All Forum Posts by: Brett K.

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.

Being an RE agent is tough.  If you want to sell life insurance at least there are companies willing to float you a salary until you build some business.  Not in RE.  It's commission only for a reason.

Tom Ferry, a prominent RE coach, floats that 87% of all agents fail and other sources state the average 1st year agent sells less than 2 homes their first year in business.   

If you want to get into the business to make money I recommend going to work on a team.  You will see more, learn more, make more, and increase your chances for success.  

Your income on a team won't be good but if you can subsist you'll be learning and hopefully you will survive your 1st year without filing bankruptcy.  You will have a chance to move up if you have the right personality and intellect.  It takes a certain type. 

You can try interviewing with a few teams before paying for the classes.  You might get a job offer.  Don't expect them to be forthright about success rates, income, etc.  These are sales people offering a commission only job.  You are hereby notified they are not unbiased.  Search it for yourself on google and youtube.  There are some great anecdotal stories out there. 

If you want to be a successful investor a high stable income is a better platform to start from regardless of what sector it's in.  

Cheers,

Investor's Meetup -  Networking & Louisville Market News/Info

Come meet other investors.  

I'll share a 2017 market summary handout and we'll be discussing the hot areas for 2018.  

Have news?  Bring it and share.  Have a deal?  Make a handout and bring it.

You might want to bring business cards since it's the quickest way to exchange contact info. 

I'm not local to your market but I wouldn't expect costs to vary too much from GA to KY.  

I always buy title insurance too.  I know what you mean.  

There's a notorious case here in Louisville.  A tract of prime real estate near the interstate, enough acreage for a small subdivision, was donated to our local zoo with the caveat it wouldn't be developed.  

The zoo eventually sold it to a developer and the title examiner missed the restriction.  

The descendants had moved away so the mistake wasn't discovered until after the development was finished and the new homes were occupied by new owners.  

When the descendants found out they sued.  

I bet to this day we Louisvillian's purchase title insurance at a rate higher than the national average.