All Forum Posts by: Nicholas Saville
Nicholas Saville has started 2 posts and replied 2 times.
Post: Should I get estimates from contractors during my first walkthrough or second?
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I'm trying to purchase my first investment property and I'm doing it step by step for I am new and it's easy to get lost in the process. So I'm in talks with a lender to get pre-approved and already have an agent who's been extremely helpful in providing spreadsheets of contacts for any specialists I'll need during the real estate investing process. I found a house that I'm interested in and my agent has gotten me a list from the city inspectors as to what needs to be fixed/replaced (obviously I'll need to do wayyyyy more renovation than what's on the list, but it's a good start without ever being at the house so far).
So my question is... when running an analysis, should I get multiple estimates from general contractors during my first walk-through of the property or get estimates on my second walk-through? I don't want to put a lot of time into scheduling the estimates if there's a big red flag with the house (money pit).
I'm new to real estate investing and work a full-time job. So I'm not available 100% of the time for scheduling and viewing properties. I'm trying to go about this with a cautious conservative approach while also understanding the importance of being quick to grab a good deal, but my scheduling is currently a mess.
Thank you for your feedback
Post: My neighbors house is for sale, should I buy it?
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Hello everyone!
I need some opinions. My neighbor is selling their house (estimated $180,000 - probably higher when it hits the market). The house is up to date and does NOT need any work done.
I'm interested in owning rental properties and think this would be a great opportunity as my first rental. It's next to my house so I could easily manage the property myself and rent it out for $2000+ per month. However, me and my wife are on the fence about whether or not we should pull the trigger in pursuing this opportunity. We feel it's a great opportunity, but we both are very green in the field of rental properties. Which makes us concerned about investing such a large amount of money.
I would love to hear some opinions on whether or not I should jump on this opportunity.
We appreciate your insight and expertise!