All Forum Posts by: As-Shakoor Wright

Hello bp family. Has anyone had any luck with any of them foreclosure website like foreclosurelisting.com? If so please give me some insight and a way to go through it. And if not, tell my what went wrong. I would like to know before i send money on one!

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Thank you everyone for your advice and i will keep looking for a way to get into real estate! I want to find a good deal to get my real estate journey started, plus am pre-approved. I want to spend it wisely on something that has some equity in it already!

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Thank you so much! Can you use hard money to get properties at the auction? Because this property debt is $89,900 and the resale value is $408,000! So i know this is a great deal...

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Hello bp family, I have been pre-approved for a FHA 203k loan. As i have been looking at properties i came across a few properties that are up for sale at auction. So my question is (Can i found out who has the property now and try to buy it before the auction date?) Any an all information will be great!

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Hello BP community, I am about to try and get pre-approved for a 203K loan. However, i want to shop around with different lenders to see who can get me the best rates. Now my question is? If i send all my information to three different lenders all at one time would that count as one inquiry on my credit report, or would it be three different inquiries on my report? And drop my credit rate?

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Thank you for the advice. I will make sure that i get experienced contractor to do the work. How long did it take for your loan to go through for you and for them to start the work on your property?

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I was on the forums before asking how to get started in real estate. I have close to $10,000 saved up and after some research, I believe the 203K construction loan would be the best way for me to start. I found a construction company that deal with 203K home buyers in my area. So they specialize in dealing with the way the lenders payout for done work. I believe I can house hack a multi-family preforeclosures or a REO this way. So can the BP community gave me some insight on this type of way to invest.

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Thanks for the info! I truly love how bp has this platform! And once again thanks!

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Originally posted by @Rodney Harris:

Hey man first off congrats on saving that 10k! That’s huge! I don’t know how the market is an Essex but a good play that you might like would be to owner occupy a 2-4 unit property.

However, I suggest you have double the down payment as far as cash is concerned. If the down payment is 10k you probably want to have close to 20k especially for 3-4 unit properties they want to see mortgage reserves for a few months I believe.

I paid $10,000 for my fourplex with an FHA loan at 3.5% down. I had close to 20k saved up. So that's just my suggestion. The more units you get the more protection. You also have more things to fix so there are pros and cons. However I will say, It's nice with my wife in med school not come out of pocket for our mortgage every month! The tenants do that! Lol

Best of luck to you man! Don’t get bogged down with too much advice and just stick to one strategy!

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Thank for the input. I have already read that book and that is a great book!

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All Forum Posts by: As-Shakoor Wright

As-Shakoor Wright has started 7 posts and replied 15 times.

Post: Luck with Foreclosure websites

Post: Buying a property before it goes to auction

Post: Buying a property before it goes to auction

Post: Buying a property before it goes to auction

Post: Credit rate dropping

Post: Information on 203K loans

Post: Information on 203K loans

Post: How to get started in real estate

Post: How to get started in real estate

Post: How to get started in real estate