All Forum Posts by: Felipe Munoz

If you were making an offer on a short sale listing, and there was no power to the property, how do you calculate repair costs if you don't know: 1) Does the HVAC work? 2) Does the pool equipment work? Also, the bank has put a cover on the pool as a safety precaution. How do you see the pool itself if you wanted to check for cracks. They aren't going to take it off just so you can take a look before you make an offer.

Jeff Moore EMD= Earnest Money Deposit. "Contingencies" that he mentioned such as "inspections" or "financing" means that you write into the purchase contract ways to cancel contract without penalties. For example, if you find anything during the inspection period that you don't like you can cancel contract and get EMD back. Financing contingency means that you can cancel contract with no penalties if you are unable to secure financing. Piggyback all you want! We're all learning here.

Thanks!! That was awesome!! I'll report back to site when I get something in the pipeline.

Insanely rookie question: Can someone go through step-by-step process of using hard money loan to purchase a fix and flip property? Can you start from very beginning of process ("that house looks like a great opportunity for my first fix & flip! I need to move quickly and don't have a money partner. I think hard money is my only option......"). If it's asset based, how do you line up financing before you have a potential deal or do you find deal first? Can you use hard money loan to purchase, fix & flip a short sale? Is that an entirely separate topic? Thanks for any advise.

Please se my post..... Using Your License to Invest/Work with Investors on the BiggerPockets forums http://www.biggerpockets.com/forums/21/topics/454936-using-your-license-to-invest-work-with-investors

Disclose. Disclose. Disclose. Also have buyer sign something saying you disclosed it to them. There's a form (in AZ) for dual agency as well. Meaning you are representing the buyer and seller (you in this case). Nice that you're already thinking about this kind of thing!!

Repost: Think I posted in wrong group previously. Sorry if you've read it already. I've been inactive when it comes to real estate and visiting Bigger Pockets for a number of years. Extreme brief background: Got licensed in '08 to become a full time REALTOR. That was kinda bad timing so I went back to working W-2 40hr/week gig and only used RE license to help friends with home purchases including personal residences for my family. I live in Phoenix, AZ (Ahwatukee) and I'm very curious as to how folks on BP with RE licenses use them for their investing ventures. Do any of you wholesale? How do you disclose to sellers that you are licensed and how do you your brokers view wholesaling? What other ways do you use license? I'm sure having access to MLS has to be a huge bonus but how exactly? Are you just throwing out tons of offers for other investors? If so, do you have systems to automate your offer writing? I definitely want to start meeting up with investors actually doing deals to learn as much as I can. At the moment I'm looking to supplement my income. (I like my 40hr gig). I know that was a lot of questions but I look forward hearing some responses and possibly meeting some of you.

Thanks for the response guys!

@Anthony Dooley When you say "a hot deal pops up".....What are you doing with these properties?  Are you funding these purchases yourself?  

@Shawn Ackerman In NY, you write offers for investors and collect commission on sales?  What is the benefit to the realtor in mid-west to work with you?  

Thanks again!!!

I've been inactive when it comes to real estate and visiting Bigger Pockets for a number of years. Extreme brief background: Got licensed in '08 to become a full time REALTOR. That was kinda bad timing so I went back to working W-2 40hr/week gig and only used RE license to help friends with home purchases including personal residences for my family. I live in Phoenix, AZ (Ahwatukee) and I'm very curious as to how folks on BP with RE licenses use them for their investing ventures. Do any of you wholesale? How do you disclose to sellers that you are licensed and how do you your brokers view wholesaling? What other ways do you use license? I'm sure having access to MLS has to be a huge bonus but how exactly? Are you just throwing out tons of offers for other investors? If so, do you have systems to automate your offer writing? I definitely want to start meeting up with investors actually doing deals to learn as much as I can. At the moment I'm looking to supplement my income. (I like my 40hr gig). I know that was a lot of questions but I look forward hearing some responses and possibly meeting some of you.

Hello,

I'd like to attend a meet up in the future.  Looks like next meeting will be held on 6/23/17...I'll be on a family vacation in FL for that one.  I'm following this thread and look forward to meeting up with you guys soon.

-Felipe Munoz