All Forum Posts by: Dekota Oechsle

There is already some great information in this thread but ill add my thoughts as I am in a similar situation trying to get started.  

First -  I would make sure that you and your spouse get on the same page.  An investment is not worth losing a marriage over.  Figure out what each of you want and what reservations you both have and work through it.  It took my wife reading "rich dad poor dad" and start playing the cashflow board game for it to click with her and get her 100% on board.  

Second - You've already starting increasing your knowledge and network by joining BP. I'd also get involved with some of the local REI meet ups. There is a monthly meet up in Newnan and Fayetteville that I attend, as im an Atlanta southsider. Im sure there are groups in your areas as well.

Third - You mentioned you have a REALTOR that you are going to work with.  I'd make sure that they understand investment properties and how the numbers need to work.  Bonus points if they have investment properties of their own.  We as investors have to think differently from a newly wed first time home buyer that can overpay based on emotions. 

Fourth - Start crunching the numbers on properties and find a deal.  Then make offers. (Im still on this step myself).

From there its just a learn as you go and don't give up.  You'll put in offers and not even get responses, you'll get No's, but eventually you'll get a yes and can go from "starting" to "being" a Real Estate Investor. 

Good Luck and Happy [Deal] Hunting

There has been multiple mentions of how small the yard is, is the yard mostly shaded out by neighboring trees or houses or get full sun?  What type of grass was planted or is planned on being planted back?  Id make sure that what is being planted is suitable for the conditions regardless of who installs it.  

Im curious to know the extent of "completely destroyed" the yard actually is.  Are we talking dead spots in grass from urine and trails from running fence lines?  Or are we talking holes dug everywhere, plants/ shrubs killed, no grass just bare dirt?  

What is the estimated cost of repairs?  What is the security deposit? 

Update on this.  I submitted an offer friday and received confirmation of receipt.  Since then the offer has expired listing agent has ghosted me with no response.  Funny thing is she is the President of our local Board of REALTORS.  Not sure what to think of that.  

Depending on the types of repairs needed you may or may not be able to get a traditional mortgage for the property.  Private lenders may be your only option.  Some lenders may have a rehab/ construction type loan that can finance the purchase and repair costs but have a 6-18 month balloon that would require a refinance.  There are lots of options out there it just depends on the deal.

What type of repairs are needed?  Structural, roof, mechanicals, cosmetic? 

What is the cost difference between replacing only the garage vs whole roof?  

Think from a buyers perspective, if you were looking at a house that had fire damage that was repaired would you want a whole new roof or only a partial new roof?  I'd rather have the whole new roof.  

Sounds like a good deal.  

What are the goals for the property?  Is it a cash flow or equity play?  How are you managing the property? 

Im Interested in any updates those that have posted may have.  

Im not sure I completely understand what you're trying to calculate but I would go about it using Excel or Google Sheets and create a "master" and a separate sheet for each property.  Have the Master sheet reference each property sheet and have it add up.  

Speaking with my Construction cap on here.  I'd bring forth the report to the seller.  I would get a structural engineer involved on the roof and possible foundation issues. Id get a price to repair said structural issues.  Id get a price from a licensed plumber to fix what is known bad/ faulty, and an additional price to replace all that is a potential problem down the road.  I would add at least a 10% contingency to all repair costs for unseen conditions.  With those costs in mind you can crunch the numbers and see what you would need to negotiate the sale price down to to make it worth your while.  

All deals and problems have a number that works, its just a matter of getting the number accepted.