All Forum Posts by: James Maradits

You may very well be right, but I could swear I just got a booklet of "Convenience checks; Consolidate high interest at a 0% APR intro rate." Regardless, there is probably a way around it using paypal or something along those lines if you're crafty.

Congrats!

I agree with @Rip Rittell 's list.

I know first hand that the rehab process can be overwhelming at times.  My best advice is to write down every possible thing that needs to be done.  Determine which is the most important to complete first (IE have a working toilet, functional front door, etc.) and just dig in.  The more you analyze and over analyze the less you're going to get done.  I still find myself doing that sometimes, but typically if you just jump right in it's easier to grasp the situation and handle it appropriately.  There may be times you need to stop to do some research or clear your mind, but do your best to stay motivated and be patient.

I've gotten multiple cards with 0% APR for the first year promotions. One of them even came with a book of checks linked to the account. If you could write yourself a check with the funds to use and pay it back within the no interest period you'd be golden.

You can usually get a card at the big box hardware stores with a 6-12 month 0% APR intro period and use that to fund your materials as well.

If you only have $10k and have a strong desire to get involved with real estate investing, it would probably be wise to take classes to get your license as an agent, inspector, or some other real estate related position.  You can then build connections in the field, learn about your market, and potentially start saving money to have more to invest in the future.

Other options would be to find a partner or multiple and buy into a flip for the percentage you can afford plus labor... or use the 10k as a down payment on a rental property.

If you have good credit and personal income, using the money as a down payment to finance something would be a good idea.  If you have poor credit or income, partnering up would likely be your best option.

Great looking place!

I could see this being a very valuable thing if you're relatively inexperienced with working on homes and rehabbing.  It could also be a great source of income on the side if you choose to do inspections for others.

This is so awesome man!  I have a very similar strategy myself, I'm preparing to move into my first live in flip as well.

I love your ingenuity and craftsmanship!  Seeing old things restored and retrofitted adds a ton of appeal and really makes it stand out.

Sounds like a nice modest, but effective strategy.  It's going to be awesome the day you make they make that last mortgage payment or you cash out on all the equity your renters have given you!

I recognize this is an old thread, but hopefully my input will help someone.

I was a professional race car mechanic and all around 'car guy' until one day something clicked and I realized I was spending over half of my earned income buying parts to make my car go faster.  As quick as I could, I sold everything off (luckily made about 99% of my money back) and began saving to invest in real estate.  At this point I also realized I was now able to maintain the lifestyle I was used to, minus the cars, while working about half as much as I was previously.  Huge victory.

My last two vehicles were Ford Ranger pick ups.  I think a small pick up is the perfect vehicle for a real estate investor.  I paid $3000 for my current one and have put over 80,000 miles on it in the last 3 years.  It gets fair gas mileage, insurance is extremely cheap, and replacement parts are cheap and readily available.  I can throw most anything I need to make repairs around houses in the bed and still get better gas mileage than a large pick up.

I grew up and currently live in Parma.  I'm extremely familiar with the area and most of the surrounding suburbs.  If anyone has any questions please feel free to shoot me a message!