All Forum Posts by: Account Closed

Well, at auction you'd have to cut a check on the spot. If it was pre-foreclosure or a foreclosure being sold by an agent on behalf of the bank, you could use your $10k as a down payment and buy the house WITH your mom and split the equity. You would both be on the title, she would live in the property and manage the property and you would be an equity partner. This allows you to get the house at a 3%-5% down payment and finance up to around a $200k home (though you may not want to go that high). Before doing this, you should consider whether the market in your home town is appreciating in value so you're well informed before purchase. 

@Mark Weinstein Is it impossible? No. It's completely possible to do all three. But there rises the need for focus and sequencing. Focus - the more you focus on one thing the more progress you're able to make rapidly. Sequencing - What order should you do these things in (with the goal of highest 'success')? 

You can do all three, but do not start with all three. Start with one, focus on it, grow in it, and know it inside and out before taking on another thing to focus on because you will be diverting your focus from the initial goal. I recommend starting with Realtor and being an 'investor friendly realtor' to help other investors and by doing so, learning more about their process, how they evaluate deals, what their criteria are, etc. Offer to run rental and property value comps for them and you'll be their best friend. From there, work on your first BRRRR property. If the numbers work out well then rent it (this is what you should shoot for). If the numbers are not ideal, sell it and you've completed your first flip.

Hope this helps. Good luck. 

@Tiwana Merritt Walk the property (or have a property manager walk the property and facetime you in), if there are rehab items needing to be done get a quote for the amount (not a 'ballpark estimate'), validate your pricing (rent and/or resale and ARV - depending on your strategy) with a realtor, and if there's any mention of termites get a termite specialist to the house.

@Cary Plummer It's not likely that the property goes for under $15k, but let's assume it does. If you were able to get the property for $15k, what would your strategy be? Sell it / flip it / move there / etc. If your goal is to sell it, run some comps on similar properties in the area and see how fast they're selling and whether there's any demand. If you want to flip it you're going to need some cash or a hard money lender. I do not recommend getting into the property if you don't have any reserves to fall back on. 

Looks like you'll be flipping. What's your end goal? Short term cash, flip and hold (passive income), etc.

What is your criteria and what types of properties will you be focused on? Are you doing the rehab work yourself or contracting it out? 

I've been investing in the States for years now and my wife and I have a goal of owning a house in Bordeaux, France (we went on a trip there just before I proposed and we loved it). 

What are the similarities and differences in buying properties in different countries? 

You mention 'Real Estate Professional' status - how does that help the situation? And at what point is someone considered this? Seems like a grey area to me. 

@Ayana Morali Your best bet would be to put the profit into another property and 1031. A few other options could work for you but they'll likely be so nuanced that you feel even less comfortable with them than with buying a rental near you. My advice is to use the money to buy a turnkey rental. 

@Ron T. I understand the title's goal is to be catchy and stick in your brain, but I think it appeals to the wrong person. The only time you actually get to be lazy in Real Estate is after you've done a bunch of hard work and taken risks. If you're not willing to do those things, it's just not going to work. RE is not a get-rich-quick approach, it's a get-rich-slowly approach that generates generational wealth. 

Are you looking to get into your first property? My goal was to quit my job by replacing my income with passive income and I've been able to do it - so it's definitely possible. But requires work on the front end. 

@Brant Jones You can find HMLs with more favorable numbers than what you're seeing. It's pretty reasonable to find HMLs that will give you 90% LTP / 100% Rehab around the 10% range. Some you can get up to 100/100 and some will also advance you the rehab draws.