All Forum Posts by: Ed Adelino

Hi Theresa,

Just came across your post and I will try my best to answer it.  

Disclosure:  I am not an mortgage broker nor am I an investor but I am a licensed real estate agent in MA.

question #1: You can pay for an appraisal but you can also work with a licensed real estate agent in your area to have them do a CMA (Comparable Market Analysis). From the posts that I've read, it seems that most investors work with an agent to determine the value and to sell the property.

question #2: Can't say that I've seen this on listings and it's not something that I would personally use.  If the property is priced accordingly for your market then it should get offers that are around the asking price.  No need to oversell.

question #3: FHA requires 1 appraisal but it is a tougher appraisal process vs someone using a conventional loan. FHA approved appraiser must determine value for property and also do a health/safety inspection. A home inspection is not required for FHA but most agents/lenders will still suggest it to buyers. If the property has had an FHA appraisal, you can use that value. But, know that just like any other appraisal, it's someone's best estimate of the value and may not always be accurate, especially if the appraisal was done a few months ago. In some parts of the country the market is changing quickly. This is where an agent with knowledge of your area can be very useful.

I hope this helps!

Welcome to BP @Peter Camilli!

As many others have already stated...you're in the best place to learn and connect with like minded people.  Be sure to check out the info under the education tab above.  I found the free course very useful because it provided an overview of RE investing.

Best of Luck!

Hi @Michelle Wardand welcome to BP!

Along with the many great recommendations that @Paul Timminsrecommended I would also recommend the Free Course under Education.  Great overview of RE investing.  In fact, most of what you need to know to get started can be found here on BP.  So, don't through money away on gurus.

Wish you all the best as you start your journey to gain knowledge.

@Sarann K. welcome to BP!

As many others have already echoed, there is a tremendous amount of information on BP for you to dig into.  As a new investor myself, I found the Free Course under Education very helpful as well as the Bigger Pocket's Beginner's guide.  

Since you mention seller financing, I would also recommend BP Investing in Real Estate with No or Low Money Down, if you haven't already read it.  There's a whole chapter dedicated to the subject and some of the drawbacks like triggering the "due on sale" clause.

Best of luck to you!

@Erica NagleI'm so sorry to hear about the loss of your hard earned money.  It seems like you've already gone to great lengths to try and get it back.  If it were me, I would keep doing everything possible to put them out of business permanently.  Until someone shuts them down, they're just going to go from one victim to the next.

Don't give up.  And no matter what happens, don't give up on investing in real estate. 

Hi @Bensley Faustinand welcome to BP!  I'm fairly new to the site as well but agree 100% with Paul's advice.  There's a lot of info here that should help you determine what type of RE investing you might want to consider and how to get started.  Personally, I found the Free Course section under the Education tab very helpful in terms of making a decision of what type of investing to pursue.  Don't get overwhelmed by the amount of info that is out there!  Just figure out what type of investing appeals to you and then start to look at the info (books, podcast, articles, etc) on that specific type of investing.  Best of luck to you!

Thank you @David Ebbesonfor posting the links to those 2 evaluators.  Just looked at both of them and I think they could be very useful.

Welcome @Joe Languirand

As a newbie myself to BP these are a couple of the things that I found helpful

1. education drop down menu, go to free course.  Brandon has a set of videos that do a great job explaining RE investing.  Also recommend the Ultimate Beginner's Guide.

2. if you're interested in flipping houses, highly recommend J Scott's book "The book on flipping houses" as a starting point.

Just a couple of things that have helped me.  Best of luck!

Hi @Christy Delaney

congrats on buying your first property!  You're off to a great start!  Best of luck with your next hunt!

Thanks Derreck!  Will do!

Welcome to BP @Scott Kolar!