All Forum Posts by: Brett K.

I wouldn't try to make plans around the prediction - "the market will hopefully be going down, allowing our money to go further".   

Warren Buffett didn't even predict the '07 - '08 downturn and he owns HomeServices of America (HSA).   

Historically the US real estate market plugs along with positive appreciation.  Local markets may see downturns but the market as a whole is resilient.  Market cycles can, and often do, span more than the length of a human life. 

Build your strategy based on the historic norms.  Which means, don't count on real estate going down again.  

If you are a local investor you are invited to the REIML meetup.  There are no product pitches.  

Flippers, remodelers, landlords, wholesalers, and agents get together to discuss the local market, talk local real estate news, and wants & needs.  There will be a networking round-robin which most find invaluable to their investing experience.  

You are welcome to pitch a deal.... not a product.   

Hosted by Brett Kennedy.  

@Micah Mcarthur & @Jay Leisten I'm hosting another one Wednesday, April 11 at 6 PM.  Same place, 101 Bullitt Lane, Lou., KY 40222.  Come on out and be social....  

Latoya,

Have you checked out the podcasts on Bigger Pockets?  It's a fantastic place to start.  Welcome to BP!  I'm not affiliated by the way.  Just a regular user like you. 

I'll be glad to send you a couple of recommendations if you want to send me a message.  I'm here in Louisville. 

Meet other local investors and we will be talking about real estate in Louisville.  News, market conditions, pitch deals, and more.  

Assuming you would buy the foreclosures from the county auction, foreclosures are typically harder to finance.    You'll have to line-up your financing before going to the auction.  

You can find foreclosures on the MLS too. Once the bank buys them back at the courthouse they will list them with a real estate agent.

Tired landlords are a good source for deals too.  

Deals are out there.  It's a skill to recognize a deal when you come across one.  

My recommendation, try to figure out how to finance a property from the auction, AND line up a financing option in case you come across something from the MLS or FISBO.

More options and hopefully that will translate to more chances of success. 

Will, no.  It doesn't work that way.  

Ethan,  it sounds like this will be a great fit for you.  Your financier is well connected and this isn't a substantial risk assuming you go after a moderately priced property.  And you are already connected to the RE industry!   

I haven't used a land contract.  I was a mortgage broker more than a decade ago and I paid several of them off with new financing.  I got to see them up close.  By the time they I saw them they has worked well for the buyer and seller.   

A hard money lender would take this deal.  A bank that specializes in investor rehab loans might if there is a good story to explain the low credit scores.