All Forum Posts by: Kari R.

@Jacob A. yes, this is going to be a gut job as well. And I'm liking the larger profit too! Oh man, I hope insurance helps you out with the break in and vandalism, that's a bummer. Thank you for your advice, it's very much appreciated. Good luck with your first flip!

@Will Barnard that is what I like to hear! Your honest advice is giving me confidence about doing this, I appreciate it! :)

Thank you @Kenneth Shelley that does help. I think it will be a good deal to get, at least I hope. Still waiting hear back on how he feels about selling it to me.

@Michael Woodward, I think I will definitely look into getting a mentor to work with me through the project. I think in the long run, that will benefit me more than anything. Thank you!

@Raymond B., Ah ha...thank you for cluing me in on that! :) And thank you for your advice. Was it a bad learning experience for the group?

@Michael Woodward, thank you for your advice. I keep going back and forth on what to do. It does seem very scary to take this on for my first deal, but I also just feel like it might be worth it in the end. The house isn't on the market, my in-laws just happen to be good friends with the owner and my father-in-law has done work on the house over the years. It's been vacant, but it's had work done to it...it still needs a ton of work done since it has been vacant for so long though. The deal would be good because I have the connection and he owns the house free and clear and has for a long time. It's in a awesome location to!

@WillBarnard, Thank you for your advice! That makes me feel much better about doing a deal like this. I will post the numbers once I work them and see what you think. Thanks again!

Thank you all for your advice and input, I really appreciate it.

@Will B, I will need to work on the numbers and get back to you, but I would definitely love your advice and expertise on this.

I actually thought about wholesaling it but I have no idea how to go about that...I've done all my research on flipping, ha. :)

Thank you for your input on this. The house has been vacant but my inlaws have had keys to it as they are friends with the owner. So people have been in the house just nobody has lived in it in a very long time. It has public water, and it is in a historical district which I think means I can't tear it down and rebuild I don't believe. I still need to work the numbers on it and get a contractor to look at it.

So I may have an opportunity to get a great deal on a house but it needs A LOT of work...I mean a lot, its been vacant for 20+ years. I am new to the REI industry and this would be my first flip. Anyone have any advice on taking on a major rehab for your first project? I just have a feeling it is going to be the right deal to take on, but I am worried about all the work that will be needed.

Also, how do you feel about a mentor with rehab deals? Should I try and find a mentor to work with on my first couple of deals, or just take on the project myself? Advice is much appreciated. :)

Thank you all for the welcome! Will hopefully see you all around the forums!