All Forum Posts by: Anthony Brown Jr.

Here is the potential deal…

The homeowner lives in Butler, Pa on a farm but owns 5 acres in O’Hara Township, Pa with 2 properties on the premises. One is a 2/1 and the other is 1/1 with a combined sq ft of 1,349.

The 2/1 is rented for 1,200. The homes aren’t worth much the land the homes on is more valuable. The land is leveled and ready to be built on. The seller has had a buyer approach him numerous times attempting to buy everything but he continues to decline all offers. He said they called him 6 months ago offering him $700k which he declined because his asking price is $800k. As far as motivation he WANTS to sell it because he is sick of paying taxes on the property which he isn’t even using.

I did some research on the comps around the area for how much homes are going for and their total lot area. There is more than enough room for a development company to be the end buyer on something like this and still make a ton of money. $200k-250k homes are on average 6,000 lot size sq ft in that area. Just doing some math 5 acres=217,800sq ft and 36 6,000 total lot size sq ft homes could go there.

How do you think this should be approached?

I am new investor. I have a 3/1 worth 45k. I have a 4/2.5 worth 118k both have tenants. I also have a 3/1 worth 75k and a 3/1.5 worth 130k that are just coming on the market for tenants. Trying to get a 70% cash out. The only lenders I have found so far will do a loan for 70%, based on purchase value and documented receipts from the rehab. I want to do a cash out refinance based on the appraisal value without waiting for the six months seasoning period.  Is this possible?

Thanks

Hey @Account Closed why do you think PA isn't wholesale friendly?  I haven't done any wholesale deals yet just fix & flips BUT to be honest I haven't really came into contact with many wholesale deals.

Wowwwwww you guys are truly rocking it!!! Want to congratulate everyone on all their projects...

Well for me I have 1  rehab deal that is underway right now and I may have my VERY FIRST REALITY CHECK before Christmas.  I am working on an 4 property deal right now (2 SF and 2 Duplexes) but over all before the end of this year I want to get AT LEAST 2 more properties under contract before the end of the year.

Everyone have a nice Thanksgiving!

Thank You @Jennifer Lee @Gary Swank @James Wise @Paul Timmins for the warm welcome!!!

I greatly appreciate it because this community has some much value I see and it is awesome to connect with everyone.  Once again thanks for the welcome and push to motivate me to truly push on!!!

Welcome @Sinaloa Hobson ... Get ready to crush REI in the DMV area

Thank you for the welcome @Sean T. 

Thanks @Owen Hudac I actually went to an ACRE meeting in September BUT I happened to do something out of the norm and told my landlord about what I am focused on doing. She was thrilled to hear what I am doing and come to find out she is on the board of an local REIA. She offered to bring me as a guest and also invited me to go to a some private meet up on Saturdays that she has with about 10-12 investors. I agree that networking is HUGE because if I would have never opened my month them opportunities would not be presented in front of me.

Thanks Jen!  I have totally noticed that this site has a vast amount of knowledge on here.  I was just reading some of the articles and found myself not wanting to stop because everything was very intriguing.  I read some other post about keyword alerts and immediately set that up and I totally agree podcast are taking over my playlist for driving.  I haven't tried listening while working out, I need that pump me up music to get me thru killer workouts. Thanks for connecting!

Well to start things off my name is Anthony Brown and I am an 26 yr old single parent.  I recent got involved with real estate from reading Rich Dad Poor Dad like almost everyone else in the world.  I was an active internet marketer that read a lot of personal development/self-help books but that book opened up my eyes.  I went to an Rich Dad training this past summer and the small bit of information that I learned peeked my interest.

Since I am so young I wasn't able to offer the Rich Dad trainings (sorry I didn't have 12k to blow) but that 3 day weekend changed my life because I met an gentleman who is now my partner that seen potential in me. We exchanged information, while he did his expensive Rich Dad trainings I went on to start my research and studying of real estate investing.

I got my first property under contract in October 2014 but I was so excited to tell my friend and from my own efforts plus determination. I was offered an partnership with him and we are now rehabbing the property that I got under contract. 

Well since I am fairly new my goal is to get my first reality check.  For the year of 2015 I want to do at least 1-2 wholesale deals a month on my own but still do other deals that are brought to the table.  I would love to leave my job within 6-12 months. At the end of the day all I want is my time and freedom back to enjoy my lovely 2 year old childhood.

I heard about BP from browsing on the itunes and listening to a few podcast. Now all I do is listen to REI podcast to gain knowledge and get my mindset together.