All Forum Posts by: Vincent Lewis

Very nice, I like the idea of the bar in the kitchen corner for additional seating and counter space.

Being new to all of this I finally decided to take a step and inquire on a property. Going in I new there would be negotiating to be done but what I got in return made me run like the wind. I came across what I thought could have the potential of a buy and hold until the numbers began to unfold. $3,500 down, 5.25% Seller Financed $1,000 mo. + HOA $250 mo. Asking price $182,500. Again this being my first time venturing out, I'm a little naïve but I probe the guy for info to get a feel for him before I go into any type of negotiation. I asked him how he arrived at that price he said his mtg. payoff was $175k because he bought it a couple of mos ago put $20k into it and he was just trying to get a little bit for his pocket. Respectable and honest answer if it were true. I'm looking around the place trying to assess what it would need and remembered meeting a guy in the same complex who did a complete reno and said he put about $15k into it, (complete kitchen gut job, tile, carpet, bath cabinets, paint, moldings...the works) So I factor this into the equation. Also on my way to the unit I passed a sign showing comps for the past 6mos. kept those #'s in mind as well. The long and short of it there are some people that call themselves REI's that are, purely in my opinion out to take advantage of whomever they can. This person, whether he owes $175k on his mtg or not, is one of those people. The long and short of it. He wanted the DP on top of his asking price, the comp list showed highest sold in previous 6mos was $168k, and the final kick was I came across another unit in the same complex for $147k the next day. The point of this MAKE SURE I DO MY DUE DILIGENCE!!!!!!! Had I not taken note of the posting by the mailbox, looked for comps or recalled the conversation I had a few months back, I would have not been prepared for the line of crap this guy tried to feed me. Just venting after being P/O'd on my first effort.

Jon my wife is already calling BP my mistress. Its been almost non stop reading and listening since I stumbled on the site at the beginning of the week.

Hi and thanks Michele but believe it or not that worst case scenario is what has me stuck.  I've read the horror stories and what left with what my daughter calls the OMG look. LOL 

Hi, I'm Vincent Lewis, and im brand new to RE. Like everyone else I want to be successful in my endeavors so here I am. I've watched pretty much every fix, flip, flop, build, restore program out there and dreamed of doing it myself but had no clue how to go about it. Im here for advice, training, direction and connections now matter how small it may seem to you it can make a huge impact for me.

Having spent the last 5 years in as a General Manager in the Lease to Own industry, I'm hoping to use the skills I've developed to start my journey in real estate.  I have all sorts of thoughts and ideas and how and what to do, but no one to bounce them off of so I feel like I'm stuck and am honestly very leery about jumping in the pool.  By nature I am very analytical and I am trying not to overthink the RE game but I can't help it, I'm like a sponge when it comes to information, GOOD AND BAD, I just soak it up.  And now I'm more confused than I was before I started my research. 

I moved to AZ from Chicago in August of 2008 and at the beginning of 2009 began to experience the economic crunch, however by the grace of God I was able to make it through.  Scratched & Dented but not broken.  Like so many people I have gone through the struggles of the economic downturn and have decided that ENOUGH IS ENOUGH it's time to take action but in comes that million dollar question, "Where do I begin?"  

Again any tips, tricks, strategies, etc..... can make a difference.

Open concept is definite in big demand. I am however curious as to what that structure in the room in pic#5 is. Otherwise Happy Rehabbing!!!!!