All Forum Posts by: Chris Hooker

I'm assuming that this is already off the market.  If not, please let me know at [email protected].

Thanks!

Hey everyone! I've been getting really involved recently with the podcasts, webinars, etc., and I'm now hoping to get involved on the forums. I have a few questions and hopefully, you more experienced posters, can help me out.

First, just to make sure that I understand, if I was to find a property to BRRRR, I would need a hard money loan or a private money loan to secure the property. Once I acquire the property, I then rehab it and start to find a tenant. After 6 months to a year, I refinance the property with a conventional loan to pay back the original loan. Hopefully, I have equity built up into the property and can also pull out some money to put into the next deal. Hypothetically, if I want to make $100,000 a year, I would need to do this at least 2 times a year and hold on to the properties for 5 years each. Is that the gist of it?

Second, I've been looking around for some deals and have been trying to follow some of the tips that I've read/heard on BP. I was driving around my neighborhood and found what looked to be an abandoned house. I took the address and typed it into Zillow and it came back as off market. I took it to another site and found out that it was acquired by a PHH MTG Corp for an auction price of $2500. Zillow had it as possibly being worth $130,000. Now, the other site gave a disclaimer that read, "This is an REO, meaning this property has been foreclosed on because the owner couldn't meet their payments. The bank now owns this property. Most banks are not set up to own homes, and are often motivated to sell you the home at a discounted price." I don't expect to get the property for only $2500 and I should probably expect to get it for more like $80,000. I should also say that there was no contact information to get in touch with this company.

My question is, what would be your suggestion on getting in touch with these folks? I've tried googling their info, but no success. Does anyone have any positive experience in dealing with a website like this or would you suggest me finding actual owners that I can easily get in touch with. I don't want this to be a set back that stops me from getting started, so any help that you awesome BP folks can give, it would be greatly appreciated!

Bump.  Hopefully I'll hear from someone.  I'll also try posting in another forum.

Hey everyone!  I've been getting really involved recently with the podcasts, webinars, etc., and I'm now hoping to get involved on the forums.  I have a few questions and hopefully, you more experienced posters, can help me out.

First, just to make sure that I understand, if I was to find a property to BRRRR, I would need a hard money loan or a private money loan to secure the property. Once I acquire the property, I then rehab it and start to find a tenant. After 6 months to a year, I refinance the property with a conventional loan to pay back the original loan. Hopefully, I have equity built up into the property and can also pull out some money to put into the next deal. Hypothetically, if I want to make $100,000 a year, I would need to do this at least 2 times a year and hold on to the properties for 5 years each. Is that the gist of it?

Second, I've been looking around for some deals and have been trying to follow some of the tips that I've read/heard on BP. I was driving around my neighborhood and found what looked to be an abandoned house. I took the address and typed it into Zillow and it came back as off market. I took it to another site and found out that it was acquired by a PHH MTG Corp for an auction price of $2500. Zillow had it as possibly being worth $130,000. Now, the other site gave a disclaimer that read, "This is an REO, meaning this property has been foreclosed on because the owner couldn't meet their payments. The bank now owns this property. Most banks are not set up to own homes, and are often motivated to sell you the home at a discounted price." I don't expect to get the property for only $2500 and I should probably expect to get it for more like $80,000. I should also say that there was no contact information to get in touch with this company.

My question is, what would be your suggestion on getting in touch with these folks?  I've tried googling their info, but no success.  Does anyone have any positive experience in dealing with a website like this or would you suggest me finding actual owners that I can easily get in touch with.  I don't want this to be a set back that stops me from getting started, so any help that you awesome BP folks can give, it would be greatly appreciated!

Hey all, I'm trying to get my feet wet in real estate investing and have considered tax liens.   I don't quite understand it at the moment and it seems like I have a lot of work researching ahead of me.  While I'm looking up info for my area (Lexington, SC)  I was curious to see what you thought about what someone told me.  I was told, not by an investor mind you, that if you buy tax liens, you assume all of the back taxes and mortgage payments that were still with the house.  That some of these properties had even second mortgages on them.  Is this true?  Doesn't seem to make a whole lot of sense to buy these "penny on the dollar" deals if as soon as you get them you're paying for the higher prices?  Just wanted to see if there is any truth in this and if so, what are the positives to doing these?

Thanks!

Hey everyone!  I'm Chris Hooker from West Columbia, SC and I'm looking at getting into real estate investing.  I currently teach at an elementary school and own a small part time landscaping business.  I'm really interested in growing my landscaping business by owning my own inventory/properties, which has led me to this site.  I've already got started by converting my old home into a rental while moving into a much bigger house for my growing family.

With this rental, my wife and I are only breaking even, so we want to find more favorable deals.  I plan on taking any extra cash generated from the business to not only buy more equipment but to also invest in properties.  Does this sound like a good idea?

I don't have a lot of cash up front, so I'm currently writing up a business plan to possibly find some good financing.  What would you all suggest is the best type of real estate for me to start with?  Flipping, wholesaling, etc.

Looking forward to reading your replies and starting this journey!

Thanks!