All Forum Posts by: HAILEY ERSKINE

Thank you to both of you. I appreciate both of your responses. 

1. I agree that flipping is the way to go, but in my area, I can't buy much. I just happened to uber score with the one I found being across the street from my house and by far the worst house in the neighborhood. Maybe once this one is done, I'll find another, but my grandpa is charging me a lot to borrow the money and I'm not sure how sustainable it will be. My first flip, so some what just winging it. 

2. I've been looking in Ohio, Tennessee (but worried about crime in Memphis), Pennsylvania, and NC. Maybe I try and flip a house from afar? It seems like A LOT to take on as a single mama, but when there is a will there is a way. 

3. I've certainly considered the cost of a HELOC. I figure it will cost me about $500 a month to borrow 80k. The properties I'm looking at rent for about $1000, so there is profit there, but then I need to account for management fees, vacancies, and repairs. It seems wise to diversity though instead of owning one house, what not own two!

4. I am a realtor, so shouldn't have any trouble finding one in another state, but again, maybe an all inclusive service like Roofstock.com might be a better way to go in my case. 

5. My plan is to buy in a year, so I have time to get my ducks in a line, I'm just figuring out where the best place to start it. 

6. Bigger Pockets Podcast is an AMAZING resource. If there are any particular episodes anyone knows of, I'd love the rec. 

Thanks to all!

https://www.biggerpockets.com/us

Hi,

I'm a single mom with a six month old baby. I have 80-100k of equity in my house I can easily pull out. My plan is to stay home with  my child to raise her. I can't get a new mortgage being I am currently unemployed staying at home raising her so buying where I am local in Colorado is not an option. I would like to invest out of state. I've been looking at roofstock.com, but open to other directions. The goal is to build a portfolio of ten houses over the next ten years. Maybe Morrisinvest.com? I'm open to suggestions. I'm going to make this work, I just am starting to get a grip on the details to make it happen! 

PS, I'm borrowing a 150k from my grandpa to flip a house down here. Should give me another 50k or so to work with in the next year. 

 Thank you so much so your reply Jen! I don’t have pictures, but imagine six people who are all smokers and drug users, and horders living in 1000 square feet for 50 years. I’m not sure I could even get a loan on the house if wanted to. I would say boarderline condemned.  Absolutely new windows, light fixtures, appliances, flooring, hardware, cabinets, literally every inch needs addressing. Do you think the numbers make sense at all? 150k house into a 300k house. I don’t want to spend over 100k in repairs. Ideally closer to 70k. Likely the electrical is fine, but that’s about it. What about the wood floors, if I have then redone, will that encapsulate the odor? Thank you!!! 

My neighbor just passed away and I’ve got first dibs on the house. When finished it will be easy to get 300k for, likely closer to 330k.  I’m planning on paying 150k for it. 

It’s a 1000 percent gut job. Every single inch needs to be replaced. There are likely hardwood floors under that carpet. 

It’s about 1100 square feet with a detached two car garage. 

The cigarette smell is a major concern for me. Whoever buys the house will end up my neighbor and I won’t want the smell leaking through on a rainy humid day. 

If I take it down to the studs, will that be enough? I’m worried about the slab and the attic insulation and the studs. 

New furnace will go in and I’ll have the vents cleaned. 

This is such a competitive market I don’t want to pass it up but it’s hard to do the numbers. I don’t need to get rich, but I also don’t want to go broke. 

I think the whole TSP, Kilz type product won't suffice, so I was thinking I would just re Sheetrock it all.

Am I crazy?