasonable opinion on the area, as well as any local information. I'm interested in investing and other aspects of real estate, and could help you to arrive at a solution that benefits both parties. Please send me a private message so we may talk further.

While I agree that the secondary color of the house (trim) needs a change, I think it really just needs a good cleaning. Pressure wash that drive way and the house and you will see a big change. This will also help peeping the trim for its change in color, removing all dirt and grime that may be on or around the area. It's a beautiful house, and shouldn't need much changing. Whatever you decide, please post after pictures once the work is completed!

@Nijui TruesdaleYes sir, the Fredrick area to start for Maryland. I like the idea of being near military bases, as I know from my military experience, military members don't like to live on base or buy homes at there duty assignments when it is far from home. 

@Angelia KinstonI am interested in a multi family home for my first purchase, though if a SFH comes along and is a good enough deal I would consider it.

@Shanda BrownThank you, how is your experience going so far? I see a lot of opportunity in Baltimore, however I must admit that area is intimidating for me because I'm not fluent with the area at all.

@Account ClosedHello! It is nice to meet another beginning invester! Though I don't have experienced advice, my advice is to get just that! I know investing is for me and so I have set my goal and have done everything this far needed to reach my goal. While waiting to arrive at my goal I am reading books and building a network of realtors, fellow investors, and other much needed professional relationships. I key resource for me has been "The book on rental property investing". Though it wasn't the first book I have read about real estate investing, it has been the most transparent and thus influential. 

Yet again thank you all for welcoming me! I look forward to our future interactions!

Hello everyone! I'm an east coast dweller, mostly in the areas of Virginia, Maryland, West Virginia, and Pennsylvania. I'm joining this community because I this investing in property will provide my company an added benefit, an advantage if you would. In turn I will be able to invest my money in a safe way and provide both company ventures benefits at the same time. While I am a skilled carpenter/contractor, I have yet to step into the real estate investment game. I have started doing my homework and in a few months (8 more) I will be able to make my first rental investment with cash. I am open to building a network of people that are in the areas that I posted and would love to talk about most aspects of real estate investing. Thanks for reading my post, and as always, for your time! 

Dan