All Forum Posts by: Vinay Mekala

@Manolo and @Marcia .

Thanks for your inputs and help. I will keep looking for another lead. This is the kind of help I was looking for and bang On its there in BP. This gives me more confidence to reach out as there are so many professionals who are willing to help.

Appreciate your feed back.

Thanks

Vinay

Hi BP,

I am looking a REO property to Fix and Flip.I looked at the property and found mold on the ceiling and Asbestos tiles on the floor which as broken and scattered allover the house.when I was walking through the property with the realtor She told me that it has to be done professionally by a certified people and she also told me that I can not dispose it in a normal disposal. Its a 1000 SFT home. I guess the roof was leaking all over the home and I see a plastic sheet covered over the roof of the home which means complete roof needs to be replaced. All the rooms ceiling is pealing off and I see mold in the air vents and in the corners. Can any one throw some light as to how much would it cost to clean the asbestos (800SFT three rooms) with a professional and get it certified that it is safe to enter for any one to come and work in the property? This is in MA not sure if it makes any difference due to state by state laws? This is my first FIX and Flip that I am looking to assess and if feasible want to take the plunge.

Also if any one has any thoughts on how much would it cost to fix every thing in the house other than the bear bones house? its a ranch style and needs complete kitchen renovation ,walls,ceiling in all the rooms including kitchen,complete ROOF, Single Bath Room. Idid a prelim estimate of 40 K but the hazard wast threw me off guard and not sure what will come out if the walls are broken . I see the electric panel is concealed in the kitchen cabinets and me and the realtor was trying to find it and it took us good 10 mins to search. This house was built in 1955.If I re do this home can the city come back at me and say that its not per the current code? just wanted your thoughts on how to approach this Fix and Flip. This house is in the market for the past 11 months . first of all its priced high 175Kand the houses in that streetwith this kind of SFT is selling for about 225K.

I know there are lot of BP professionals with a wealth of knowledge who have taken up such challenges and who can help me with this. I will appreciate all your help.

Thanks

Vinay

It's a real challenge to get the first deal. What I am experiencing is how to  estimate and come to proper comparisons? I think this is most important part of knowledge for first three to four deals. Still trying to acquire great deal of knowledge before the plung. I feel if we have a partner who has gone through this process will give good confidence. All the GURUS have recommended to read listen and gain knowledge. Knowledge + Action = powerful results

Hi Brett,

I read your book of Simple wholesaling. it was a good short and sweet description. thanks for your honest inputs and tips for the new Investors.

Are you familiar with the market in MA by any chance? Trying to see how I can start the journey in real estate by talking to mentors like you.

Thanks

Vinay

Hi Brett,

I appreciate your encouragement. it gives me more courage to move forward. I will read the guide to educate myself and become proficient. I am going through education/free courses which are giving a good introduction and knowledge.  I will go through The Ultimate Beginners Guide that you refered.

Once again thanks for all the encouragement and I look forward for your help in the future.

Thanks

Vinay

I will go through the POD casts for some time and educate myself first before I reach out to the group. Appreciate your help.

@ Raya, Thanks for the warm welcome.!

Hi Friends,

My name is Vinay I am a new bee and am interested in real estate Investing. I have no experience as an investor in real estate as my background is from IT. I am very interested to venture into Real estate and learn to  see what's in stored for me and what I can give back to society. I am intrested in all the aspects of investing like  wholesaling,residential redevelopment etc.I am Happy to join the community and introduce myself and learn from your experiences as well.

Cheers

Vinay