All Forum Posts by: Eric Lawson

Looking to invest in my first property and found a deal on the MLS and request a realtor to show me the property. The realtor agreed but has a flat fee of $1200 is this normal for Baltimore realtors I'm accustom to maybe $300-500 and % commission.. Is this normal or is the agent looking for a quick $1200 from a new investor?

@Nathan Roberts thanks for the insight I think you said it best master the marketing and hammer it out daily but keep a agent in my back pocket!

What we all need in this business is leads this is the simplest answer but the most challenging aspect “finding a good lead” I have learned several ways to find good leads cold calling, D4D, direct mail,bandit signs etc.

As somewhat of a newbie to the real estate industry with a financial background I’m looking to purchase a property within the next 90 days but wanted to get some insight on the best way to go about that. Would it be best to master marketing or should I reach out to real estate agent for leads or should I continue to drive for dollars and submit offers

I have been educating myself for the past year and ready to put the education to action and get that first deal under my belt

I recently came across some condos in my area ( Baltimore,MD) and the range from  90k to 130k in pretty good condition(minor repairs needed). My question is are condos a good investment the average mortgage is about $600 TO $800 per month pulling in about $1225 average rent in the area. But condo fees are the killer most are about $180 per month cutting into the rental profit. 

I came across a property that is Bank owned as a possible flip and the bank is asking for $63,000 unfortunately there are no comparables in the area to this property. In the last 6 to 12 months properties that match the criteria for this home which is a 3/1.5 townhouse 1500sq only comps are single-family homes with a more square footage than this property. should stay away from this property Because the comps on the area are all selling or have sold for $60,000 or less.

Thanks Wayne for the insight. I really appreciate it I think this advice will save me a lot of time and money.  

I recently did an analysis on a property on auction.com and it looks like a really good deal for a fixnflip with a possible profit of 30k depending on the sales price. The bidding starts at 55k with an ARV of 120,000. the top of my budget would be about 70k repairs est @ 20k-30k

My question is does anyone have any experience with purchasing from an auction site and what process would I need to take to get access to this property it is occupied and buyer is responsible for obtaining possession. Also what should I look out for when purchasing this property.

Thanks and all answers are welcomed. 

 

Originally posted by @Eric Lawson:

Good Day,

I’m looking for the most cost affective way to fund my first deal $100,000 this is a property owned by the bank.

I was thinking of using HomeStyle Reno loan, due to a hard money lender fees are a little to high and requires an 30k down payment. Has anyone ever used this type of loan for real estate investing.

Also has any had success with negotiations with banks on the sales price.. I need to negotiate the sale price down due to the ARV is about $130k and Reno cost are about $20-25k.

Good Day,

I’m looking for the most cost affective way to fund my first deal $100,000 this is a property owned by the bank.

I was thinking of using HomeStyle Reno loan, due to a hard money lender fees are a little to high and requires an 30 down payment. Has anyone ever used this type of loan for real estate investing.

Also has any had success with negotiations with banks on the sales price.. I need to negotiate the sale price down due to the ARV is about $130k and Reno cost are about $20-25k.

$10,000 to invest in real estate what will be the best course of action. This would not be enough to obtain a hard money loan Which typically request 20 to 30 K in assets.My credit Score is about 690 and typically don’t have trouble obtaining a traditional loan. With all the different levels of experience on BP and I need to get some ideas and recommendations on what steps I should take with the current assets I have or should I continue to save an look to invest in the near future.