All Forum Posts by: Adam Drummond

@Emily Knowles

wet basements can be a scary thing.  i had to have the exterior basement wall dug out, sealed on the outside with a membrane, and new french drains set up.  then a sump pump installed.  hopefully yours will not require that kind of money.  best of luck.

Adam

@Thomas Garza

  Also,  there is an auction coming up in my subdivision in a week or so.  The auction company's website states the amount needed for earnest money (usually a % of bid amount), and how long they usually allow for closing (30 days or so).  I am just going to go to the site, and bid but only up to the number that I had already determined it was worth.  They should also be able to tell you if there is an inspection period prior to the auction for you to check the roof, crawl space, hvac, etc.  Best of luck.  :)

@Thomas Garza

The listing company is representing the bank, and their commission is based on the sales price... so, they will tell you a full price offer.  It depends on if the property has already been auctioned publicly at the county site, or if the bank has already regained possession of the property.  Hope this helps.

Adam

@Kathleen DeNault-Ridge

I have done a few owner finance deals in the past as a realtor.  from my experience.. the down payment really varies greatly.  I usually see a rate that compares somewhat with banks, sometimes the owner financed rate is higher since they are acting as the bank (doing you a favor).  I calculate the remaining balance after down payment on a mortgage calculator over a 15-25 yr term to get the payments somewhat reasonable, and then add a balloon payment in 5-7 years that is due from buyer (by this point, the buyer can go to the bank and refinance).  If the property is currently paid off, then you can do a contract for deed, and have it drawn up and recorded by a closing atty (that's how we've handled it in south carolina).  Again, this is just my 2 cents.  Hope that helps.

Adam

@Todd Hunter

Todd,

I am a real estate investor /realtor in Anderson.  I always enjoy hearing about other peoples real estate goals.  Give me a call sometime.  

Adam

@Adam Johnson

No real earth shaking advice from me.  I will say that I would be very cautious.  When I bought my first house in my early twenties 10 plus years ago, I got caught up in the "i got to get started right away investing" mentality and bought a piece of crap property.  No way I would've even look at that property now knowing what i know.   The few investors that I have contacted in the past on craigslist that were trying to sell a property- ended up being a terrible deal.  Run your numbers and don't get emotionally attached to a property as I did on my first one.  Best of luck to you.

Adam

Hey Everyone,

Family and I are contemplating moving to wilmington, nc.  I have been involved in real estate investing for several years in upstate sc.  I wanted to know what kind of market there is for foreclosure properties in decent areas in the 80k and less market.  Here in SC, I focus on properties in the 50k range and sell them for 100k once remodeled.  Any investors in or around Wilmington or New Hanover County have any input?  Thanks in adavance.

Adam

recent comps that prove the value of the property.  why does he think it's worth 200k?  have to have a home inspection, as well as, a termite inspection.  how much money needed to get the house to sell for 200k?  it's always a numbers game.  good luck!

@Jeremy Tillotson 

I have a real estate license, but that's it.  I don't have a business other than doing some renovations on houses that I have flipped.  I really like working with my hands, and might consider getting my builder's license at some point.  It's getting very difficult to find good deals in my area.  The mls properties are selling too high for investors to make money.  I have been to a couple courthouse foreclosure auctions lately to see what's out there.  I was talking to a sub contractor in my area and he said that they put up a house for just under $100k total and sell them for 135k -140k.  That would be the price range that I would like to focus on.  Thanks for your input.

I am in S. Carolina, and I have been kicking around the idea of eventually getting my builder's license.  Basically, I am an investor and would like to be able to put up a spec house here and there under $200k.  I am a handy man /remodeler, but definitely not a builder at this point.  I was looking on the sc licensing site, and it seems that I would need one year experience to get my license.  How did other licensed builders go about doing this?  I would definitely like to learn more about the skill and trade.  Any suggestions or comments welcome.  Thanks!