All Forum Posts by: Joe M.

Yeah I would never do that either.

Besides, the house as is likley wouldn't pass city inspection that is required for non-owner occupied homes so I couldn't put a tenant into the house if I wanted to.

You need to take that deep down burning passion and translate that to action. Who cares if you make a mistake or don't get it right the first time? Do your due diligence then TAKE ACTION.

Not to pimp my blog to much but I wrote a post about success/failure not to long ago. Here is a quote from that article:

When Thomas Edison was interviewed by a young reporter who boldly asked Mr. Edison if he felt like a failure and if he thought he should just give up by now. Perplexed, Edison replied, "Young man, why would I feel like a failure? And why would I ever give up? I now know definitively over 9,000 ways that an electric light bulb will not work. Success is almost in my grasp." And shortly after that, and over 10,000 attempts, Edison invented the light bulb

Your game plan is almost identical to mine. I have a short term 5 year plan to acquire around 15 properties. At five years I'll do a complete review and decide if I want to either liquidate, stay at a steady state or grow. If I decide to grow then I want to acquire 20 more properties. At the end of 10 years I should own around 35 units.

I'm taking the all cash route as well, so in 10 years having 35 paid for units generating cash should be enough for me to step out of my job and pursue this full time.

Deal is this:

3/1 SFH. Newer vinyl siding/windows. Roof probably has about 5 years left on it. Some gutters are damaged and will need fixed. Front and Rear entry doors need replaced.

Inside needs some work

Mechanicals are likely going to need to be replaced. New hot water tank, new furnace.

Kitchen is decent. Needs appliances. Bathroom needs rehabbed. Whole house needs painted. New flooring throughout the house.

I'm probably looking at about 15K in rehab costs.

The contractor is asking 10K for the house...but would be willing to go as low as 8K.

Suprisingly this house is not in a warzone. It's in a decent "working class neighborhood". I think he has just really got himself into a cash bind.

ARV will be around 45K. House will rent for $650/mo.

Same deal in Canton,OH where I invest. In fact when I buy a house I have to take the HUD closing statement with me +2 forms of identification to get water/sewer/trash turned on at a house.

Hello BP community!

People always told me once you get started in investing deals will eventually start to come your way w/o solicitation.

Well I have such a situation. One of my sub contractors has a house he wants to unload an approached me about buying it.

I've looked at the house and what he is offering is a good deal.....a really good deal. Of course I still need to do my due dilligence on it but if it checks out I have a decision to make.

My problem is I'm currently right at the beginning of doing a rehab on another house. I have funds to buy the contractor offered house but it would be cutting it close to immediately start the rehab. To say nothing of the fact that it would probably finish around the beginning of Dec. which would be an aweful time to try to rent it.

My thought is I could buy it now, secure it, then hold off on rehab until the first of the year. My concerns are having a property sit vacant for that long is just a magnet for vandals, and also I'm not sure my insurance company would like it vacant that long.

What would you guys do in this situation? Would you pass on it or would you buy it and hold on until funds are available for rehab? Or perhaps there is a third option I've not considered?

I've looked into the Lasershield. Do you connect yours to a phone line in the house or do you use the cellular module?

I would need a cellular solution since I don't provide phone service in my rentals.