All Forum Posts by: Alessa LeSar

 Hey! I will reach out to you shortly! Thanks Mitch

@Jonathan Greene Welp, as a realtor, I have no problem knocking on the door of the neighbors and getting all the T! It's not in an HOA, and as far as I can tell, taxes owed are around 5k… I'll do some digging into any other liens I can find. I figure it doesn't hurt to go and place a bid if I can get it for a good price. I am sure there will be other people bidding, I have enough to put down 10%. But I would have a maximum bid in mind that I wouldn't go over.

I am considering my first flip. Any words of wisdom on buying a house off the courthouse steps? Theres a foreclosure in an area that appreciates really well. I would probably need a hard money loan, not sure what carrying costs would look like. I am going to go and try and look at it tomorrow, peek in the windows, look at the roof. I am a realtor in the area so I understand the ARV. I have a rough idea of what my max bid would be if my reno budget is around 150k. I have no idea what this house needs so I am trying to be generous with my rehab costs. ARV would probably put the sale around $450-500 depending on a few factors (can any of the basement be finished out to make more sq footage etc). Would love to hear from anyone with good pointers and stuff a newbie should be aware of! TIA!

@Nicholas L.

Awww, ok I'm with you! I didn't know the part where the bank will only give me 70/75% of the appraised value!! I will definitely be mindful of that. I'm glad I run CMAs all the time for my job so I at least have a better shot at coming in at approximate appraisal value! Does anyone ever use reno loans for these kinds of projects? 

@Nicholas L.

I guess I am not following along! If it costs me $150 ($100 purchase and $50 rehab) and it's valued at $140, and I cover the remaining 10K with cash, am I not breaking even? I then have 10K in reserves for unexpected stuff (if I'm using my 20k savings, I'm sure there's a formula for how much I should actually have). I am able to pay back the hard money loan and pay my contractors. and then rent out the home? Obviously this is over simplified but I'm just trying to grasp the concept! and these may be dumb questions but I don't mind looking stupid while I'm learning, I always fail up!! 

@Travis Timmons

Hey thanks for the words of encouragement! Coming from waiting tables 2 years go to have 20k in savings, I am feeling pretty good with that kind of forward movement! Also, appreciate the "slow and steady" advice! I am hoping to really gather some funds this year and be ready to purchase the first home spring of next year! @Henry Clark mentioned snow balling too, can either of you elaborate? I assume it means rolling one investment into another, does BP have an area on this subject? Probably another forum, am I right? I don't exactly understand how you roll one into the next, is it just the cash flow gets used towards the next purchase? 

Apologies, I obviously don't know how to use this forum, I guess I should @ people when responding! So much to learn! Thank you all!

Thank you for the advice about the HELOC! I wasn't sure if it is a bad or a smart idea to use that for investing! I've already sold 15 this year, so my second year will def be better than my first (not to mention the 3 1mm+ I already sold this year with another listing coming in august) Most of my leads come from outside sources with SOI only comprising about 20%, but I think your advice regarding that is well intended! I certainly want to plug into an investor circle, hence joining bigger pockets. I do a good amount of lead gen, part of the reason I am successful, and I've started listening in for folks who may have distressed properties or pain points that require a lower sales price. At the moment, I just don't have the funds but I am sharpening my skills for when I get there! Thank you!