All Forum Posts by: Mike Ross

Thank you everyone! I'm trying my best to soak in as much as I can. Coming from a completely different area of expertise, it's hard to forget what I know and learn something new, but I'm certainly trying :) 

Any of you wholesalers in Indy willing to give me a bit of your time to help me get into that area? 

I had two roofing estimates done when I looked into mine. 

25 year warranty ($11,000)

50 year warranty ($15,000) 

1800 sq ft house.

~$20k for the initial purchase. Sorry, bit confusing there. 

So, the only comp that I was able to find that was remotely close to this house was another double wide that was selling for $95k. Considering the house has been on the market for over a year now, and the bank purchased at ~54k, would this be worth something going in with ~20k? 

Houses really don't sell all too often around here. We're 2 miles east of town, and it's predominately Amish. They tend to hold property for a long time, usually forever. Passed down from generation to generation. 

This is, as far as I know, the only double wide within a 2mi radius. The roads are weird around here, and it's VERY rural. A lot of farm land. I can try and pull comps over the town within say 10miles? I think that's probably the shortest distance I'll be able to pull from. Like I said, there just aren't that many places by us, and most of them are stick built Amish homes. Not double-wides. That's why I considered a rent option, because anyone who wants to work near here will be able to rent it. We have a lot of RV factories in the area that cater to those workers.

I would honestly hate to do a ton of real estate business in this area because I just don't think there's enough of it, but With this type of land, and the house on it, I think it could work. I'm not looking to make a fortune here. I'm just looking to help supplement income a tad. Even if that's $2-300 a month. 

As far as fix/flip, I know what MY house cost, and I know what he paid for it when he bought it, I know how much was owed on it, but like I said earlier, I'm not aware of any local comps to set a price. I'm pretty close to our realtor, so I'll have a chat with her this week. Thank you for the reply!!

Much appreciated,

Mike

Hi all,

When I bought my house roughly 2 years ago, the gentleman next door was explaining to me that he was on disability, however, his checks weren't coming in fast enough, and he was going to lose his house. 

It went to Sheriff's sale last year in November (25th), and a bank bought it.

AMERICAN FINANCIAL RESOURCES, INC. for $56,800.00.

The house is still vacant to this day, and it's sitting on a pretty nice parcel of land. 1.5ac. I'd like to consider buying this house for either a rent, or a fix/flip, but it's a manufactured (double wide) on a poured basement. 1800 sq ft total upstairs. Full basement. Same amount down there.

This would be my first investment, and I'm not even sure if it's a good one, but it being next door to my house, I can definitely find the time to do a fix/flip, or, I can definitely do a rent on it. I have the time regardless. I just don't know enough yet about buying from a bank, if it's a good deal, if I should just let it be, etc. Any help would be greatly appreciated!

Mike

Hi all, 

First off I would like to say thank you! I've heard a LOT of good things about BP, and I'm excited to hit the ground running with my RE endeavors. That being said, I have some knowledge of the RE world, but not much.

I considered taking a job as a RE agent, however a few things ultimately stopped me from doing so:

1) The amount of start up capital needed (roughly $2,000) between licensing and fees, agency costs, etc. 

2) The market here in my neck of the woods is very limited. North east IN has a lot of auction listings, and most aren't done by the RE companies. So that hindered my idea quite a bit.

Ultimately, I'd like to stick with flips, or buy and holds, as I can do 90% of the work myself. If I can't, I have good friends who can. My biggest issue right now is figuring out HOW and WHAT to buy so I can flip for some small cash to get a base set. After a few flips, hopefully I'll have a knowledge base down, and I can turn it into a full time passive income. 

I enjoy my job, but the downtime is just so much that there's no reason why I shouldn't be doing something with it :) I appreciate everything you guys have offered thus far (from the small bit of reading I've done :P) and I look forward to learning everything I can, meeting new people, and finally starting this adventure! 

Thank you!

Mike