All Forum Posts by: Austin Richey

And if there any extra input you would like to put. Please do! I'm very receptive to feed back

Recently found a home in my area that's worth 44,900. It's a 2 bedroom/1 full bath +1/2 bath. 2 story town home with an attached 1 car garage. I don't have enough funds to do a conventional loan at the moment. Spoke to a lender and i can finance through FHA with a downpayment 1,600. My monthly payments including taxes, mortage,insurance, and PMI would sum to 552. This is going to be my first investment home and i'm aware that I have to be owner occupied for 2 years before I can start to rent it out.

I have a few questions that I would love if the bigger pocket community can answer for me!

1. Before I go willy nilly all into a deal what should I be aware of before I set foot in the home with the reatlor?

2. Are there key things that your particular investor style automatically looks for in a home?

3. How long does it take until I can refinance to a conventional so I can make more money after my 2 year owner occupancy is up?

4. Do you think this is a good investment?

Thanks in advance,

Austin Richey

My name is Austin Richey, Richey Investments.

If in the Miami/Dade area please asnswer the following questions! I wholesale properties so i'm always on the hunt for a good deal!

• Are you a cash buyer? If not, what type of financing will you be obtaining?
• What neighborhoods do you prefer to buy in?
• What price range (ballpark) are you looking to buy at in those particular areas?
• Are there any parts of town that you will not buy in?
• Is there a minimum number of bedrooms and/or bathrooms that you require, or a minimum amount of square footage?
• What type of construction do you prefer (wood frame, concrete block, etc.)?
• Do you only buy single family properties, or are you also interested in multi-family?
• Are you looking for properties to rehab and resell, or do you plan to buy and hold?
• Are you willing to do full rehabs, or are you looking for cosmetic fixer uppers only?
• How soon are you looking to buy, and how much time do you typically need to close?

I would love to work with you Erik. I'm 22 years of age, I've worked a maintenance job in Illinois for about 3 years. I just recently moved to Miami, FL to give Florida a shot. I'm really interested in getting mentored, and i'm also capable of working my tail off to show you that i'm worth the training.  I haven't found a job yet, so I can commit as much time needed! I see that you reside in Deerfield beach, I live in North Bay Village way further South. If I can find a gig up there I don't mind moving I'm staying with my brother until I find a job! Please keep me posted we can work out anything, all I need is one shot!

Sincerely,

Austin

 Thanks for responding. I really appreciate your advice and tips. What do you suggest is the best way of obtaining OPM? 

Also, if you could just give me an ex. Of how you would handle a hud deal. So I can learn more

Thanks so much, Shawn. Seriously thanks appreciate your advice

hello bp, I have a contact here in Illinois and northwest Indiana who comes I'm contact with HUD homes on a daily basis. They work for the bank to upkeep homes that have foreclosed or whatever the case may be.

With that being said, I have eyes on homes that just hit the market again.

My questions: 

1. Is it possible to wholesale HUD homes

2. If so, please explain the process so I can get started.

3.  Are there any investors in Illinois or Indiana that want to get in contact with me? Whether to help or to do business with me.

Thanks in advance,

Austin

Merry Christmas everyone!

This technique I have not put into effect just yet. I'm going to run this across to our biggerpockets community and get further opinions. 

Wake up early in the morning, probably around 7:00 and go to a mainstream hardware store near you and pass out business cards to everyone you come in contact with. The reason to go early, is because of the heavy contractor traffic. Hand out business cards and network with everyone about what you're doing. Also, make the equation a win/win for whomever the business card goes to by adding a referral fee.  I figure the more love you spread the more deals you get. If I make $5,000 on a deal some guy referred to me, i'll gladly give him $250 dollars.

The card would be a traditional yellow card that has "WE BUY HOMES." Also, with a name, website, phone number, and referral fee.

I figured this would be an awesome way to find motivated sellers because, everyone that enters a hardware store 9/10 are looking for items for a home. Therefore, using the customers of the hardware store/contractors as filter sources to make them extra cash on the side as well as me.

I will put this strategy in effect in November, and post every single day of November to give the best feedback.

Please discuss 

hi my name is Austin Richey. I work for a mobile home maintenance company and I was wondering have any of our mobile home investors out there ever wholesaled a manufactured home. If so please leave your experience and advice to a beginner wholesaler such as myself.

Thanks in advance,

Austin

hi my name is Austin Richey. I work for a mobile home maintenance company and I was wondering have any of our mobile home investors out there ever wholesaled a manufactured home. If so please leave your experience and advice to a beginner wholesaler such as myself.

Thanks in advance,

Austin