All Forum Posts by: Charlotte Moore

That's about right. Watch this video from BP on YouTude - https://youtu.be/krf5yFIOLQ8.

Hi @Joseph King. I’m unaware of any grants, but you may want to look into Private Money Lending (not Hard Money). There are some PML organizations, such as Christian, Catholic and other religious based organizations, whose mission is to help minorities and first time homeowners to get into homeownership and real estate. A PML can lend you the money for the down payment or the full value for the purchase and any repairs needed. I cannot give you any referrals, but with some research on your part, I'm sure you will find sources. You may also want to pose this question in a PLM forum.

Hi @Trevon Peracca - Did you ever figure out your dilemma regarding whether to go into the joint venture deal or to purchase your primary residence?

If not, my vote is for you to focus on securing your primary residents FIRST.  However, you should do this by purchasing a multiplex in which you will live in one unit as your primary residence (house hacking) and rent out the others. A multiplex will allow you to better qualify for legitimate (less complicated) loans for higher amounts taking into consideration the income from the rentals. It will also help build your credit and allow you to hold while you build equity that you can use to engage in a joint venture at a later time.

I also suggest you research 203k loans, which allow you to borrow an amount over the property purchase price to include repair cost. The loan will be based on the after repair value (ARV). This way you can buy the multiplex at a lower cost, and rehab it with necessary repairs and upgrades, which adds value and further increases your equity.

There is plenty of information in the BP education area about 203k loans and multiplex purchasing that can guide you in making your decision.  I hope all is well with you and I hope to get an update on your progress.

Bad news. The SFH I was considering, coincidentally, was taken off the market last week. But at least it was not sold. I got the name and mailing address of the owners from the Property Assessor's office, so my next plan is to contact them by mail.

Pros tell to newbies to learn all they can about the business, but don't over-think the issues to the point that they never get started. I've done a considerable about of study, feel pretty confident in what I've learned, and now I will take my first step. This weekend (2/27/16) I plan to approach a seller (actually a MLS seller's agent) of a SFH in my target zone in desperate need of a rehab. I plan to find out all I can about the property and repairs needed, then use the BP wholesale calculator to get the figures. If all goes well, I may have my first property to market.

@Jamie Robinson- I've also learned that 203k loans, which seems to be my best bet at this time, requires the borrower to live in the home for 6 months or more, and FHA aquired homes cannot be sold for 90 days.

I contacted one hard money lender to learn more, and they require the borrower to have 30% of the loan amount in reserve cash. If I had that much available I wouldn't need their loan. 

Congratulations @Undrea King! And thanks for the play by play. It is really helpful to us newbies.

@Brent Coombs Many years ago I worked a City municipality, which would sell small parcels that were not included when the original plans were drawn for a particular area. Mostly, the owner of the property on either side of the parcel would buy it at a low cost to include footage to their own property. The ones I'm seeing do not seem to be the same municipal parcel type.

I will try to further research it, and report back.

Lately I've notice a lot of vacant lots (or parcels of land) for sale in my area. Some are too small or unequipped for building a house or business.  

Can anyone tell me what can be done with lots like these? Is there any profit in buying them? How is the value determined?  Thanks in advance for your help.

@Daniel CohenThis method also works with condos, especially those built in the 70's  and 80's that are generally in good condition (thanks to the HOAs) but the kitchens and bathrooms are out dated.