All Forum Posts by: Doug McRae

Mark Nolan thanks!

Hello all! I am a new investor focusing in West St. Tammany in Louisiana. I have spent years reading, learning and researching and have finally turned this investing thing into high gear. I recently partnered with a business associate and we have put a total of 5 offers in for properties but have yet to secure one. It seems that this area is very competitive due to awesome school districts and great quality of life that it offers. I am currently seeking wholesalers in my area that are looking for cash buyers. I am excited to begin this journey and Very excited to be a part of this community!

Cristian Rivera what part of Texas? I'm not sure if you listen to the podcasts but a lot of investors are saying Texas is the place to be. There is a lot of opportunity there. The one disadvantage you are looking at is once you get there you have to learn a new market. I am a new investor as well but one of my greatest assets is that I grew up in the area I am investing in. That makes me extremely familiar with the market and I have a lot of connections in this community. I would suggest to start looking at real estate that you are potentially moving to in Texas, what are the school districts like, what are average rent prices and how much house can you get for the money. Then sit down with your wants and needs and compare all the data. Good luck on your journey!

@Josh Thomas Thanks man! This is the kind of stuff I'm looking for!

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This is a duplex that is already under construction and is nearly complete. P&I, taxes and insurance would be a little under 2300 a month (30 year traditional loan). The equity strictly being in the down payment. I am a newbie but have never considered a new construction. The draw strictly being that repair, maintenance and capex would be very low for the first 5 years or so. I was wondering what all the pros opinions were.

New construction duplex, 4/2.5 each side, 2000 sqft each side, price $450,000, total rental income $4,000.

Would you do it? Why or why not?

I am not trying to be rude but I am not looking for traditional ways to secure this home, I want to know if it is possible to get a home subject to existing financing while the owner is going through bankruptcy. 

I want to purchase using existing financing. 

Is it possible to successfully purchase a property subject to existing financing that is currently in Chapter 7 bankruptcy?