Hello everybody,
I just finished my 4th year at Boston University and have 2 classes left until I earn my Bachelors which I will be taking over the summer. I have moved back home to Orlando and I’ll take the classes at UCF. I could care less about the degree, but my family cares a lot and its good to have as something to fall back on.
Following the advice of this board I joined the local REI club and I am really impressed. The club will be a tremendous asset, just like this board has been. Thank you.
Upon many reccomendations on this board and from other sources I have begun to read Rich Dad, Poor Dad. It is an outstanding book and really affirms what I have been thinking since I got to college…
I decided that I don’t want to work for someone else, I want to work for myself. I invested $700 to start a lawn care company, which is going well. You may not need a college degree and it may not be glamorous but it affords me freedom and control and enough money to live on. I began doing business June 1 and have already made half my investment back by doing door to door marketing and leaving door hangers if they don’t answer. Doing this also allows me to learn neighborhoods and scout properties…
Well, I found a property that was a rental and the renters recently moved out after 3 years and the owner doesn’t want to deal with it anymore. I mowed the lawn yesterday and talked to the owner for almost 2 hours. His elderly mother owns the property and lives out of state. The mother has told the son and sister that the house is their inheritance. The house is paid for too. The owner has been approached by numerous investors by mail and phone, so I need to move quick. The property is in a good neighborhood, but needs a roof and a kitchen. I’m doing my research now, my mom is a realtor so I have access to the MLS, and I’m going to make an offer on Wednesday as the son is going to visit his mother on Thursday.
My real estate plan has always been to buy and hold, but this deal doesn’t fit that mold, max rent is $1100 and mortgage would be $200k, it just doesn’t work. So if the offer is accepted, my plan is to get it under contract and set closing 60 or 90 days out. During that time I think I will try to wholesale it or may even buy it, rehab, then sell retail. A couple of obstacles would be financing, a lack of experience and an unstable market but if the profit is there I may attempt to rehab and sell retail. There is no better way to learn, then by doing, right? I never thought I would be making an offer this soon, but the opportunity has presented itself and I’m going to try, the worse that could happen is that the owner says no.
On top of all that, I am currnetly in the middle of rehabbing two of my family’s rental properties, both set for July 1st move ins! I am really really busy, which is why I haven’t been on the board in a while. Wish me luck and any advice or comments are much appreciated.
Thanks for reading.
Sincerely,
Matt