All Forum Posts by: Shawn Parsh

Pete,

I live and invest in NE TN and from my perspective it is a great market. There is a high demand for rentals and not nearly enough inventory. People are buying campers and renting space for 500 a month because they cannot find anything to rent. I live just north of Mountain City TN which is also a great short term rental location. We have the mountains of course, but also Watauga Lake, Boone N.C., and the Virginia Creeper Trail and the Appalachian Trail that both go through Damascus VA which is a short drive away. Because of its location there are a lot of short term rentals which results in fewer options for long term rentals and higher rents if you can find one.

I currently have a 2 bed/1 bath (although could easily be converted to a 3 bed) house for sale in TN about five miles from Damascus, VA. I would rent it out myself however, I'm building a new house and need the cash to finish. I also have another house in Mountain City TN that I just started the rehab on. It is a 3/1 within walking distance to downtown. Let me know if you want any more information about this market.

Audrey,

  Like any other type of real estate I would tell everyone you interact with that you buy houses and what you are looking for. It will not produce as many results with such a narrow target property, but it is another method to generate potential deals. I pay a 1,000 referral fee for any unlisted property that someone tells me about that I buy. The end result is I have people looking to help me build my business that I only have to pay when they get results. 

Ruth,

I agree with the others. Make sure you have a good real estate attorney that can draft the contract, do the title work, and ensure your interest are covered. It's great that you found a seller willing to accept seller financing now just cover your bases. Out of curiosity is the property your buying distressed? 

John,

I'm looking forward to hearing the details.

Uendy,

Congratulations on your decision. I would encourage you to learn as much as you can about real estate investing. The more ways you know how to solve other peoples problems the more money you will likely make. I specialize in buying distressed properties, rehabbing them, and then selling or renting them for positive cash flow. However, I also look at each potential deal to determine the best investment option for me and the greatest outcome for the seller. 

If you do not already, I would find and get active in a local real estate investing club. Learn what you can from others in the business in your market. Keep an eye on properties for sale in your market, what they are selling for, and what features buyers are looking for. Also track rental demand, vacancy rates, and prices. The more you learn the more effective you will be. Ultimately, the best way to learn is by doing so do your homework and get started. 

Mengrou,

I do not know your market, but I bought and flipped a house last year that had foundation issues. What I did was had my mason come and assess the property and give me a bid to fix it. I then made my offer with the cost of the repair in mind. After the purchase my mason came and fixed the issue in a couple days and I sold for a great profit. If I were in your shoes I would get a couple estimates from contractors that could do the work. I would the adjust my offer to account for the repair. I would also look at how long the repair will take and adjust my holding cost estimates as well. If the repair is to large or the problem to complicated to fix easily I would drop out of the deal. There are always other deals.

Chris,

I am rehabbing a house right now with Asbestos siding. My plan is to paint over it to make it look nice and move on. I will tell the future tenant's or owner to not lick the siding. 

Daniel,

Are you a member of a local real estate investing club? If not join and get active. Also make sure everyone you interact with knows you buy houses and what type of property you are looking for. I pay a 1,000 finders fee to anyone who brings me an unlisted property that I buy. After you pay a few people you will have a team looking for properties for you that you only have to pay for results. 

Make sure you stay educated on your market, what is selling for how much with what features. How much rent is going for and where is there demand. You need to have a pretty good idea of the value of properties you look at to be successful. 

Call real estate agents and tell them what you are looking for. For me I specialize in distressed properties so I get deals that are listed that no one is making offers on because of the property condition. My best deals however, are normally those that are not listed. Good luck. 

Anthony,

If you haven't already join a local real estate investing club and start learning from other members who are actually investing in your area. Learn as much as you can about real estate investing through online resources, books, real estate agents and so on. Partner with an experienced investor that you can relate with even if that means you volunteer to help on his or her projects while you learn the business.

I would also suggest you look into lease options. In my opinion a lease option is a great way to get into real estate investing with low risk. If you find the right distressed property you can get in with less money. Good luck and keep asking questions here on BP there are a lot of experienced investors that are willing to offer advice for free. 

Oasis,

I agree with the comments so far. I would make sure you stay connect with what is selling in your area and for how much. I would also keep an eye on what types of properties, with what features are moving faster than others. Also keep track of rental demand and prices. A good realtor (which is sometimes hard to find) is a great resource to estimate current property value and ARV, however, remember that they are going to give their opinion based on what they see on the market. You as the investor are ultimately responsible for the results so know your market.

I invest in a small rural community where there are often few comparable close by, so it is even more important for me to know my market. Good luck.