Update on my RE investing careeer....

[thefed]

Well, the house I bought is 3 weeks from ready...and....I bought another house!

This one is in a small Lake community...you can walk to the lake (1 sq. mile) within 3 minutes from the house. ITs a 2 bed, 1000 sf ranch on a slab. I will have 31k in it....and it will command about 55-60k. Not too bad...but I think I will rent it out for a bit first.

I just wanted to tell someone, so thanks for listening

 

[Arif]

Be careful, sounds like you're getting good at this.

 

[thefed]

I should say, 55-60k is what it SHOULD go for. I plan on listing it at 49.9k to help insure a quick sale.

 

[blanston]

what is this for 55k, trailer trash?

 

[brewer12345]

Sounds good. Still mooching around Akron to find these properties? I think living where I live imposes a price in that it is a lot tougher to find attractive RE investments.

Would you consider holding the note on the property in a sale?

 

[cube_rat]

what is this for 55k, trailer trash?

Wow, that was a rude comment.   Who cares where his property is located?  For young guy, he's doing pretty darn good in paving the way to his ER.

 

[saluki9]

what is this for 55k, trailer trash?

What a stupid comment


Sounds like you're doing well, keep up the good work

 

[thefed]

Not quite trailer trash...lol. Actually a nice little lakeside town. Reminds me of an old 'resort' fishing village...witha small pub/pizza shop, auto/motorcycle repair shop, bait shop etc. ITs pretty neat...and only 10 miles from the center of Akron.

Remember that my area didnt go thru the 5 years of 20% inflation like other cities. I'd be more than comfortable letting my son and wife call this newest house home...without fearing for their safety when I'm not there.

Brewer: I dont know about holding the note per se, but maybe a lease option or land contract (which is essentially the same thing)

 

[justin]

The 1-2 BR condos a block down from my 4 BR house are selling in the $50's range. Not the best place, but I wouldn't have a problem raising a family there. In town in the middle of things. Not everyone lives in the northeast, florida, or California.

 

[Doctordec]

It's not in Sawyerwood near Springfield Lake is it? The description matches.

 

[KB]

You're quite the go-getter, aren't you....

I think you're doing great. Don't you have a business of cleaning air ducts also? You sound lie one busy guy. Keep it up and you'll ER before you know it.

 

[Arif]

Sounds good. Still mooching around Akron to find these properties? I think living where I live imposes a price in that it is a lot tougher to find attractive RE investments.

It's definately easier in the midwest and south (except FL). I can still buy decent 60k houses all day long in GA. Those high costs areas are much more difficult, but not impossible.

 

[lazygood4nothinbum]

i hardly paid much more than 55k for this 1/2 million dollar dump. one man's trash is another man's cash.

and you never know what tomorrow will make of today's so-called trailer trash...

http://tinyurl.com/z7tog

Developers who want to buy Briny Breezes must offer at least $500 million, an average of $1 million per lot, and pony up a $20,000 non-refundable fee, according to a formal announcement Monday from the assemblage of 488 mobile homes near Boynton Beach.

 

[thefed]

It's not in Sawyerwood near Springfield Lake is it? The description matches.

not Sawyerwood (never heard of it), but you have the lake right. its in lakemore

 

[poboy]

Remember that my area didnt go thru the 5 years of 20% inflation like other cities.  I'd be more than comfortable letting my son and wife call this newest house home...without fearing for their safety when I'm not there.

To: thefed

You are going to be blamed for the hoards of invaders who descend into your quiet area of peace.  You did it.  And, they will email their friends. Then, Walmart will get the land across from you and a fried chicken place will get the local authorities  to take your house.  And you will be on Fox and CNN and all the people will be chasing you with pitchforks. 

 

[blanston]

To TheFed, and everyone else- I would like to apologize for the rude comments regarding- T.T. Poor attempt at humor. And, yes i am in the ridculous California market!

Again, my apologies.

Blanston

 

[setab]

Blanston,

Works for me. Thanks. I live in the Midwest, but even here that price would be a terrific bargain.

setab

 

[thefed]

It's official! I'm overwhelmed!!!!!!

I have another 2 weeks of work left on house #1 (painting inside/outside, pergo floors,tub surround and faucets). I only can work about 4 hours/night, 4 days week, and maybe 6 hours on a weekend.

THEN, I have this new hosue to begin working on around the 25th of this month. I am contracting out a roof repair, and likely a re-arrnagement of a bathroom (knocking out a wall to amke bathroom bigger, relocating toilet, vanity and hotwater tank...yes, the h20 tank is in the bathroom.....)

I have a 1 year old son and feel terrible for spending only 1 full day/week with him, and 1/2 hr every other day. In my effort to better his life...am I neglecting him? I dotn feel like I'm missing the importqnt stuff....but time flies...so I dunno.

I think house #2 will be it for a while. I need some family time. I anticipate putting down the hammer around Aug 30 on that one...so it will have been a total of 4 months of non stop work...but it seems like more.

 

[KB]

Good idea to take a break. Maybe set a limit of how many houses to do each year?
The time you miss with your family can never be recaptured.

However the financial gains are so tempting.

 

[thefed]

.

However the financial gains are so tempting.

Yes, yes they are. And every day I see a new home on the market I can work with. I think know I'm addicted to money...that doesnt make it easy.

 

[brewer12345]

Yes, yes they are. And every day I see a new home on the market I can work with. I think know I'm addicted to money...that doesnt make it easy.

Hmmm, it occurs to me that you could eventually make this your day job if you were so inclined. That way you wouldn't be trying to work two jobs...

 

[Arif]

Thefed,
Before we left the US I was at my job, working on two rehabs and managing 25 units. When I did our first rehab I realized that the way to make money in this business is in doing the deals not neccessarily pounding hammers and painting.

For example, suppose you buy a house and it costs you $5k to fix yourself and $10 if you contract it out. If you do it yourself you can't work on too many deals at the same time. But if you contract all the work out, all you end up doing is shuffling paper (mortgages, supervising contractors, etc.) and your "hourly" wage increases greatly.

You mentioned that the house should sell for 55k but you're selling it for 49k. Instead contract out the majority of the work and increase the sale price closer to what the market will bear. That way you'll be able to spend more time with the family and make the same amount of money on each project. It iwll also free you up to do the other deals that you don't currently have time for.

BTW- Even though we are in Panama I am still rehabbing homes with a competent team that I trust. Right now we have 5 projects currently in the works. So it can be done.

 

[justin]

Along the lines of what Arif said - consider hiring a laborer/assistant to do most of the work.

 

[thefed]

Well, on house number 2 I already bit the bullet an am getting a few things done by contractors (relocating a bathroom and a roof repair). I cant bear to ahve them do aLL the work, so I'll ease into it 8)