All Forum Posts by: Thomas LeBlanc

Alrighty - So i've been studying up on REI for a while and am eager to get my feet wet. Based on my current reality any deals I do in my area are going to have to be creatively financed. I currently have a few interested parties in lending here and am working to expand that network. Median home price here is around $675k.

The strategy I am looking to execute is to find a fixer upper with an additional dwelling unit/or granny as they call them here. Ideally I would move into the granny, rent the home, live for cheap as possible. From there I think the strategy is to do a few out of state flips or BRRR's in much more approachable markets. Once a few of these have been completed and funds have built up, more Single family/duplex/triplex rentals. From there the sky is the limit.

So back to the deal:  I found a 3 BDR 1 Bath with detached Granny unit and 1 room cabin. It is in need of some serious repair, both inside and on the landscape. It's got some termites and dry rot issues.  Probably needs new siding, possibly windows or at least a recaulking  possibly a roof.  In addition it needs some cosmetic fixes like carpets, hardwood floors, painting, and appliances.  It is on a steep slope and will need a bit of thinning in the woods as well as a few retaining walls replaced.

The asking price is 599k, lowered from 739k.  Homes in good condition in the area have sold from 600k to into the millions in the last 180 days.  This property has been on the market about 6 months.  The market here hit an all time high a few months ago and has started to come down a bit with more inventory available at this time than is common for this time of year.  I am slightly worried prices are going to come down more and more, but who can really time a market?

Would it be foolhardy to make a very low offer on this place?  I need more information about the costs of the repairs this place needs but I could see this as being profitable if I could acquire it cheap enough.  Part of me wants to offer something like 380k, part of me is completely overwhelmed by the amount of work this is going to need.

Any thoughts, feedback, or more questions I should be asking would be appreciated

Greetings to those who take the time to click and read this and thank you for doing so.

I'm just starting out down this path.  I have no deals under my belt, not money to finance my own, and I am very excited about the challenge of creating something from little other than my mind, my connections, and my determination.  I have been exploring the topic of financial freedom for a long time, and though I haven't been able to realize that yet I believe it is possible for me.  My step-sister who I am very close with started getting into real estate in the past year or so and after some talks with her about RE and life in general she put me onto Bigger Pockets.  For the last month it's all I have been listening to in the car, and I have Joshes book on No Money Down investing on by bedside table right now thanks to her sending it to me.  I am very excited to create the reality where I can put the right pieces together to make deals that work out great for everybody involved.

I am 32 and live in the Bay Area.  North Bay to be more specific.  You don't have to know much about the bay area or real estate to know that the Bay Area is crazy.  I am much more interested in working in another market where it is more up and coming and affordable.  I'm thinking about parts of NC as I have a good deal of family there.  

My background is in ecological design, which you can find out more about in my profile, but in short it means I design and help create abundant edible landscapes that not only grow healthy food, but also enhance the ecology by purifying water, providing habitat for wildlife, and actually sequestering Carbon dioxide from the atmosphere in soil and plants.

I have much gratitude to the creators of this space for creating something that is truly inspiring and brings people together.  

Good luck and blessings to everyone else out there and please feel free to connect if you feel called to.

I am also interested in this so am bumping the thread.  My context is I am a permaculture designer and am exploring how I might make a niche combining that experience with real estate investing.  I would love to believe there is a future in buying fixer upper properties and rehabbing them into sustainable homesteads marketing to the people who are leaving the city for 'that country life' and can afford to move into a place that is turn-key for them