All Forum Posts by: Account Closed

The address in question is 1910 Ivy Avenue. Since posting I've had a couple of individuals showing interest. The problem with sites like zillow is the fact that they're tailored more towards homebuyers. People who want single-family residences. There aren't many multi-family homes in the local area so it's difficult to find sellers willing to work with you.

@eric jones I hadn't thought to find similar entities wholesaling homes. Like I said before, this place isn't large, with a population of less than 90k, unless you're a buy-and-hold investor, which is a great way to make money here, it's difficult to find a profitable niche

Speak to a lender, or your local realtor, or use the keyword engine tool on biggerpockets to find buzzwords like the name of your state or exactly what you want to get into. (California; Investing; flips, etc). If you're serious about it, most professionals will be willing to answer your questions. And remember, research is essential.

If you have good friends who understand your situation, you could draft a promissory note that would guarantee payment back to them within the next two years. You may also want to look into downsizing, banks will work with you to find a buyer within an alloted amount of time. If you have that kind of equity in your home, it would help you find a new place and keep you afloat (with proper budgeting) long enough to find a job that pays for the essentials.

I recently bought a duplex worth significantly more than what it originally sold for. The home is in a relatively decent neighborhood, and the tenants are all new, pay all utilities, and are punctual with payments. I recently had it listed at a prize that was more than fair based on comps, taxed value, and adjusting for realtor fees, but it has been well over eight months since I've listed it and the pictures were re-done two months ago. I don't use cap rates because they are deceptive, but even with a proper loan, with 0-20% down, an investor would be able to offset all costs from one unit alone. Sounds like a great deal, right?

I live in Rapid City, and I feel like the market just isn't big enough to find potential investors. I don't regret the purchase, because it is a sound buy-and-hold strategy, but I prefer flipping homes, and while this was a "light-handed" flip, I don't want to hold on to a project for longer than four months. Does anyone have suggestions that would help make the house more appealing to the limited pool of investors in the area? The competition is quite low, and the home is priced lower than most. Unfortunately some of the investors I've spoken to have this mentality that "the best deals aren't listed", which is a ludicrous idea to me, because no one is exactly going to call you to an alleyway pulling a house out of trench coats, but nonetheless, I'm curious as to what the biggerpockets' community thinks of this situation.

     I think everything you stated are amazing ways to generate cashflow, creating rapport with various people in the business, and acquiring a wealth of knowledge of real-estate that simple research can't teach you. No one becomes a developer overnight and I think it's always a good idea to get in the game young, and it's good to see you are approaching it from a realistic perspective.

     That being said, your main hurdle will be capital, which I assume is why you want to start flipping/wholesaling first. Many lending institution like to see some kind of experience in the field before they lend you money. It's an annoying little catch twenty-two, but there are many avenues to acquire funds without getting a loan. Overall I think you're onto something there. Your plan can always use some fine-tuning, as with every plan, but you're definitely on the right track. I highly recommend you find a mentor. Someone who is already at your end goal. The ones who are good at what they do are generally more than willing to talk to you about how they did things, so you can decide where you want to go from there.

Jacksonville is attracting bigger investors for the last few years now so a lot of those opportunities grow smaller.

I've heard a lot about contract for deeds and I've been doing research on what it entails. From what I've read there are a lot of advantages and a few disadvantages. What I'd like to ask the biggerpockets community now is if anyone has ever had an issue with a CfD or horror stories that one would ever need to look out for.

This definitely gave me something to think about. After seeing the stats posted, I don't want to be another number that "just gave up".