All Forum Posts by: Louis Collins

@Robert A Davis i live about 45 mins away from Jacksonville and houses like you are describing sell slowly. (Any house in general) It would probably be better suited as a rental than a flip.

@Paul OConnell lol

@John Christodoulakis Definitely need to have the home inspected by a no bull inspector! I dont have ton of experiance but own too houses that are 80ish years old. The main things i would watch out for are knob and tube wiring and clay and lead pipes. The houses you are looking at are before the advent or wide use atleast of plastics that make up the pipes(PVC)and insulation around the wires in modern homes. These things are very expensive to replace but really have to be before they will be safe to live in. Also, dont just assume because people are currently living there that these problems have been taking care of. Most people have no idea what is behind there walls. Other than those two things termites and other pest. Owning older homes can be awesome but they often need alot more TLC and upkeep that newer homes. Good luck!!

@Jim Cummings Thats a good idea i had not thought about that. Thanks!

@James Call Thanks Im pumped and nervous about doing this first one so it great to get your feed back.

Hello everyone! My wife and I just went and looked at a few houses and found one that we feel could be our first deal. The Area: The town is Palestine Texas pop. 25,000ish the house is located in an older part of town but not in any danger zone. There are many decent places to work like warehouses and prisons. The house: built in 1965 it is single story and has 3 br 2 bath. It is peir and beam but was recently leveled. Vinyl plank throughout except for kitchen which is tile. Everything has been recently repainted inside and out. Central ac and heat. Fenced backyard. Apx square footage is 1380. No major problems that i know of have not had an inspection yet. Price they are asking 59000 but are very motivated. Plan on offering 45000. Taxes are about 150 a month Basic insurance will likely be about 60 a month Im figuring 150 a month for maintenance and capx The morgage would be 305 a month if i do 15 year at 6% with 20% down Totaling to 665 Rent in the area is around 800 a month. Does this sound like a deal or am i just trying to make it into one?

Originally posted by @Brett Wagner:

Hi Karen and Louis. I’m in the Jacksonville area and also looking to do more long-term investing. Do you have any goals set and figured out a certain strategy?

I'm looking to buy my first rental within 2 years (max!) and interested in the BRRRR Strategy BP talks about. What about you?

Yes I have many similar goals. I feel that long term rentals using the BRRRR Strategy should be my primary method. I work full time at a Steel mill on shift so i plan on doing alot of my shopping on my week days off. My price range is 0 to 55,000 which i will most likely use traditional bank financing. Im specifically looking for house that need some work but not so much that i cant handle with a couple of buddy's on a few weekends.(atleast for the first couple of houses) Then im hoping i will be ready to do some larger more extensive remodels.

I am looking to create enough cash flow to quit my job and eventually go full time flipping and BRRRRing. I want to acheive this in about five years, which i feel is agressive but achievable. Im figuring i will need 30 to 50 units conservatively. (Im figuring i will need 4000 a month to live very comfortably)

I already have one rental which i kinda fell into and bought from my father. Other than that i have been learning aggressively and have been looking for another deal that is within 30 mins of my home. Which happens to be (oakwood).

@James Call Okay James thank you and you will definitely here from me soon!

@Brett Wagner Im new to investing as well, and im from East Texas. What part of east Texas Are you in? Im in the Palestine Buffalo area.

Hello Folks,

Background: I have very little real estate experience. I'm looking to start investing in single family houses in my local area. I have a decent amount of remodeling and building experience. 

I've been toying with the idea of becoming a home inspector. I don't really need the extra cash (well i wouldn't mind it) and already have a full time job, but i like the idea of being able to do my own inspections and know exactly what to look for when rental shopping. I also fill like it will give me the opportunity to look at a lot of properties and see how they are valued.

Has anyone done anything like this before?

Is it worth it?

How hard is it to become a home inspector?

other advice?