I've been around real estate for about 15 years. I dabbled in it when I lived on the west coast of Florida. I bought 2 homes and cleaned them up and resold them with in days without the help of a realtor. I did have a friend who has a title company and she helped me immensely. After that I didn't do it any more because I owned a Radio Shack in town and that really demanded a lot of time. In 1998 I sold my store and pretty much retired for a year. Then I moved to Jacksonville, and started to dabble again in RE. I started by opening a residential and commercials painting business. By the end of the year I had 18 full time painters and trim carpenters. We moved right along like that till about June of 2008. The real estate crash was beginning to effect us. So I had to cut back and start letting some of really good employees go, the worst thing I ever had to do. I started to look at real estate in a different light until I read Deans book BREM and started to look into that. In 2010 I joined the local REA and started to network with other Investors. We, my 3 boys and I, started to do painting and trim carpentry for 7 investors. We graduated into full rehab with in 6 months of that. Currently we have done over 20+ rehabs from 5,000.00 to 35,000.00. I started to keep record of all the expenses and started to figure out a formula so that when I walked into a house that I could estimate a rehab in less than 15 min. I started testing my formula and I was off by 800.00 on the first one. I used my formula from that point on I have averaged less than a 5% (+-) of the actual cost. On 2 occasions that was due to price increases that I didn't see coming. With the help of 2 investors I started to JV on purchasing home. I have set my goals to BUY and Hold 2 properties for 2012. I have 1 already. We're cleaning it up and doing the necessary repairs and I'm going to rent it out for long term investment.
I love taking a beat up house and rehabbing it and looking at the end result, it gives me this sense of accomplishment.