All Forum Posts by: Nick Thomas

Thanks for the checklist Kuba. That'll be very helpful. When looking in this area it appears there are comps in the 45k-80k range right next door. The property is bank owned and from pictures looks to need many repairs including roofing and windows at the very least. I feel an experienced investor might be able to turn a profit here, but for a beginner I'd probably end up screwing myself.

While talking to realtor I found a few properties that I think might be great for cash flowing if I can find the funds. I could be running numbers wrong...but in a property that is built in 2008, great condition, and monthly payment of about 500 it seems great that it currently has a tenant paying 950 a month. But again, I've never invested before so I could be screwing it up.

Thanks for all your information!

 You're very right. If I were to buy I would definitely drive down prior to view the property in person. It is only a 4 hour drive and I have friends in the area to stay with if need be.

Thanks for the input Brian. Have you invested in Greenville, NC? Or you used to reside there? This property is in a "high crime" area for Greenville, but decent Elementary School. I also feel like high crime for Greenville isn't really "war-zone." It's between West 14th Street and West Arlington Blvd.

I also will be travelling down to the area if I plan to actually make a purchase to see it for myself, but kinda wanted to get a very rough estimate prior to making the 4 hour drive. I want to have a few properties in mind to look into before driving down there.

Living in the D.C. area it seems impossible to find an affordable home to flip. I began searching in Greenville, NC where I used to live and there are so many cheap homes for sale that need work. I found two houses that are well under the comp value, but from pictures I have no idea how much it'd cost to get up to par. Is there anyone here who has a decent eye to give an estimate based on just photos? Can most likely get 1,000 sqft for around 7k in this area.

Thanks in advance!

Bump

Hello again everyone! It's been awhile since I've posted on here. I moved to Northern Virginia/D.C. last year and just have been trying to learn the market and get settled in. Also building up capital to hopefully start my first flip. I have summers off since I am a teacher and was hoping to gain experience since at this point it's worth more to me than money.

If anyone is working on a flip and would like help with numbers, marketing, etc. I would love to help out. Basically looking for a mentor to learn how things work best since I think that'll be much more useful than solely reading (which I have done a lot of). I also would be willing to partner with someone on a deal, but I am more than willing to do something for experience solely. I don't care if I make a dime off the deal.

Local investors are preferred, although I have gotten some great advice from people on the west coast. @Account Closed. Thanks!

When and where does Capital REI meet up? Hopefully I can make it to the June meeting.

I was going to offer about 155k-160k. I thought 176k was too high because like you said, it already went up 91k in 4 years.

Nice seeing some input from locals. I hope to meet some of you in the near future. I am able to get things fixed via contractors at cost and have SOME experience with DIY....depends on the complexity. I was thinking this specific property would rent for 1.5-1.6k which I think would more than cover the expenses.

Ideally the plan was to househack a duplex, but it appears small multifamily homes are just a dream in this area.  The area I'm moving from had an abundance of them and I'm kicking myself for not househacking these past 3 years in the cheap market.  Thanks for the advice,  I just was not seeing how the expenses in that townhouse would exceed 1.6k monthly.