All Forum Posts by: Nicole Pettis

Welcome to BP David Thomas!! Great to have you here! There is a ton of info on this site & everyone has been a great support system.

Good luck with your goals!

Nicole

Hello Mehran Kamari!

Sure, no problem!

My husband and I have lived in this area for the past 4 years. So I am very familiar with the house prices and what they have sold at. The one great thing about my current job is it has taught me how to research & research I have:)

The neighborhood/area we live in now, there is a wide arrange of homes. Everywhere from 800sq ft to 2500sq ft. From 2 bdrm/1 bthrm to 5bdrm/2bthrm. So comps in the area are all over the place. However the average selling price for the 1950's cape cod style with 3/2 or 4/1 fixed up, land in the $120k - $130k & I am being conservative with those numbers. The average rent is $1100 - $1400.

For my rehab costs, along with research & talking to others, I used to work in the construction industry & my husband & I had to redo our whole house back in Ohio to sell it(I did all the researching and the budget for that house), so I am familiar with what things cost. Also I have a friend who is currently in the construction industry that has help me with the numbers as well & I have read ALOT on BP on costs. So while I don't have hard numbers I have solid estimate costs.

As I have learned on here, you don't make your money at the sale, you make it on the purchase.

Absolutely! It is important to be accurate and conservative and I appreciate the post. Although, there were things that I didn't consider until I did the flip calculator here on BP & that helped alot with final numbers.

Right now I am doing baby steps. I am reading and doing as much research as I can, before we take this on.

So thank you again & I am sure we will talk soon!!

Take care

Nicole

Perry Apawu...do what you can to get rid of all of your debt. You can get rid of $30k in a year if you focus and work your butt off. Don't hold onto the students loans if you don't have to. And then invest in your business with that cash flow.

As Greg Potter said...list them from smallest to largest and do a zero based budget. Which is listing your monthly income then subtracting necessities(food, shelter, clothing) and then going from there. Then take your remaining money left and put it at the debt. It will go quickly. Use cash only when purchasing groceries, gas, spending and such.

Once you get rid of your debt, you will feel AWESOME and you will be able to focus on your entreprenurial goals.

Steve Foth Yes! I do. I have learned Web Design that way and my finances would be a mess if it hadn't been for Dave Ramsey. Its just that with REI, its not just me picking up a book and computer. Its a little bit more work:) I gain confidence by learning, while I know I will make mistakes, I also want to make sure I am not naive going into the deal.

Jenkins Ramon..that's my first choice as well. Hopefully there is nothing structurally wrong with it!

And I am an avid reader as well, those books are next on my list:)!

Hello Lloyd B. welcome to BP!!

I also live in Milwaukee & I know of the areas that Dawn has been talking about. I live in the part of town where they call it the Milwaukee/Wauwatosa

Wauwatosa is this fabulous affluent neighborhood that has a great community, nice school district and has a nice little historical downtown, along with historical fabulous houses. However the personal property taxes are outrageous(IMO) so that is why the area right around it is a hot market for purchasing and renting.

There are many duplexes right around that area that are for sale, in fact I know of one that is in foreclosure. Its a 2/1 cream city brick on 67th St. Its right behind a Lutheran School on a nice street and is a few blocks away from North St(where all the boutiques and restaurants are) and I believe it is in your price range. The outside seems to be in decent shape, haven't seen the inside. But if you are interested, just PM me and I will send you the link.

Good luck!

Nicole P

Mehran Kamari...Yep!!! I had been sitting on that post for a few weeks, because I knew once I typed it then I had to take action. And action I am going to take!! Great post by the way, thank you for sharing.

There are 3-4 foreclosures in our area that I am currently looking at.

• The first one is a fannie mae property with a renovation loan for $80K AVR $180-$200K its a 3bdrm/2bthm, the interior desperately needs updating, but the outside is in good shape.

• The second one is owned by Freddie Mac @ $44k AVR $120K its a 4 bdrm/1 bth, however all 4 walls on the foundation need to be fixed and the interior seriously needs to be updated and another bath needs to be added

• The third property is owned by a small real estate agency, who never calls back. However it is a 3bdrm/2bthm @ $54k AVR $120-$130k that needs updating as well and it has a bad roof.

So as you can see the last two would need some creative financing, but I am up for the challenge.

Also, I have found two distressed properties in the same area. One is a gorgeous 4/2 colonial brick and the other(which is right next door) is a complete tear down. It has mold on the windows and a big hole in the roof. So can't really go into one without taking over the other.

I've been following the 70% formula and the 3 houses that I have been looking at seem to fall in a good place with decent profits & they are small(under 2000 sq ft) 1950's cape cod. Great starter homes for single or family getting started. They are also in nice neighborhoods that are selling:)

Thoughts on any of these? I can give more numbers if needed.

Hellooooo Mr. Brandon Turner!!! Glad to see ya! I've been following you since I found realestateinyourtwenties.com over a year ago. You're were inspirational to me as well and I downloaded your free ebook 7 figures in 7 years. And it was through you, that I discovered Bigger Pockets and what a gem this site is...I heart it!

Keep up the good work! So much great information & people, truly appreciate it! WIthout this site I would still be lost.

As they say if you always do if you always did, you will always get what you always got. So its time to rock the boat a little bit:)

Have a fantastic day!!

Nicole

Kurt Moeller Thank you so much for helping me clarify! Once I got rid of the fear talking, I was able to refigure things. My husband and I currently rent and so our first flip would technically be our house. Then the next flip could help towards our debt & REI business. Our rent is $1400 a month, so if we can afford that, then we could carry a low mortgage and a small flip & still have enough left over to attack our personal debt:)

And yes, would love to get coffee sometime to talk about things(I live in Tosa) or I will message you, if I have any more questions or concerns about Ramsey. Thank you!!

Nicole

Hi! Thank you everyone for the great advice and support. One thing that I love about this site is how positive everyone is...its very refreshing!

Bryan K. thank you! I definitely will, truly appreciate the advice!

Victor B.and Ciprian L....Rich Dad Poor Dad is on my list of books to read, so I will make that one a priority & I've heard about Ric Edelman a few times, so I will definitely give him a listen as well.

James Vermillion Great advice! Thank you! I listened to your podcast with Brandon and Josh and you were definitely an inspiration to me. I work full time as well & I question myself sometimes on how am I going to get things done, because my job can be very demanding. But I know if can stay organized and work with the right people it can be done. So thank you for that.

Also, when I have told people what I want to do, they say I am crazy, and maybe I am..haha! All I know is that this is what I want to do, for me and my family.

Many blessings!

Nicole