All Forum Posts by: David Thoeny

@Guy Gimenez

This wasn't exactly a planned BRRRR. I purchased the house as my first home 11 years ago (with ZERO knowledge or desire for real estate) with the intention of fixing a few things and living in it. Once I dived in, I soon learned that it was a full blown project. I later had to abandon the project and now (11 years later) have returned to finish the project with the full intention of pursuing real estate. This project will ultimately be my entry into the market. So my back is against the wall. My choice is walk away from 100k that I already spent, or complete the project and have a working asset. I completely understand and agree with the advise but this project WILL go on... even if i have to do it myself.

The town of the rehab is in Mount Hermon Louisiana. I live about 15 away in the neighboring town of Franklinton. 

I am new into RE (with the exception of about a dozen books and numerous podcasts and webinars) but now its time to dive in!!! I currently work out of state (work in Texas, rehab is in Louisiana [my home state]). My project will consist of several different crafts (roof, drywall, electrical, HVAC, Landscaping, and cosmetics). I'm considering using a GC (general contractor) to handle the coordinating and scheduling but don't know exactly where to start. I understand that a simple Google search can point me in a direction, but I'd like some REAL advice from some REAL investors. I don't really have a mentor YET, so I'm seeking advice from the community of investors.   I don't want to cut corners. I want this done right (not just the project itself but the actual process as well). I started reading into RE over a year ago and it has become my passion. Its all I think about anymore. I want this to be as smooth as possible.

Bruce

The idea would be to have it within 10-15 mins from a major college that is already short on housing. It would be aimed toward college students needing a nice place to live. Enough room to eat, sleep, shower, and study with actual privacy instead of a noisy dorm room or apartment complex

I'm a new to the RE world, with nothing but a few books under my belt and 1 vacant house that is awaiting repair before introducing my first renter. My question is circling the buzz of the extension of the eviction moratorium and how this has already affected investors this passed year. If the cases of C19 continue to rise, I think it will result in more lockdowns... resulting in a longer extension.

My questions are: 

Is this a bad time to get started?  

Are there any ways to get around this in future contracts?

How have you dealt with this in your RE investments?

With the passed year forcing ppl to live below their normal means, do you think building a tiny home community would be a profitable real estate investment. 

Investment Info:

Single-family residence other investment.

Purchase price: $55,000
Cash invested: $100,000

1 bed (possible to make 2) / 1 bath on 2 acres.

What made you interested in investing in this type of deal?

Bought this house 11 years ago (age 23) with the intention to fix myself, to live in. Girlfriend (now wife) got pregnant so we were forced to live in it unfinished. We left the house after a few years and the house has been vacant since 2014. This house is already paid in full. Though I believe I will lose money on this house, I want to begin finishing this house so I can sell it to use towards better investment properties. This will be my entry and foundation of my real estate investment career

How did you find this deal and how did you negotiate it?

Was young with no strategy.

How did you finance this deal?

Cash

How did you add value to the deal?

I don't think I have yet

What was the outcome?

Ongoing

Lessons learned? Challenges?

Never bite off more than you can chew and if your mind isn't invested, don't invest your money

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

No