All Forum Posts by: DuRon Netsell

Thanks Wes, I appreciate your feedback and that is what i had kind of figured but had never attempted to wholesale a deal before.

I apologize for placing this in the wrong topic

I am in the very beginning stages of trying to a wholesale a house that is conveniently located right next door to me. The house needs a good rehab as well as foundation work. The foundation has numerous cracks over a inch wide in the basement. Despite the massive cracks, the foundation actually seems to be in relatively OK shape. I imagine the basement will just need a few piers put in.

My question to you guys is should i bring in a foundation guy to give me an estimate before bringing the house to my investors in order have a rough budget of repairs needed and make sure 40k is not needed for foundation work or should i just bring the house to the investors and let them get the estimate?

Thanks,
DuRon

Ben,
I would think it would be hard to use 10% for rehab costs as a rule of thumb because properties will be in a different kinds of shape. Some may need major structural repairs, while others may just need paint and cleaning.

Also, I don't see where that formula factors in holding costs?

Although I did not take this route, I imagine having a career in finance specifically real estate lending could provide a stable income as well as a tremendous source of knowledge and networking opportunities.

Financing is one of the most important aspects of REI if not the most. Working for a mortgage company will enable you to understand all of the different types of loans available and help you when you begin structuring your own REI deals. Plus you should have some very good connections when you do go to get financing!

Agreed. I think that' s great idea and would be super cool to have the site.

I graduated from the University of Missouri in May '12 with a bachelors in business administration-management and I could not agree more. I experienced that same feeling almost every single day in school. I knew after my first semester that I wanted to become an entrepreneur. My advisers, professors, and peers could not believe that I hadn't done an internship with a fortune 500 company and thought that I would end up homeless because i chose not to attend career fairs.

The toughest part for me was not the discouragement of others but it was curriculum that I really could not stand. I felt as if I was attending a tech or vocational school to be a middle management type for some mega corporation. Even the few entrepreneurship classes I had were more directed towards intrapreneurship within corporations rather than actually starting your own business.

And on top of everything, we pay tens of thousands of dollars (usually as debt) in order to be forced fed a curriculum that may or may not serve any real world application. Since i have graduated, I have found a few mentors and work for them in order to gain knowledge. I AM ACTUALLY PAID TO LEARN! And they don't give me a list of definitions to go memorize, they show me exactly how the business world works, what i need to learn, and what it takes to be successful.

All that being said, I do see the value in a 4 yr education, especially the first two years of liberal arts classes. I'm just not sure a university education is the best way a high school grad can spend $40,000 (Of course if I had $40,000 to spend when i graduated high school, I would be broke, homeless and in rehab). College allows you a chance to mature, grow, and figure out what you are passionate about. However, if an 18 year old is mature enough to have self discipline and know the field they would like to enter I think their time can be better spent gaining real world experience while being paid to learn.

Rich Dad, Poor Dad is absolute must! The book is what initially opened my eyes REI and have heard numerous investors say the same.

I purchased a HUD foreclosure last August and the best advice i can give is exactly what has already been said....Make sure you GET A BUYERS AGENT who is familiar with HUD foreclosures. They will handle everything that involves HUD, will make the process simple for you, and will be able to give you the answer to any of those questions you have. And as already mentioned they are completely FREE to you!

One thing about my purchase was after the 10 day period for owner occupants they would extend the owner occupant period for another 10 days. They did this numerous times until i eventually purchased the home as an owner occupant.

I was just curious as to what everyone's reaction to the news this morning that the fed will provide another stimulus by buying $40 billion of mortgage backed securites each month. The article can be found [http://www.cnbc.com/id/49018964]

Just wondering how you guys think this will effect the national economy, national housing market, your own local housing market, etc.