All Forum Posts by: Denayer Burns

@ Russell Ponce, actually one of the questions addresses the mortgage status.  I certainly don't want to get into a situation where the margins are too slim to make a profit or worse end up costing more than the deal is worth.  I'm considering several different strategies.  Have you invested in tax leins?  If so, what has your experience been?

@ Mike Hartzog, thank you for the suggestion.  I did happen to find an older post from a wholesaling forum which listed the script that I need.  I'm still learning the business and just needed a conversation starter.  Again thank you for the suggestion.

I'm looking to approach a few property owners whose property will go up for auction at the next tax sale.  I want to try to work out a deal with the owner prior to the property going to auction.  Any suggestions on how to approach the conversation?  Anyone have a script they use?

I can put up to 20% down, but it may not be needed given the equity in the deal.

I am looking for a private money partner to fund the purchase of lower priced properties to build a sound rental portfolio. The St. Louis market offers a unique advantage because of its relatively low prices in working class areas. This allows for excellent investment returns with lower risk.

I currently have a move-in ready 2 bed, 1 bath, 1 car garage house under contract for $17,000. Motivated seller. Homes in the area rent for 650 or higher. Looking for private funding to acquire this property.

@ John Byrne, thank you for breakdown, that gives me a better understanding.

@ Ben Leybovich, I've taken down the terms, homework for tonight. Interesting thing you said that learning this information is about 10% of what I'll need to know. What do you suggest as next steps regarding learning the business? Also, short sales, hard niche to get into or hard to master?

@ Chris Vail, thank you for the tip regarding the tip regarding the Ultimate Beginners Guide. I've downloaded and started reading, lots of good information.

@ Jon, thank you for the information. I know that I have a lot to learn. So another question should I base my desired net income on retail comps? I know that I will want to stay with low to moderate risk initially and the personal time investment equates to all as much as possible.

Hello BP,

Okay so I'm new to this, I'm talking novice new. I'm looking to get into buy and flip properties, but eventually get into buy and hold. One thing I keep hearing over and over again is, you gotta make sure it's a good deal, the numbers have to make sense. To someone's who totally new to real estate, that's confusing. How do I know it's a good deal? I certainly don't want to get into a bad deal and not be able to move the property.

Any advise?

Chris,

So glad you started this post. Your post entails exactly what I've been contemplating for a while. I too, work a 9 to 5 in the cubicle world. I have been in management for some time working long hours daily and really want to get into real estate. I've decided that if I'm going to work 10 and 12 hours days, I might as well do so for myself. I'm looking for that financial freedom that will allow me a much more flexible schedule.

Since I've been on bp, I have been reading the blogs, listening to the podcasts and reading books on various avenues available in the real estate world, property management, wholesaling, becoming an agent, REOs etc. All of which sound very interesting to me. Because I tend to get bored easily with my work, I do know that I will most likely pursue a couple of different paths at the same time.

I do understand that there are certain perks that come along with being w-2, such as Katy mentioned above. So, I've made up my mind to follow a path similar to the what Jon is taking. I'm going to get my real estate license this summer and start working as an agent in the evenings and weekends. I know that I have a lot more to learn, but I have found bp to be a tremendous wealth of knowledge.

So good luck to you in finding your niche.