All Forum Posts by: Devin Duval

Hello everyone!

I am ready to buy my first investment property. I am looking to buy a brrrr or just buy a property to rent and hold.

I have 20-30k as a 20% down payment and I think the next step is to get a pre approval so I can make offers. My thought process is call around and get multiple rates to find the best bank. And then find a good wholesalers/agent/broker to start looking for a property.

I am making this post to just get any advice you would have given the situation I am in. Here is a little more information that may be useful.

I make $70000 a year. I am putting away around 20% of that annually ($1200 a month) strictly for investing so I can begin to purchase property regularly. I own my home currently financed through a family member at 1% (which is a great deal). Credit score is 805.

Again, thanks in advance for all feedback and advice!

@Jaysen Medhurst Thanks for the advice! I will look into that right away! 👍

Hello BiggerPockets family!

I am looking to purchase a duplex for $230,000. The ARV of the duplex is has been appraised at $323,000. I the I'm trying to find financing for 80% of the purchase price. I am having 20% of the down payment gifted it to me from a family member and the money for the rehab that needs to be done gifted as well. I have called a few lenders and I have been told that you can't use gift funds for a down payment. Is there a workaround for this? Any advice on the next steps moving forward to make this deal possibility?

The property in question was a development project started by the seller and he never finished the project so the house is 85% finished. All it needs is a driveway, HVAC system, flooring, and painting.

Hello BiggerPockets Family!

I am looking into buying a duplex in the Columbia, SC area. It is a 3bd/2b on both sides with a single car garage on either side. The purchase price is $240,000 and I have had an appraisal done on the property that has come out to $323,000. It needs $35,000 in repairs.

So, my strategy with this property is to use an investor friend for the down payment of 20% ($47,000) and the rehab cost of $35,000. And the goal would be to pay him a 10% return on his money annually until he can be payed out. Then AirBnB the duplex for maximum profits. I am trying to figure low around 16 nights @ $225 a night. The area is nice. It is 5 miles to the football stadium, and around 2 miles to Ft. Jackson which is a military base that has graduations so many times a year. So I think the price, location, and days booked are reasonable. 

With this post I would like to see if anyone else has used this strategy? Do you think my numbers are favorable? Do you think my booked days and pricing is reasonable? Or just any input that you may have would be greatly appreciated.

Hello BiggerPockets Family!

This post is to get some input from other investors that may use wholesalers or still use wholesalers to obtain deals to Fix-and-Flip. Just want to know if it is possible to still be profitable enough to use wholesalers as a system to cut out having to market to or find distressed sellers? That way I can just focus on buying the property, rehabbing, and selling.

Some obvious things I know to think about is don't believe wholesaler's numbers. Always do your own due diligence. And set up a separate email to give to wholesalers.

And another question is, what is the best way to locate wholesalers? Craigslist? Calling Bandit Signs?

Any comments or advice is welcome! Thanks!

Hello BiggerPockets Family!

This may be a very basic question, but I am looking to just fix-and-flip in this season of my life and was wanting to locate some good wholesalers in my area.

Is it good practice to call bandit signs to find wholesalers? Any advice when doing so?

I have done some due diligence and found obviously if I am sent a property to always run my own numbers and a good strategy is three stiles your out. Meaning if the wholesaler brings three bad deals that are not really deals then don't work with them anymore.

Just wanted some experienced advice on this and look forward to all responses! Thanks!

@Taylor L. Great advice! I have been looking for local events and plan on attending some soon! As far as contractors and service members I am ready to go! I work full time in a construction industry so I am well connected to many contractors.

Hello everyone!

I have been reading, listening to podcasts, and learning from a friend of mine who is a fix-and-flip investor. I want to begin finding a fix-and-flip for myself to begin with. I have an investor that is a multimillionaire that will fund a deal I find 100%. He just want me to find the deal and show him the numbers. So that is where I am currently at, looking for a deal and trying to locate a REI friendly agent to help me find SFH on the MLS.

This post in a nutshell is to find others to network with and hopefully find a deal soon! If anyone lives or invest in the area and could recommend real estate agents that work with investors that would be great. Or wholesalers that regularly obtain good deals.

I am also looking to possibly move and house hack into a multifamily home.

Any advice, contacts, or response is welcome. Thanks!

Hello everyone!

I am looking to network with other investors in Columbia, SC. I currently have not made my first deal yet, but I have an investor that has deep pockets. He would be willing to invest in any deal I can find.

So this post is to find others to network with and hopefully find a deal soon! If anyone lives or invest in the area and could recommend real estate agents that work with investors that would be great. Or wholesalers that regularly obtain good deals.

I am looking for fix and flips and possible brrrr properties. I would also be interested in multifamily, duplex, triplex, and quads.

Any advice, contacts, or response is welcome. Thanks!

@Hai Loc Thanks for your input!