All Forum Posts by: Benjamin Barredo

How do I find the bank that is holding a foreclosure without paying for the information?

I can't find it on my County website. I also just ran the Marine Corps Marathon and I'm feeling too lazy to really search. If I don't get a response, I'll search after my nap.

Hello again

I am looking for a home inspector in my area. I found some with great Google ratings and reviews but I was curious to see if any of them have had legal troubles due to poor service or something.

Other than Google searching the name of the company and the inspectors, are there any other free resources for vetting people you want to hire? I hope that the right person will become part of my team eventually so I'd like to do the due diligence of weeding out the low hanging fruit before it becomes too late.

I understand. Our approval letter is for 185k. 

My confusion is what she means by the house having to be appraised with closing costs? 

What does that mean? 

okay, this question isn't about investing. It's about buying a house for my family. 

It's my first purchase-ever. 

She said this to me regarding a house that is seeking for 140k but I'd zestimated at 111k.

"I also think on list price, they may not have enough in their price to give full closing costs....remember, it has to appraise with closing costs included....so it must appraise well, and they need to be selling it high enough to have room in their price....."

Can someone explain this to me? A broker, real estate agent, or anyone. I'm having a hard time understanding what she means. Our loan is for 185k. Why couldn't we talk then down? 

Is it that the appraiser might find the home isn't worth what they want? If that's the case, should we look for homes that match or fall below their market value? 

Of course I don't want the house after seeing the selling price vs market value estimate but I'm just wanting to understand what she means so I can be more aware when looking at homes. She sent this to me btw. 

hello everyone.

I'm currently doing my homework and analyzing 1 deal a day for potential rental properties. I think I found a great foreclosure in South Knoxville but I want to make my analysis as accurate as possible.

What expenses do I need to include and what is a good average amount for each.

My analysis is for a 2/1, 1339sqft house. It's being appraised on Zillow at $79k but it's at the bank and I think there's a good possibility of getting it for $50k-$55k.

Electricity would be paid by the tenants, but since it's in Knoxville, doesn't that mean they'd pay the water or would I? How much should I figure that to be? I was guessing $50/month.

What about homeowner's insurance?

PMI? Garbage? Other?

I'd manage the property myself.

What about future assumptions for repairs and maintenance?

Thanks a lot.

Is it important to consider Cap Rates for single family rentals? I watched a video where the person doing a rental analysis said that it was only important for commercial properties.

True or false?

What is a post vote? Is it good or bad?

I'm definitely going next month. I went to this one but I thought it was free, told my wife it was free, and didn't want to hear it when I got home with a $20 dollar receipt. I was also wearing my dirty chef coat and everyone looked so much cleaner than me, like they didn't just get off of an eight hour day in the kitchen. So next month I will bring a change of clothes and cash for the fee. I did grab some flyers and business cards before I ducked out. The perks for being a member are worth it alone. Throw in the education and networking and I think you'd be stupid not to attend these things. I'm going to start analyzing and putting together information packets to find someone to partner up with. So excited to make this move.

hey Dave

I'm a newbie too. I'm going to the meeting Jowee just spoke if. I'll be at next months KnoxREI too. 

I don't have a property yet but I'm analyzing deals and ready to talk to a lawyer for advice on approaching investors and proper contracting. 

My lack of funds have held me back but I'm studying a lot of creative investment techniques. My plan right now is to find a partner to invest with for my first few properties. Or maybe all of them. 

Good luck on BP. If you really want access to great learning told you might want to think of going Pro. 

Later

Thanks a lot.