All Forum Posts by: Amber Koontz

Hello all

I'm a currently saving up and learning all that I can from BP. My first investment will be a duplex or higher. My plan is to stay there for the required year and then refinance to purchase another property. I'll be using the FHA / 203k loan and maybe utilizing the dealer concession. I'm curious to know about personal experiences from people investing in MFs owner occupied. What are the biggest downfalls to prepare for loan and refinancing wise as well as living there? Would you prefer brand new vs older? If you could do it all over again what would you do? Any comments are greatly appreciated.

Hello all,

I am interested in purchasing duplexes near universities. I am a newbie, so that will be much further down the road after I've learned what I need and completed my first goals. A great option I came across from interacting here is to have the parents sign the contracts. Not to say all college students aren't responsible, but to add to the security after ternate screening for choosing who you'll  be housing. I thought that was a great idea. I'd definitely feel better adding that approach when I get started. I wish I'd thought of this while in college! Great time to start. Get a little experience renting out a room perhaps. Good luck and Welcome! You have come to the right place!

@Dominique Grayson Welcome to BP! I've been active for about a month now and I've learned so much! I will say coming in with a partner is wonderful👍🏼 Good luck to you both!

@Brian P. Thank you! I do believe that the foundation is gone as well. My brother would like it to either put a house or a shop there. What I was thinking is that I would check the comps for the area just to make sure the offer is appropriate. My brother will act on this with or without me. I've just been learning so much here that I thought I could be apart of the transaction for bringing the connection and numbers. The heir is one of the daughters. She is the only one listed on the site I used, but her siblings very well could be on it as well. This property has been vacant for at least 10yrs. I will check into the Texas law on lease options👍🏻

@Jerry Padilla Thanks!

@Rob Beland Thank you for the advice. I will certainly look into that.👍🏻

Good Evening

I think this is an absentee wholesaling question, but I'm not sure.

I've come across some land that my brother wants that could be viewed as an absentee owner. From time to time someone will come out and cut the yard, but it's really not taken care of. There was a house on the land that was demolished by the city maybe 2 years ago. The original owner passed away quite some time ago (when the family lived there we had a pretty good relationship, the remaining members live else where). I used the Harris County Appraisal District site to locate contact and property information. My scenario:

I reach out to them with a letter offering to buy as I would in a wholesaling deal, maybe get an offer accepted, put it under contract, and then get my brother to buy? Where do I obtain legal contracts? Can I do this as stated? I am also aware of a home that will be up for sale soon as the owners will be moving for a job in another state. Can I do this as well with that and maybe flip to gain more and or just hold?

Please excuse the newbie questions. I'm still learning, but it seems like so much opportunity is around me. I want to be active, but I want to have enough knowledge to make a move the right way. 

@O'brian R. I finally figured out how to "@" your name! Lolz Thank you for clarifying. That is a great option for first time buyers. I've been researching everything on the FHA loan and the 6% concession thanks to you and another great connection I've made on here.

@Brandon Turner Thanks!! Your story is very motivating! 

@Eli F. Maybe we'll work together in the future. Good luck to you in the meantime. 

@Vinh Le No problem! I haven't started investing yet. Right now I'm learning the lingo, learning more about niches, networking, and forming a strategy. I will be starting soon. BP has tremendously cut my learning time in half, I'm learning so much everyday! Hey this may be too late, but there is flip real estate event by Armando Montelongo, from Tv for this week to Sunday I believe. tel:(800)483-0971 

Google what he's doing here in Houston if interested and then call👍

@Greg Gibbons Thanks! Planning and laying everything out is the only way I operate. You are right on the FHA loan, I do believe this is for the first time buyer only. The route O'brian laid out will be perfect if I am able to do that. If not, I'm going to see about using another loan and or private money to fund the SFH. I do not want to have too many properties all at once. I love the open dialogue that this site provides. I'm learning so much. Im reaching out to lenders and successful people such as yourself and just keeping the dialogue going and learning. 👍🏼