All Forum Posts by: Dustin Lyle

average area rents are between 900 and 1200 a month.

Thank you for your help guys... Yes the PVA office is the Property Valuation Assessors office. Yes Jeff, I think I may still be able to get it cheaper, I think when we have our sit-down, Im going to come at him with 65K and work from there.

LOL yes john I am aware of the DRAMATIC price drop from 3 years ago, But im looking at it like this... I can live there and or rent it for the next 10 months and see where the markets at... All for just 100.00 a month. at month 10 I decide If Im going to put the excessive cash into the rehab, (minor items i would have already taken care of)

dang... from the sounds of it, Im gonna have to try this in and out burger... funny thing, Ive never even heard of an In and Out burger... Probably because I live in Kentucky. :cry:

welcome! Im new here too, looks to be a great site with a wealth of info.

Well aside from my initial introduction post I figured I would lay out the plan I have for my first deal.
What im looking for is outside educated opinions, possibilities, and options I might have but not see.

Here goes...

I found a house needing rehab in a decent working class/military neighborhood.. houses in the neighborhood of comparable SF, Beds and baths where selling for 90K 3 years ago.. The house is empty and not on the market. So I went to the PVA office and contacted the owner, fed up with renters and two failed "contract for deed" sales, he's just been letting it sit. (it was inherited and the guys too lazy to drive 2 hours to deal with it) The PVA assessed the house at 115k prior to my inquiry. So blindly I asked the guy what he'd take for it, Explaining the extent of the work I would have to do to make it salable. His asking price = 80K. Being as that I am 22, have a small mound of debt, and minimal working capital, I made a creative offer. I asked If he would take 85K in 1 year. within the next year I would pay him $100 a month to take care of property taxes, I would install new floors, repair drywall, paint in and out, new appliances and light fixtures throughout, new windows and build a custom deck, all at my expense.
(LOWES AND HOME DEPOT 12 MONTHS SAME AS CASH)

And in 1 year, subject to me being able to get financing I would pay him 85K, for a total of 86.2K... 6.2K more than his asking price just for waiting. And If I couldnt get financing he has a practically new home for nothing.

The big thing is location... The house is 5 minutes from Ft. Campbell, what will soon be a "super base", Upon the closing of 2 military installations... as well as the return of 80000 troops from Iraq and Afghanistan in the next 6 months. Clarksville is on the top 10 cities "poised for growth" in the us.
The market here is probably going to explode, but that's speculation... I meet with the guy Monday to sign the option to purchase.

all comments are greatly appreciated. thanks

HELLO EVERYONE!

Well, My name is Dustin Lyle. Im 22 years old and was born and raised here in Hopkinsville kentucky. Did I mention that I cant sleep at night? lol it seems that lately, my passion for real estate keeps me up at night, and jump starts my morning. Im a full time electrician with dreams of waking up in the morning and not haveing to go work for someone else.

Right now im in the process of creating my own LLC, which I intend to make an all around real estate investment company.
Buying fix and flips, rentals, new developments etc..

I have a good working knowledge of my area, which I feel is about time to put into action.. I appreciate any guidance on what I should look out for initially, as well as tips and tricks from any of your past lessons learned.

I wish everyone here, who cares as much to have read this, success. In all that you do. And I hope to build great relationships with you.