All Forum Posts by: Eric Rohver

There's a local part-time opening for a Field Inspector (foreclosures and REOs) that I'm considering due to my past experience with REOs as a Realtor. I'm hoping it'll provide an extra pay-check AND a heads up on potential investment opportunities. Would this be a conflict of interest, or wrong in any way?

Thanks for all the feedback everyone. I'm going to pass on this one, after doing a walk through I've realized it's not going to work as a flip. Pitty too because this place is on a double lot next to a grocery store, YMCA, church and school. It still might make sense as a rental though.

Eric

Make habitable in this case means restore the heating system and clean the place up. Running water, heat, and finishing the paint and trim.

Not a huge money maker but it might make $10-15k. I'd like to do a couple of small flips like this and invest the profits into a down payment on a nicer rental property.

Eric

Burst pipes, frozen boiler, paint, exterior paint/clean-up. Make it habitable and clean.

Eric

Around $50-55K. But I'm wondering if 12K will be enough for rehab. I'll need to inspect it further.

Eric

Exterior:

Interior condition:

I just found a single family 3bed 1bath home (old farmhouse style) listed for $24,900 in a neighborhood where most of the comps sold in the $50-55K range. The pipes/radiators have frozen and the boiler is shot, otherwise it looks to be in good condition. I have no idea what the plumbing and heating could cost to have fixed, but if it can be done for less that 12k would this be a deal worth attempting? It'd be my first flip.

Eric

Hello all! I just joined BP after having read many great posts over the last few days. I'm in a bit of a jam and I'm looking for good, smart ways to move forward. I know it won't be easy.

In 2011 I purchased a duplex (two 2bdm) for my family, to be used as our primary residence, and so we could care for my aging, disabled, mother-in-law. I made the purchase using my V.A. benefit and financed 100% of the purchase. After a year of ownership, my Wife is getting claustrophobic in our 2bdm unit, and has started to dream of a bigger place. Two problems, we have zero equity, and my mother-in-law cannot pay rent (social security income only, medical bills, etc.).

Mother-in-law does however qualify for assistance under section 8 if she were to rent a place within the City of Plattsburgh, but I'm still learning how that might work. If we were to purchase a second duplex (within the city limits), she could use her section 8 assistance to rent a unit, freeing up our existing 2nd unit for a paying tenant.

In the near future we'd like to have at least two rental properties and a home of our own, if I can find a way. I can't borrow against my duplex yet, saving for a 20% down payment is very slow going. It's looking like some creative investing/financing is in order, which I hope to learn from you all.

Thanks for reading!

Eric