All Forum Posts by: Kyle Sorrels

@Patrick Crehan , 

This is where I started, unknowingly, several years back in 2011. I started at just about the same point you did and purchased an REO for around 15k. I used everything at the time I had to purchase the property. Fast forward to now, and I'm about to move out of this property which is now valued 5-7x more than what I purchased it for and over double what I have invested in it. This live-in-flip allowed me to save money to purchase my first investment property, knowingly. It has also helped me get into a position to where I can BRRRR future properties.

It's been a long road and I've used a high savings rate to help get to this point.  It seems like it was just yesterday I was aimlessly wandering around it the dark to position myself favorably for more deals. If you can stay the path, you absolutely will see the fruits of your labor. In the last 8 years I've been able to increase my net worth appx 20x. It almost happens without you knowing it. 

As other have said, read books, listen to podcasts, but most importantly, take action. 

So yes, Patrick, you should absolutely keep going. The first deal you buy will always be the toughest. Good luck and just keep putting one foot in front of the other until you get there. 

Great information. I’ve spoken with a few people locally and they all agree that it is considered a bedroom in this area. Several mentioned renting or owning houses that were set up this way. It appears to be more common that I realized in my area. 

It works out well since this was an REO listed as a 1br/1.5ba (1500 sq/ft) Once completed it will be a 3br/1.5ba.

I appreciate everyone’s thoughts and advice on this. It’s greatly appreciated. 

There is already closet in the room, so I’m okay there it sounds like. I just have to add a doorway at the top of the stairway which I had intended on anyways. 

I haven’t put up the wall for the third extra bedroom yet, but the house has a large living room which will allow me to do so. 

This property is located in Salem.  My intentions are to look for multifamily properties in the Clarksville/Jeffersonville/Louisville area moving forward though. 

I see you’re from southern Indiana. Which part if I may ask?

We have shotgun houses here also. That’s a some food for thought. I probably should have specified in my original post that this house will be used as a rental.

I believe renters will definitely use it as a third bedroom so maybe even if I have to rent it as a two bedroom I could get closer to a 3br rent price. 

Thank you. I’ll have to see if that’s the same in Indiana, but I would assume it probably is. 

Someone, anyone??

Hello everyone. 

I have a SFR that I'm rehabbing. It's a two story house that I'm currently adding a bedroom to the downstairs. Upstairs it has what I call a "walk through bedroom". It is two rooms that have a shared full bath (two entry doors). The problem is you would have to walk through one bedroom to get enter the other bedroom. Would I be able to market this as a 3 bedroom house, or just a 2 bedroom?

My thought is that a family would use both rooms upstairs as bedrooms whether I list it as a two bedroom, or a three bedroom. Does anyone have any thoughts, or experience with this? 

Thanks, Kyle. 

Thanks everyone! :) 

Andrew,

    Thanks! Good luck with the duplex and whatever ventures you pursue in the future. As a native Hoosier I'm very fond of Bloomington. Great town and great people. 

James, 

     Thanks :)

Jim,

Thanks for the welcome and information. I actually have been looking into the Jeffersonville area a little as I'm starting to just look at some potential properties. I'm thinking that might be a good market to keep an eye on as they're really trying to build up Jeffersonville with the new businesses they're bringing in. I'll definitely add you're email. Once again, I appreciate you reaching out.

Good morning everyone!

     After joining the site about a month ago and listening to nearly all of the BP podcasts I'm here to introduce myself. As the subject line shows, I'm Kyle and I'm from Salem Indiana, a small town in Southern Indiana. I'm a Biomedical Technician in the dialysis field and I was a brick/block mason several years ago in a former life, so I have some construction background as well.

     I have only purchased two properties with both being fix and flip. I'm still living in the second of those properties and getting close to the point of selling and purchasing another property, or two. 

     I kind of accidentally became interested in the world of real estate. I initially had the idea of upgrading homes until I could afford my "dream home" which everyone always see's in their head until I realized that a 30 year mortgage and busting my hump to make ends meet every week didn't quite make sense. I'm not immune to hard work, I'm used to it, but I thought there had to be a better way. That's when my current property kind of fell in my lap and I realized that I could fix it and sell it for a substantial profit. With that thought in mind I began researching the world of real estate and it led me to these wonderful podcasts on YouTube called BiggerPockets. Anyone heard of them? lol

      Anyways, the more I listened and researched I started thinking seeing that other people were doing the same thing I had in mind and I figured if they can, then why can't I? So here I am. 

     Long term I'm interested in revenue generating income via buy and hold rentals. Now, the question is how to get there and how quickly can I gain enough confidence and knowledge to make this dream become a reality.  

     If anyone has any questions or comments, I'd love to hear them. 

     Have a great day everyone!