All Forum Posts by: James Maradits

I would absolutely do it yourself unless you simply don't have any free time.  It's a little intimidating at first but really not that hard and can look great if you take your time and prep and clean everything well before painting.  I recommend getting a good "bonding" primer.  If you go to the Lowe's or Home Depot you'll find a kilz or kinser that says for use on glossy surfaces.  I did my fairly large kitchen for about $50 in materials and it's held up great for two years of use.

I like "Olympic ONE" Paint+Primer.  Reasonably priced and good coverage.  I generally like to KILZ anything first and it tends to take less paint to cover after.

In my experience paneling is typically over drywall or plaster in poor condition.  If it's the nice thick kind of paneling, you can lightly sand it, prime it, and paint over it and it actually can look very nice afterwards.  

I love craigslist for this kind of thing.  I got a full set of nearly new kitchen appliances from someone in an upscale neighborhood who just wanted a different color for $500.  I was even able to resell the outdated ones that came with the house and ended up nearly breaking even.

Congrats on being motivated and aware at such a young age.

I also started very young.  My best advice to you would be:

-Being building credit ASAP.  Whether its a credit card, small personal loan for a car, etc.  You need to work on this as soon as possible because it takes years to develop a credit history.  This will help you greatly in the long run.  With that being said.  DO NOT get into debt you do not need or can't handle.  Use a credit card only for necessities and pay it off monthly.  If you get a loan for a vehicle, only do it if necessary.  Don't go out and buy a fancy car or things you don't need

-Get a job and save, save, save.  Cash deals in the midwest come up sometimes as low as $10,000.  This much could be saved even working part time after school for a few years.

-Read/Research as much as possible.  Watch what houses in the neighborhood sell for and how long it takes them to sell.  Learn about repairs, maintenance things, etc.  Be observant and take notes.  Read the forums on here about success stories and various strategies.  Read books not just about real estate, but various types of business and entrepreneurship to learn the terminology and the mindset.  I recommend "Rich Dad, Poor Dad" as a great entry level resource.

Good luck!

Congrats!

I spend a lot of time in Brownsburg for work.  It's a hot sellers market now with all the new warehouses and businesses moving into town.

 Thanks for the response.  The only reason I mentioned the city is being the house has been condemned and is under their radar.  I'm assuming my best bet is to try to work some magic with the sister,  I was just hoping someone experienced may have some input.  

I appreciate the input, and I will look into the "PETIO."

Hello all,

I am seeking advice on a unique situation. I am trying to figure out how to make a seemingly impossible deal happen for me.

The story:  There is an abandoned house in very close proximity to my primary residence.  The man who lived in the house died about a year ago.   The house belonged to his parents, who had passed away probably 20-30 years ago and he just continued to live there without ever transferring the title into his name.  The only living family member is a sister who didn't talk to the man who lived there and wants absolutely nothing to do with the situation and won't return calls. The house is in need of serious repair, but if it could be obtained cheaply I believe it could be a very profitable flip for me.

I have talked with the city the house is in and they were little to no help.  The taxes are overdue, however the county will not sell tax liens on an individual basis.

Is there any way to get a hold on this property before it sits for much longer or goes to tax auction in a few years after being vacant?  I have funding available to acquire and repair the property, but I am weary about paying high fees for legal advice that may or may not actually help me.

Any help would be greatly appreciated!