All Forum Posts by: Elmer Lee

@Paul Timmins 

Thanks so much!

I'll definitely check these out. Everyone has been so helpful.

@Brian K.  Thank you!

I've utilized the search site box and Video "How tos" in Bigger Pockets Help Section.  They've been very helpful.

I recently posted a question and have received valuable information.

Thanks again!

Thanks everyone!  Your responses are really helpful.  The buy and hold seems like the best option being that he already has tenants,  The seller said, he wasn't "set on the $150,000.00" that's just a number he mentioned when I asked what the purchase price was but certainly wouldn't pay that.

Thanks again everyone.  Learning lots!

Thanks for the response Larry T.  "Exercising" keeps us in good health!  :)

I'm definitely going to keep going at it.

Thank you Raj Gandhi!

Hello!

I potentially have my first wholesale deal and I need some advice.

A motivated seller contacted me indicating he is ready to sell at a significant discount as he and his partners no longer have time to be landlords and doesn't want to have the home listed with an agent.  There are tenants in the property. 

Here are the details:

Purchase price $150,000.00 but seller is willing to negotiate

3B/3Bath - No garage

1st and 2nd Mortgages balance of $170,000.00.  He indicated the mortgage payments are current, fixed interest rates.  He is prepared to bring $ to closing to payoff mortgages. and taxes are current (I pulled taxes)

I pulled some comps and similar homes in the area have sold for $89,000.00 and $109,000.00.  Zillow estimates the property to be work $199,000.00

I'm scheduled to visit the property tomorrow.

Any advice, Ideas?  Anything else I should also be looking for or how to structure the deal?

Your help is much appreciated!

@Paul Schuw Thank you for the welcome and I'll be sure to check out the podcasts.

Greetings!

My name is Elmer Lee and I'm a newbie real estate investor here in Minneapolis, MN.  I dabbled in real estate investing a few years back as a landlord of single family residences.  I currently work full time as a bus driver but have always wanted to do real estate full time.  My goals in real estate are to become more educated in real estate investing grow my property portfolio so that I can spend more time with my family. 

I searched to see where I could network with likeminded people and found BiggerPockets.  The wealth of information that is shared here is sure to help every member become successful! 

Thanks for sharing your knowledge.  I hope to do the same for you and look forward to Networking!

Elmer