Diary of a group of newbie real estate investors...03/27/2023Mar 27, 2023
It's been a few weeks since my last post. The group has been busy! We've noticed that auctions are on the rise and began looking at different auction sites out there. We've also set up a tracking worksheet for all of the upcoming auctions in the area.
We are beginning to learn what everyone's strengths are so we can all do some deals together. We've got folks who are driving for dollars on the daily, sending out direct mail campaigns and one brave soul got a dialer and is cold calling leads.
The group met on a zoom yesterday afternoon to begin the process of determining how our entity will be structured. The next step is figuring out who's going to be responsible for what task. Most of the folks work full time jobs. We should be able to finalize all of that on our next mastermind session.
After our zoom, most of us headed out to look at a potential wholesale/rehab. It is a small house with a ton of work that needs to be done. I don't think there was a system in the place that doesn't need to be touched. Basically, it's a 1200 (40 x 30) sf house and the electrical needs rewiring, plumbing, floors, roof, HVAC, windows, walls and ceilings, insulation, kitchen, bath, etc... There is no basement. The great part of the property is that it sits on 1.5 acres of land and it's beautiful with a stream in the back.
I'm really proud of the mastermind member who brought the deal to the table. She's gotten me on a zoom with one person and has been working with the owner so we could view the property.
After viewing the property, we headed to the McDonalds down the street to grab something to eat and discuss the deal. A few folks said there was no way they would do the deal. It's just too much work. And, I guess for a 1st or 2nd project, I might agree. What I like is that there is no basement....it's on a slab, so no foundation issues or potential craziness where that is concerned. The rest of the stuff is normal rehab. It's just the way it looks now. The fact that the inside of the windows looked like an animal had been trapped in there and was trying to scratch its way out probably didn't help. But, in my mind's eye, I see an adorable house with wide pine board rigid core vinyl on the floors, maybe some shiplap on the walls, a shiny new kitchen and bathroom and perhaps when the roof gets fixed adding a dormer and a loft for a 3rd bedroom, the little area where you walk in had plenty of room for seats looking out on the back of the property where the stream is. I see a fire pit out there with places to sit and a walkway down to the stream.
The question is....can we get it for the right price? Time will tell. It's a numbers game, so even if it doesn't turn into a deal, there will be others. It's just been really fun getting out there looking at projects with folks.
I can't wait until our next meeting!!! I know the time is coming soon where we will have the first deal with the group! I hope everyone else is having as much fun as I am.
Happy investing folks!
Bernadette Trafton, Chief Connector
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