All Forum Posts by: Jarred S.

Where can I go to find statistics about my market? I am just looking for statistics to show where people are buying and for how much? I see charts on certain websites that I'm not sure are very accurate. I'd like to get a good grasp on comps in certain areas I am looking to buy in. I've read people contacting political offices because they are obliged to provide information like this, is that true? I know real estate agents can do this but at this point I am not in buying mode so am not real sure most would take the time to do this. Any input would be greatly appreciated.

Great point. Not to keep bothering you about the topic, but did you buy this within an LLC? or in your personal name?
My next step is to get into the local REI meetings anyways and meet as many people as possible so I couldn't agree more on that note.

Did you have your "team" built before you bought this house. I am just interested to know who I would want in my corner before closing. I would certainly have a GC walk the property to let me know the rehab costs as I am not experienced enough to do that myself (I will be one day). Did you have a lawyer or just a real estate agent to go through negotiations with? I guess I am just looking for the first steps to take before we go find the property.

Michael Siekerka awesome awesome reply. Thanks so much. I certainly agree on the learning experience and the great part of it is we are in no rush to move out. My mom cooks too well for that so I can be a burden for a few more months if I have to. I have that going for me. I understand the give/take of profitability on a gutted house compared to a more livable one. However, we do not have that much hands on experience besides what I have read about here. I would like to learn more though so you raise a good point on doing as much as we can ourselves. I am going to read into the FHA stuff more and see how it would work out for us. Sounds like a great idea at that interest rate you mentioned.

Thanks for the post.

My business partner and I are in the process of studying and finishing our business plan with our strategy that will meet both of our goals. We are relatively young (24) and plan to move out into our own place. He just came to me with what I think is a good idea.
We are thinking of buying a fixer upper that would require a limited amount of work to become livable to the point where we could move in while finishing the renovating. We plan to live here for however long we choose (estimated 2 years) and then resell at a higher value.
The benefits we are pursuing here are:

due diligence - we will be purchasing this home to make money first so we would be doing all the things that a flipper would do only we would be living there instead of renters or buyers.

save money - this would save money for us if we were both to pay on a mortgage rather than pay rent (even though Pittsburgh has very low rent relative to other cities, it would still be cheaper considering the type of home and price we would be purchasing)

experience in all the work - we would probably do most of the demo work and easy painting but other than that we would have to contract out all the work..this will give us experience in project managing

I would love to read comments regarding this idea... We are thinking of owner financing but our options appear slim in our area...Any opinions on this would be greatly appreciated..Thanks, Jarred

My business partner and I have already decided to set aside money to go to the summit next year. The feedback only makes me wish I would have been there more. Job well done, Josh.

See you all next year.

I have made a few posts regarding my intentions down the road through real estate investing. I would eventually like to do rehab homes while managing my rentals. There has been much said for focusing on one thing and devoting all my time to being successful at a particular endeavor. That I do agree with. BUT, how do rehabbers exactly get started? Do you shadow other rehabbers on their projects? I am just trying to get a path down and am having a hard time understanding how to get to rehabs. Do I just start there with my savings? I do not plan to be a wholesaler but I notice some (maybe most) rehabbers do some wholesaling deals when the opportunity is presented.
Any response would be greatly appreciated.

Bryan A. Thanks for the response. I realize me vouching for the tenant would be the cornerstone of my service. Whether positive or negative, this will s
Chris Martin Interesting. Never really read up on this. I know I will now.

Thanks for the replies. Scott, special thanks for the links I will look up all the information when I get home.
The idea was centered around the benefit of networking as a newbie to the real estate game. Meeting investors and understanding a little about property management could help me down the road as I build my own rentals up.
From what Will and Michael responded maybe I should scale down a bit. I do not plan on making a living out of this whatsoever. Doing this part time would hopefully give me a true understanding of what I do want to focus on. I know I want to get into rehabs down the road but I am finding it hard to see that as a starting point. That is another post all in itself.

Steve:
Can you tell me where I can verify this at? Is there a website or should I just contact a broker and ask them about it?