All Forum Posts by: John Hein

hi,

I am looking at making my first deal on Friday. I am probably looking to wholesale the house, but I am considering renovating it. 

Some basics, House is 3-4 bedrooms 2 bath, old house with original wood work (pretty nice). Floors all need replaced, as well as the kitchen and baths.other cosmetic repairs as well. Has a slate roof, minor water in the basement (no puddles but a spot where there is moisture). New heating unit and hot water tank. Also house is all brick. Used to be a jewelry store. 

One of my main concerns is that there is no A/C. I don’t know how hard it would be to simply attach an Ac unit. Which would cost I’m guessing a couple thousand. 

They want 15k cash for the house. Originally 30 but I got them to 15. So any advice is appreciated. I know it is hard without being able to see the property. House is located in beaver falls pa

thanks for the replies everyone. Definitely don’t think this purchase for me. I think I will try to wholesale it, maybe make a quick 5k. 

@Brian Ploszay

I don’t actually live in Youngstown. I live closer to Pittsburgh, it won’t let me change my location. The house is located in freedom pa. Much nicer than Youngstown but still pretty crappy. But it is safer for sure. 

I’m not sure if I can post pictures on here. 

Thank you for the reply 

so basically I am looking for my first deal. Found a house that looked like it was half way flipped with a for sale sign. Called the number and a lady answered, she said her husband had a heart attack and can not finish repairing the house. There is a new roof and some new windows. The inside is completely gutted and some damage. 

She originally wanted 8k to atleast cover the cost of the roof but I told her that I can’t pay that with the state the house is in. I told her I’ll take it off her hands so atleast she won’t  have to pay property taxes. 

I talked to the neighbor and she said the area is pretty good. Lived there since she was a kid and never had a problem or had anything stolen. I would say a house in good condition could sell for 80k in this area. 

I have some basic construction experience so my main concern is getting the electric plumbing etc. Siding also needs to be put on the outside of the house. Does anyone think this flip could be done for less than 25k? 

@Doug Pretorius

Than you for the reply. I am definitely open to this, just have to find the right place. Don’t want to door knocking in the ghetto honestly. But I agree that I think this is one of the best ways to get started. Thanks again 

Hi,

I have a previous post about how I am looking to become a full time real estate investor. Anyway, I have considered a few paths, learning to flip and wholesaling. Wholesaling seems to be more of the path for me. My girlfriend is graduating this may with a decently high paying job and also starting real estate investing with me, so we do have plenty of income. 

Anyway, we want to start wholesaling NOW. The problem is everyone suggests things like “but a website” or “direct mail”. Way too expensive and complicated for someone that is just starting this business. It’s like buying tools before you know how to use them. So, I met a very experienced investor at a meetup this past week. He suggested simply driving around and looking for “for sale by owner signs”. This is how we plan to start. Any other recommendations? 

It’s often mentioned that in this business you have 2 things that you can use, your money and your time. As of right now we don’t really have any money, but plenty of time. So how can we best use this time. 

Finally, I should mention that I am in no way opposed to marketing. I simply want to learn the business before blindly spending, and almost certainly wasting money. 

Thank you! This forum has been a huge help so far.

everyone in this thread has been a help beyond belief.

I think I’m starting to put my basic plan together. First, hunt like a dog for the best deal below market value. Probably knock on doors, flyers, mls, lowball. When looking for a property, I’ll look for one with repairs that I can do myself (anything non structural). I’ll then rent out, refinance, and repeat. After building up capital and net worth, I’ll start moving into larger markets. I am a buy and hold investor. Ideally I will someday move into multi family commercial property. This should get me a good start. 

thanks for the advice, I’ll get that done today. 

I am going to start looking more at properties in the area. I know of Zillow. Any other suggestions? 

I also plan to travel to Parkersburg sometime soon and meet with agents. Hopefully tour some properties. 

@Derrick E.

Thanks again for the reply. So much valuable information. Literally changed my entire outlook about moving there. I’ll send you a PM.