All Forum Posts by: Nick Dunin

I have no rehab/construction experience. I dont know what jobs cost what. Im pretty much a newbie!

I think I've come up to what I think may be a good opportunity for a rehab flip. What is the best way for someone in my situation to evaluate what repairs are needed and how much they would cost (ballpark), before I decide to buy this house?

Home inspectors dont do this sort of work, do they? Do I hire a GC to do it? My biggest fear is getting in over my head from underestimating repairs and LOSING money. And the sh*t I would catch from my wife for doing so.

Thanks.

Ok, I think I've come across one of those situations you read about in the real estate books that you think never happen.

My father in law's dad died two years ago. He owned an old 1940s house. County appraises it at 35k, I see comps for sale in the area for 30-55. It needs some work from what I understand. Here's the deal:

When he died he didnt have a will in place so the house is still under the deceased name (it had no mortgage). My father in law (the responsible one in the family) doesnt want to do anything with it. The house is just sitting there empty, back taxes are owed on it. He has no motivation to do anything. The rest of the symblings are either dead or crack heads. So my question is how would I go about buying a house like this?

Im pretty sure I can get this house for cheap.

Owner died. No will. Paid off mortgage.
Owner had 4 kids, two are still living
the 2 kids that died have living kids.

Im in Texas.

I know I will have to eventually get a real estate lawyer to figure out all this just trying to get a preliminary idea of what I can expect.

Thanks.

Nick

Mike, thats funny dude.

I'm the wannabe. But I need to educate myself. I'd rather spend UP TO a few hundred bucks at the book store than thousands from making real life costly mistakes in real estate. Someone as green as me needs fundamentals first. Is there a book out there that can give me this?

Thanks for the replies guys. Jeff, the technical info IS what I'm looking for. I dont need motivational reading, I'm motivated enough on my own. Can y'all recommend a book with the technical detials?

Thanks.

Hi Guys,

I just bought the book Real Book of Real Estate by Robert Kiyosaki. I cant seem to find any reviews on this book. Has anyone read it? What are your thoughts on this book or this author? It seems like in this book he's using a compilation of different authors.

The reason I bought it is because it's a recent publication so, if it is a good book, it will apply to the current state of the real estate market. That's my thinking behind it anyways.

Can anyone comment. Thanks.

Interesting information. Thanks. Do the counties typically include the minimum bid on the real estate to be auctioned? I'm looking at the gregg county tax auction flier online but it doesnt show minimum bids. It would be helpful to have that info so you can eliminate the bad deals from the list well before the auction and not invest time in researching them.

What is hard money?

How much does it cost to do a title search at the court house? Is it a simple process? Is there any other due diligence that needs to be done beyond a title search? Im new to all this so be easy on me.

Thanks

Wow. Ok, thanks for the replies guys. I wonder how easy it is to get 100% financing for rental properties these days. I've got 0 debt (except mortgage) 780+ credit score and 120k+ income with wife. but no cash.

Thanks Scott. I'm still learning all this. I got the impression on another thread that wholesaling is something mainly done by real estate "investors" that have no cash on hand.

So much to learn...so much to learn. I'm startin to get a headache from all this redaing, break time for the night.

You guys are ruthless! HAHA.

Does any of y'all's conscience bother y'all about evictions? Especially if a mother of a new baby is crying to the judge? I mean it's gotta be a little tough, even though you gotta do what you gotta do.

Yes it does Curt. Thanks. I didnt realize there are companies that do that.