All Forum Posts by: Bryan Parks

Thanks again Michael R. As I said I am only right now practicing looking for good deals and making the number works in my general area as it is better to stick close to home. I think with my current situation that I am focusing more on flipping to get money up front then eventually move to renting or hold and buy. I have been watching the podcast as they are more entertaining to me then Netflix and dwindling my time into nothingness. I am very serious in this and have been fully investing my time into studying this business. 

Since my goals of real-estate are to determine exactly what I want to accomplish or proceed with are still not set in stone. But as of now I am just taking properties my real-estate agent sends me and applying my knowledge of what I know, I recently upgraded today as a pro member so I can fully assess properties to determine if the property would be better as a house flip or rental. I do ask if maybe you would be able to assess some properties in my area of Liberty County Georgia, and maybe seed me one that you think is a good property to invest in on a flip as a reassurance to my calculations that I am on the right track. Again this would not be an all in investment more so to be able for me to check my work on determining a good deal, I have only been on this site for a week or so but it is way better than any site I have been on before because of the people like you. Again thanks Michael . 

Bryan   

I am looking to invest in my first property but right now I am trying to analyze properties first to build my knowledge, if anyone can find me a good deal that I can analyze for myself as system to confirm what I have learned I would much appreciate it, by the way you could send me any deal since I am just trying to analyze for right now until I become confident in my analyzes.

First off I would like to thank you for your response. As for the property my realtor located it as we are testing the waters and trying get an understanding of how this whole thing works. We are in no hurry to jump up and buy a property and I have only been researching off and on for a month now while just now coming across the BP today. I did not do an assessment with a contractor and since I don't have pro as of this moment, I was just trying to assess the property that my realtor had sent me to assess if it might possibly be a good deal, as for the rehab cost "just looking at the photos" the house didn't appear to have too much work that needed to be done so it was just a shot in the dark estimate. What I would like real-estate to do for me is to be able to be financially free me and eventually not have to have a 9 to 5 so that my wife and I can enjoy a more simple life. You did mention about SFH, if that's the case would you suggest investing in duplex's for more tenants? I will check out the book as I have found out that I have a lot of reading and books that I must read, and again I really appreciate any feed-back as I for right now I am just trying to get feedback and see from there where else I may have to do more research.

I am new to investing completely and I do have a good line of credit and have been approved for approximately a 120,000 loan. I guess my question is centering on the 70% rule and learning how to assess a good deal when I find one. There is currently a single family home selling for a reduced price of 99k and the comps around the area are selling for 120k. Can I still use the 70% rule for determining an offer on a house that has already been reduced? The quick estimate I received on doing it 55% with a quick estimate of 10k in rehab would be around 74k max asking price. Now, just to be clear my family and I plan to move into our first property and sell or renovate in a year or two, now, with that said would that also be wise to attempt to get the FHA 203k loan instead of my approved bank loan, as well how realistic would a low offer like that be accepted or is that only in the case of a motivated seller? Again sorry I am sure this is a no brainer to many of you but I just like to clarify some of what I learned and see if I am on the right track.