Baby steps… - Posted by Bob (Md)
Posted by Bob (Md) on February 03, 2001 at 23:57:10:
…for tiny feet. My first deal is underway. I decided to go the rehab route because I can do a great deal of the work, can control the schedule, and I can reduce my own cost of living while doing the project. At the end, I’ll sell it and use the equity to do another one. After a few of them, I’ll have a good bit of working capital to use on other REI ideas.
The property is a 3BR duplex built in 1930, structurally sound, but in need of a complete overhaul - heating, plumbing, electrical, kitchen, baths, etc, etc. I’m going to rent two bedrooms to my sons who will help with the renovation, and take a share of the profits. I should end up making about $25k on the deal - not huge, but that’s on top of my J.O.B. My outlay after renting the 2 bedrooms will be about $175/month, before utilities and renovation costs.
This was the third offer on the same property, and it was listed through a realtor. I just wanted to tell some of the newbies (like me) that the key is to figure out what you’re comfortable with, and just keep slugging away until it works for you. I’m conservative, a control freak, and good with my hands - so I chose rehabbing. Your gig may be mobile homes, flips, L/O, or whatever. Just pick something that will work for you, get off the couch, and go do it. This ain’t baseball - you get to keep swinging until you get a hit!