All Forum Posts by: Erin Gary

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $25,000

This house is a work in progress and will update this accordingly.

What made you interested in investing in this type of deal?

It was closer to home, unlike the first flip.

How did you find this deal and how did you negotiate it?

I knew the owner and she gave me first right to purchase, we jumped on the deal!!

How did you finance this deal?

Cash and HML

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $30,000

The first was the worst is NOT a reference to the house rather to the VERY expensive lesson my business partner I learned. If you learn nothing else from real estate investing, be sure to have a solid team AND a legitimate GC!!

What made you interested in investing in this type of deal?

I wanted to bust my investing cherry!!

How did you find this deal and how did you negotiate it?

Showing a house to a client, I saw this house and called the sign. I spoke with one of the owners who told me he would be at the property the next day. I met him there and looked around, he told me he had an offer on it and if I could beat it, then I could have it! Well I beat the initial offer and fell under my anticipated budget to purchase an investment property.

How did you finance this deal?

Cash and HML

How did you add value to the deal?

Not sure how to answer this one, other than my business partner and I improved the aesthic of the neighborhood.

What was the outcome?

The fix and flip, became a buy and hold (thanks to Corona), but we have recently decided to sell this and be done.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Fortunately, I am a realtor and my business partner is a numbers lady. The GC was a past client who is good at what he does.

In your down time of studying like crazy for your real estate license take the time to listen to the audio book millionaire --you can always buy it but I'm sure your eyes will be googly eyes after so much reading and rereading of license laws and statute-- real estate investor it's on YouTube for $FREE.99

@Sherman Ragland I appreciate your motivating words and will take heed to your advice. I am VERY familiar with Baltimore and the DMV as that is where I am from and know that "The Wire" wasn't just an HBO special. I will keep you posted thanks again.

@Teri Feeney Styers I understand where you are coming from as that was my reservation... I think I may be somewhat anxious to do my first deal.. and being a realtor I KNOW that this area will experience a revitalization within the coming years and i wanted to get in early... fix it, hold it, get section 8 tenants to maintain the expenses and once it has turned around I would "hopefully" benefit from getting in early. Am I wrong???

I was showing houses to a client, and  came across a boarded up 3 unit building which got me more excited than my buyer about house hunting. So I did some digging-- It was bought for $40K over 20 years ago---it's in a crime ridden neighborhood ( I suspect this was why it was boarded up) --it is in a neighborhood that is centrally located to highways, byways and downtown, and based on what I have seen/read/researched this area will eventually see an incline. (yes I am a realtor who is a NEWBIE on a shoestring budget)

My questions are this (besides getting the seller to sell)

1) How do I approach getting, fixing and holding this property with no money?

2) Are there any investors looking to do a JV with a newbie who knows the market and will manage the property?

3) Still learning BP..Am I even asking in the right forum?

Thank you in advance for any help and/or suggestions.

@Valerie Pedigo hello, I am wondering if you can email me those scripts as well...still kinda learning BP and don't know whether to post my email address in the thread or Direct message you??? Thank you for your help

Ok I have read the threads and have a question about my situation I have a

OO PF / going to auction 2/9/2017

owes appx 13K to bank / wants to stay in home and become tenant not owner but will move if have to /

comps btwn 260-280 / total loan 231K /

refi'd 2x / 

EXIT STRATEGY: wholesale but what is the buyers incentive???? 

I am not so sure that I have a deal or not...please note YES I am a newbie and NO I'm not afraid to walk away!

Okay I was reading this post and as a newbie looking to wholesale a pre-foreclosure, I need to know what questions am I asking the bank about the loan? (yes I have an authorization to release information from the current owner to speak with the bank)

Hello @Daniel Ramirez I am wondering if you found a solid contractor? I too am in CLT and have some deals (or at least I think may be) but would like a (good, reliable) GC to tell me if I am correct. Thanks and I hope it worked out for you!!