All Forum Posts by: Daniel Florence

First off, thanks for checking out my post. I’m somewhat of a newbie to real estate investing and believe I have found what seems to be a good investment but am looking for feedback from some seasoned investors. I have found a house in the Metro Atlanta area that has been converted from a modular home to a single family home. I have the approval paperwork from the county showing it as a single family home and the house sits on 1.35 acres in a upper middle class/rapidly growing market. I’ve never run across this type of home and I don’t know anything about modular homes conversions and potential downfalls as far as investments. Is there anything I should look out for or be concerned about? The house was built in 2003 (according to the listing).

Thank you to all for the advice. I did find the Property Condition Report on the HUD website. It shows the electric checked out but there was an issue with the plumbing and I'm waiting to find out if they'll allow me to dewinterize and have the plumbing inspected. The report stated:

Plumbing tested with air compressor and system did not hold 35 psi for at least 15 minutes.

I have no idea what this could indicate...does anyone have any experience with this? At this point, if they won't allow me to dewinterize and inspect the plumbing I will walk. 

I'm looking at making an offer on my first investment property which is HUD home. The listing agent said there is no power and the power will not be turned on for the inspection. Is this typical for a HUD inspection? What are some the risks with having an inspection w/o the power? At this point the numbers make sense, but I'm hoping to get some feedback from seasoned investors on this one. Thank you!

I'm looking at making an offer on my first investment property which is HUD home. The listing agent said there is no power and the power will not be turned on for the inspection. Is this typical for a HUD inspection? What are some the risks with having an inspection w/o the power? At this point the numbers make sense, but I'm hoping to get some feedback from seasoned investors on this one. Thank you!

Hello and thank you to anyone who's reading this! I'm somewhat new to real estate investing and so glad I found BP. I've been researching and reading as much as I can to make sure I start out in the right foot. I'm looking to make my first investment and found a property within 15 minutes of my home. It's an REO and needs almost zero rehab other than mold on the garage. The mold is on a side wall near the garage door and I'm meeting a remediation contractor to look at it next week. I'm torn with this one because I have no experience with mold and some say run for the hills while others say mold smells like $. The asking price is $209k and it's been on the market for almost 6 months. Similar homes in the neighborhood are selling for $220-$230. It's been on the market for 6 months and I'm thinking if I can make a cash deal for $150-$175k it could be very profitable. My question to the experienced investor is...would you walk away from a this deal because of mold? Would I be taking a big risk if this was the only rehab needed?

Hello Everyone,

I'm looking to get started and have a lot of questions and was hoping the Bigger Pockets forum would help with some advice for a newbie. 

I'm a 35 year old full time industrial packaging salesman who's looking to invest in real estate part time until I feel comfortable to potentially move into a full-time role somewhere down the road. I've owned a rental before not by choice but during the real estate crash when I could not sell the first home I bought. I rented this home for 4 years and quickly learned that the tenant can really make or break you.

My thought as a newbie is to invest in SFH's with a buy and hold strategy. I realize the market is high but also realize there still can be deals out there with the a little work and the right connections. But, I'm also trying to figure out how some of the investors on BP forums and Podcast are buying multiple properties a month.

The price range I'm looking in is anywhere from $50k - $150 in the Atlanta metro area and Athens, Ga area. I have cash on hand to meet the 20% - 25% down payment but I'm curious if I wanted to buy multiple properties this year will I have to tap my cash reserves each time to meet the down payment requirements or can I leverage other properties to buy new properties?

I'm still trying to wrap my head around how to use the leverage in my first rental investment to buy additional units. 

Any advice is greatly appreciated!