All Forum Posts by: Christina Brooks

Hi Brandy,

I'm in Rock Hill, SC and fairly new to investing (first property last March, now working on my 7th deal). It's been an exciting ride so far and I look forward to seeing what else is in store.

You've come t oa great place to get started. There are a lot of helpful and knowledgeable people on this site.

I would love to stay connected with the fellow SC investors. It's great to know what people are interested in in the area so if anything comes my way that is for you I can pass it along.

Thank you all for your replies. That makes me feel A LOT better. I will go downtown on Tuesday and talk with them to find out exactly what's going on and what it will require to get the house back to a habitable status... and if all works out, close on Friday.

Hi All,

I have a question that I hope you can help me with. After two weeks of back and forth negotiation with an absentee owner of an abandoned property, we came to terms that we both agree on. I signed the purchase contract this morning and submitted the mortgage, note, and contract to the closing attorney to close Friday (a week from today). This evening I decided to drive by the property and I noticed a red sign on the door that says "Vacated... home is uninhabitable" posted by the city. I'm not sure if this means the home is condemned (and I plan to call them on Tuesday) but if it does am I still obligated to go through with the contract since I agreed to "as-is"? Can I still negotiate or completely walk away or am I stuck?

Thanks for any information or experience you can provide!

Hi Tom! I sent you a pm

Thanks John. Your probably right in that I need to learn more about what makes a great deal as I am still new to real estate investing.

For me I define a great deal as one that I can purchase at a low price (even pay cash and own it outright) put a little work into it and be able to rent it out with a positive cash flow at the end of each month. Please let me know what I might be missing in that formula... I'm sure I'm over looking something.

These deals have been presented from other investors and me contacting owners of properties I'm interested in (and one on the mls where the owner is very interested in negotiating terms for seller financing as she has received the property at the death of her parent and does not want the house... this one needs work).

I have only done one rehab (and that was an experience). From where I'm standing now these deals would require nowhere near the rehab as the one I completed.

In the end you are probably right in that I shouldn't put myself in the situation of not being able to complete a rehab. I should narrow these deals down, negotiate the best terms on one (or two) and get it fixed and rented before moving on.

It's tough being a newbie... it's like being a kid in a candy store with so many options in the real estate world.

Hi All,

Over the last couple of days 4 or 5 deals have come my way that seem pretty good (this is preliminary observance... no extensive research done yet). If they all check out they would be great buys for me.

I have the ability to purchase all of them (some with cash and some with some creative financing (i.e. family, seller financing, etc) but if I do I will have VERY little money to complete the rehabs on them at this time.

My question is is it ok to acquire as many properties as you can now and work on the rehabs for them as you get the money or is it better to purchase a few and finish the rehabs completely before moving on the the next?

I am following a buy and hold strategy and I realize that I am not making money until the properties are rehabbed and tenants move in, but as a newbie I just wonder if it is better to build my portfolio (or is it true that there is always a deal to be had out there?).

Thanks for any responses.

Hi Bill,

Thanks! I certainly will.

Hi Nick,

I have to admit that the owner financed deal was the easiest but I feel I might have lost some of the protection traditional financing offers. With that I think I still prefer owner financing.

Oops I didn't answer one of your questions. So basically I'm just now really starting to see positive cash flow now that the cards are paid off.

Hi Scott

I was taking a chance and didn't actually have an emergency savings during that time. I've since rebuilt my savings (now emergency savings) and was able to pay off the credit cards rather quickly. 0 interest for 12 months on two cards in the amount of $14k.

I work full time and am able to dedicate 75% of my income to real estate and other investments. We live comfortably on hubby's salary. I hope that makes sense... Sorry for the confusion.