All Forum Posts by: Nick Albin

So I have been doing alot of searching. I found a house on a dead end street with a double lot in a pretty good consistently growing part of town. The house is in good shape. No structural props. Plumping and everything is fine. Needs some light work in the house. 1 room needs carpet and a couple of small things. THe house is being sold so the family can move to another house to be closer to a ill family member. Or so they say. In the shape its in now compared to the other homes in the area i could easily see it selling for 95,000. They had it up for 90000 and I offer 84000 and they accepted.

Its not really a great deal I suppose. But I figured I could sell the extra lot. I have two friends who live with me now who could pay for my mortgage while we finish school for the next two years. Then see about selling in a couple of years and taking the time to build up cash reserves as well as get more knowledge on the game as a whole.

Would this be an ok idea?

If I am correct you can get cash back at closing in deals where you get credits towards repairs and closing costs.

heres a question. If you bought the home with a fannie mae. Does that require a certain amount of time in which you have to live in that residence? ALso say if you used that loan to buy the home, lived there for a year or two and decided to make it a rental. Would you need to refinance the home or what exactly?

thanks for the advice guys. I appreciate all the feedback.

hmm I dont know anything about the market in Miami. Seems like it would be an expensive market. But hey just keep your head up and educate yourself and see where ya can go with it.

Hmm I am looking for a good deal that I can rehab a bit while I live there and work. Then sell it and make a little extra cash to fluff my pockets. Then do the same a few times and then get into the rental business. THe market here is having record numbers of foreclosures so I am looking to snag a decent deal in a decent area.

How about you? What are you looking for?

Hey everyone. My name is Nick. I am fresh out of school. Working a pretty good job that gives me alot of time to put towards REI. I have been researching and reading courses and listening to audio cds while driving to work for some years.

I got turned onto REI from a friend who has made his money investing. He takes me out from time to time and shows me his props. and collects money and things like that or shows me maintinence he is doing. He just gives me alot of insight as well as alot of motivation. When I see him able to invest into other realms of business and still live a very relaxed and enjoyable life. Just the freedom really.

So I spent the last couple of years becoming a sponge and soaking up anything that I could. I am no looking for my first deal and property.

Hi guys. I am new to the forum and getting ready to start and give REI a go. I have been reading and researching since I was about 20. Out of school now . A friend of mine who is one of the lucky millionaires who made his money in REI takes me out from time to time and shows me houses he bought, how he bought them what he sold them for you get the idea. I have read and listened to a few course and books as well.

Anyway back to the original question. My friend says that you should start doing light rehabs at first to fluff your pockets before you do any rentals because of costs that may come up in a rental that you have to fix. I respect his opinion but at the same time I was curious as to if this is a universally accepted method, as I have met a few investors who started in rentals.

I have seen a few good light rehab properties that just needed some light

So what do you guys think should I do a light rehab first or should I get into rentals?

The main reason I ask is because I do have some money saved up and there is a area that is relatively inexpensive but its right in the middle of a lot of things. The rentals in the area always do well and I was going to invest in a great deal because of a fellow investor is moving out of town and I was just wondering if it would be smart to jump into the rental market off the bat.

Thanks in advance!