Hello everyone...My name is Tony I am 25 from MN and would like to introduce myself. I just want to say that this site is very useful for me to read up on. Thanks for any info in the future...
Well, my first REI was purchased about a 1 1/2 years ago and it was a Sub2 that needed repairs. Numbers looked good and a partner and I went in on it together. During our rehab process, we had an offer and he thought it was too low so we rejected it. Now, vacant and rehabbed it has not been selling for a price which is LOWER than what we rejected, and we had more moeny into now than at the time of offer. So, as I make the 1200/mo payments on it scared to rent it out because of the updates it just sits there.
Now what I am doing is just going to find a person to rent it and try and make a cash flow and maybe buy out the guy i partnered with. Just rather rent it out than sit and take a huge hit for it.
But, in the mean time of all this I have rehabbed a couple of other homes that went smoothly and no hassles and I am in the process of closing in on a newer bigger house for my family to move into and rent out our current 2004 built townhome.
So my main golas are to learn from my own mistakes and absorb all and any information i can from anyone. My goals are to make REI work for me as I dont see myself doing anything else. I have a Car Stereo store that is barely running and I am looking for multiple streams of income.
Well you have come to the right place. It sounds like you are learning from the school of hard knocks. I do get a lot of leads in the cities but I an in se minnesota and am not looking to travel. I will keep you in mind if you want. Good luck
Hi Tony,
Always nice to see another minnesota investor. Where are you located? What are your goals?
J
I am located in South Suburbs..Burnsville area.
Well, my first REI was purchased about a 1 1/2 years ago and it was a Sub2 that needed repairs. Numbers looked good and a partner and I went in on it together. During our rehab process, we had an offer and he thought it was too low so we rejected it. Now, vacant and rehabbed it has not been selling for a price which is LOWER than what we rejected, and we had more moeny into now than at the time of offer. So, as I make the 1200/mo payments on it scared to rent it out because of the updates it just sits there.
Now what I am doing is just going to find a person to rent it and try and make a cash flow and maybe buy out the guy i partnered with. Just rather rent it out than sit and take a huge hit for it.
But, in the mean time of all this I have rehabbed a couple of other homes that went smoothly and no hassles and I am in the process of closing in on a newer bigger house for my family to move into and rent out our current 2004 built townhome.
So my main golas are to learn from my own mistakes and absorb all and any information i can from anyone. My goals are to make REI work for me as I dont see myself doing anything else. I have a Car Stereo store that is barely running and I am looking for multiple streams of income.
Sorry for the post. Thanks..Happy 2006!
Well you have come to the right place. It sounds like you are learning from the school of hard knocks. I do get a lot of leads in the cities but I an in se minnesota and am not looking to travel. I will keep you in mind if you want. Good luck
J
Awesome, thanks for the insight. I am always game to learn. One thing I have been taught was always share to the willing. Now all I can do is read on.