All Forum Posts by: James Friedrichsen

Roger- I would Love to do that, however i tried that with my current house and it didnt fair to well with a wife and two dogs. Now i will have a baby soon so thats probably not a good option. I think my other downfall was that when i bought my first house it was to live in and i didnt get a below market value deal. I did however freshen up my skills doing various projects which included a deck, new bathroom, and various odds and ends to spice it up to a modern home. My plan is to live on base for awhile and try to find a "Project house". I will just have to keep in mind all of the holding cost associated with just owning it for any extended period of time, but by that time i will have my ducks in a row financially so if a deal is right i will jump on it and do my cost analysis of my time/money of doing it myself VS hiring a contractor.

Thanks again for the replies, i take your advice to heart. Luis- you're right it will probably take a book to answer most of my questions. I am very meticulous on processes(probably the military pounding it in my head). I would be easier for me to manage a rehab than to do some work myself. I kinda would like to do work myself just for the joy of it. I have known people to buy houses at a local court auction for very low prices. These however may be a huge gamble. I am still weighing out my options as to what direction to take. I have a multitude of experience in many things but not mastered yet one career path--so my future is still open for the taking. Like stated earlier i was contemplating on being an agent while still on active duty(I do know someone that has done this) and this will help me gain a better understanding of real estate in general that way i have a leg to stand on when going into deals etc. But i think my end game would to eventually be just a rehab investor. Like ive said before im successful now i just want to expand.

Thank you guys for replying. Yes it was a very broad question. I guess I've been really studying up on real estate in general and Plan on taking the real estate course once i get to my new station. But also, what i do in the military is construction and had previous experience prior to the military 6+ years ago. I really want to get a project house under my belt but at my own pace, and yes eventually do bigger projects with less involvment in the actual "Manual Labor". But i want to get my foot in the door and have a feel for it, doing most the work(within my Skill) by myself. The biggest things i dont really understand no matter how many times i read it is: Finding the actual good deals, where to look and how to negotiate. I will also update myself on laws and codes once i get to my new location. Also, possibly financing the "rehab" portion to get it back on the market. Where to find the information so i can look at comps and determining if a location is right for me. Also what about taxes on a potential profit? Im trying to think like a GC to figure out how the process really works but like i said im fairly new to real estate. The best way i could describe it if you were training me what would you want me to know before diving into a project, how to manage it and how to finish it. Maybe some administartive things i may need to know about. This is alot I know, but im a sponge and soak up loads of information at once and willing and eager to learn. And yes this is definately an Ace in my back pocket while im in the military just in case i need a bail out plan, might as well and invest and learn while the military is offering me free education and i get steady paychecks for now.

Hello All,
I am interested in knowing the Ins-and Outs of rehabbing houses from someone that has done it before. I am a DIY Guru but, want to know the nitty gritty of the entire process from start to finish. I am in the military so my first project will probably be slower to get the jist of it all. Any help whatsoever will be greatly Appreciated!