All Forum Posts by: Eric Davenport

Hello BP Family!

Is there anywhere on the web that is a great resource to find foreclosures or pre foreclosures before they hit auction? I know that the best way to find these are to pair with a realtor who has access the the MLS. Short of getting my own real estate license, I'm wondering if there are any paid subscription websites or anything like this that are worth paying so I can search on my own time.

Thank you all for any insight! 

Hello BP Family!

I have been researching and getting really excited about the BRRRR strategy, it seems to be the best way to build a portfolio in a scalable and safe way (having done due diligence of course). Before I buy a property, I want to take actionable steps now to set myself up for success, including researching lenders and knowing who I will be working with and their refinancing terms.

When looking for new lenders, how do you approach them to find this information out? 

Do you tell them what you are planning and why you want to refinance? 

Or do you keep things simple and just ask about cash out refinance terms? 

Thank you all for any insight or information! Discussing terms with banks is something new and I would love to start the conversation out the right way. 

@Kyle McCorkel Thank you for the suggestion, we had not thought of that! It's a very creative way to use traditional financing. 

Hello BP family,

I am new to both real estate and BP, but have been watching the market and reading forums/books soaking up as much information as I can. I am ready to stop incubating and pull the trigger on a first property! A little background to give some context, my wife and I took a year off from the 9-5 to travel long term, and are now starting jobs again hopefully this week and excited to start REI.

We have found a beautiful duplex, new roof, great area, less than 20 years old, and at a great price. It is in a fairly hot market and I know it will not last long. My wife has family in the loan business, and we only needs 2 weeks of pay stubs for the full FHA loan, but I am afraid by this point it will be gone.

Being that we are new to RE, we do not know investors, but my parents may be willing to help. Is it possible for them to buy the house and then we buy it from them once we have the loan availability? What are some options for quick financing to lock down this house before it's too late. Or should I not be so attached and just look for the next good deal when it comes along?

Thank you for any and all responses!

Eric

Hello All!

My wife and I are new to real estate investment and hopefully will be buying our first property soon.  When researching deal analysis I have found a large debate on calculating expenses and saving money. Some say the best is to save a certain % per month for expenses (vacancies, capex, etc.), while others argue that saving 5% on $1000 income/month would be a slow fruitless savings. These people will keep large amounts of cash in savings for these expenditures and collect cashflow.

So I suppose this is a two part discussion. How do you go about saving money, especially when starting out, and if you agree with the latter, how do you factor that savings into deal analysis?

Thank you all for the opinions and perspectives!

Eric & Emily