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All Forum Posts by: Mark W.

Mark W. has started 6 posts and replied 42 times.

Post: Build-to-Suit Rehabbing

Mark W.Posted
  • North Wilkesboro, NC
  • Posts 44
  • Votes 3

David, I can't speak to Build to Suit rehabs. But on the spec homes I have been involved in it was really a headache. The first few I worked on the GC built to suit but quickly learned how much it slowed to process down and created alot of issues. People always seem to change their mind or they have trouble deciding what they like. And as you know time is money.. If it were me I would rehab the home and try to make it
10% nicer than the comps. Buyers will like the "upgrades" and you will have control of the "shopping". It's amazing what you can find on clearance or discounted to add to a property without adding expense.

Mark

Post: Looking to get into RE investing. Critique my plan.

Mark W.Posted
  • North Wilkesboro, NC
  • Posts 44
  • Votes 3

Hi everyone, I have been lurking for a while I think it's time to start posting. I hope to eventually have enough knowledge to contribute, but for a while I will be leeching.

My Plan:
I am looking to pick up my first SFH in a few months in cash. I am looking at foreclosures, my plan will be to rehab and rent it out. I am looking to pick my first one up in the $20k-$25k range. My first question is, do you guys have any luck getting a HELOC on a property such as this? Say the property is worth $65k. My goal would be to use the HELOC to cover some rehab costs and purchase a second rental by the end of the year. If this isn't an option, what would be other options I should consider?

My long term goal is to start to build a portfolio of rentals that would eventually eclipse my current income. I am very new to real estate, I do have an out of state mentor, but no local guidance as of yet. I have been watching the local markets for about 8 months now trying to get a feel for different areas.

I am pretty handy and I plan on doing much of the work myself. I spent 4 years working construction in my earlier years and I have rehabbed the current house that we own. Any tips or reading that you guys can suggest would be great.

Thanks in advance,

Mark