All Forum Posts by: Douglas A Lewis

I agree with the market you are looking in. If it is not an appreciating market I would not do a full rehab even for $1000 house. With that said, if you purchased a big rehab in a growing market or had an experienced partner I think you should look at property you can create equity in instead of turn key. You will learn more. The learning even on a break even deal is better than a turn key meant for investors that do not want to learn this business. Good luck!

Hey Joshua,

Welcome to BP ! you haven't done so already I recommend listening to all the BP podcasts! Any free time, driving in your car, or with ear buds at work to get educated. Also, if you go pro you can utilize the calculators unlimited to analyze deals.

These are my favorites with BP. 

Hello Jordan,

I read the book called "The E Myth" revisited by Michael Gerber. I think the principles of this book will help you with the business thought process you are looking for. Its about 270 pages long so it should take much time to get through it. 

Hey Austin,

I agree with the other posts regarding getting help with your first property. If you are using a real estate agent ask them for any recommendations for an inspector that they use. Also, see if the inspector could explain or walk you through what he or she does during their inspection or what they look for. I have an inspector that I use and he will teach people as he walks the property on what to look for. Don't be afraid to ask questions to learn everything to can from them.

Help! Does anyone living in Michigan have a good recommendation for a CPA specializing in real estate investments?

@Anita Anand I feel your pain. I have submitted multiple offers and have been rejected, but I finally have a property under contract. Even that is not a sure thing because of due diligence. I just remember my “why” for doing this. Having something to teach and pass on to my kids is the reason I do this. Financial freedom and life balance also keep me plugged in. Stay the course because I’m sure the great things are on the other side of this for you!

@Justin Shelton in South Lyon. I’m in the due diligence phase, meeting with a property manager, and inspection as well as contractors. I’m also trying to line up the financing. Probably a small down payment and hard money. I will probably work on the rehab process as you have to reduce costs. I’m hoping to refi out all the money and maybe a little extra. We’ll see.

@Justin Shelton sounds like a great deal as long as the 315k number sticks. What type of sources did you use to get the ARV number? The reason I ask is I'm in a similar situation where I am purchasing a property for $80k with a all in budget of $150k. My comps are at or above $200k from my agent.

@Justin Shelton was or is this your first deal?

@Justin Shelton thank you so much for the recommendation. I appreciate it!