Real Estate Investing Adventure

My real estate investing has taken a major step forward this week. I finished a 4-day whirlwind tour of Latrobe, Pennsylvania and I'm going to get about 5 hours of sleep before catching my flight back to Pasadena, California.

Over the weekend, I'll try to give a step-by-step picture of how I purchased a HUD property and I'm looking at a healthy profit margin.

During the trip I was able to achieve quite a few objectives before the rehab work actually starts on the house:

• See the house and the peeling paint, smelly carpet, etc


• Plan with the person who will supervise all the work


• Get Builder's Risk insurance


• Set up a local account at Commercial Bank


• Meet some of the suppliers


• Budget, revise numbers


• Open an account at Home Depot


• Get a quote from an electrician


• Go to Latrobe City Hall


• See comparable houses

I'm encouraged by the plans we have for the house and the direction in which we're going to take the fix-up. I'm also encouraged since the profit potential appears healthy.

I'll be 2,500 miles away while the work is going on but I have confidence it should proceed since the people doing the work are motivated.

I'll get to sleep and try this weekend to detail my step-by-step approach to real estate investing that you can follow or you can use to give me advice if you're more experienced.