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All Forum Posts by: Jason DeBraux

Jason DeBraux has started 2 posts and replied 28 times.

Post: Just Bought a Duplex!

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

Congrats Thomas on your new deal for the new year! 

Post: New Member Introduction

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

Welcome to the BP community Cindy.  This site is filled with resourceful information.

Post: Real Estate Agent, Virginia

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

Welcome Jackie to the Bigger Pockets community! I'm located in Chesapeake, VA area and I hope to invest in the near future.

Post: Real estate investing for felons

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

First of all Congrats for turning your life around.  I believe as long as there is a will to get into the real estate business than there is a way to get into the real estate business.  You may have to do a lot of "proving people wrong" but if you want it bad enough than you can and will succeed.  

Now I'm a newbie that's still learning and this is my $0.02.  

Post: I found my first deal!

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

Congrats on your first deal!  I'm truly happy for you.

Post: I attended my first local Real Estate Investors meeting today

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

Thank You all for the encouragement and wise words.  I look forward to going to more meetings and learning as much as possible.  

Post: I attended my first local Real Estate Investors meeting today

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

I recently joined my local Real Estate Investors club in my area and the topic of today's meeting was using OPM (Other People's Money).  I was actually excited that I didn't feel lost in the meeting with all the different acronyms they used thanks to BP.  I actually got to meet and socialize with some of the local investors in the area.  We had a "soft" money lender do a presentation on how his company loans to investors all over the country and how their rates are much more reasonable than a hard money lender.  I'm still wet behind the ears but I'm glad that I was in the room with people in the business and I plan to attend more meetings in the future and eventually get a property under contract.

Post: How to accurately estimate ARV w/o experience?

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7
Originally posted by @Brian Spitz:

Paige - 

If you are trying to estimate the ARV I think you're looking for the after repaired value. The best way to determine the ARV is to work with a licensed agent (or become one) so you can access the sales records in your local listing service. Learning to pull comps this way is the most accurate way to determine value. You can use Zillow or other similar sites but they are often quite wrong and can hurt the chance of landing a deal if you depend on their numbers.

For repairs the best thing to do would be to go to a local REIA group (real estate investor association) and connect with contractors and investors. Investor-friendly contractors often offer services as vendors (or even just through networking) at a good REIA. Ask them to give you repair estimates and tell them you will pass those estimates along to an end buyer when you wholesale the deal. The right person in that environment can teach you a lot about determining ARV and repair costs.

Best of luck!

Brian Spitz

 Thank You for that comprehensive answer Brian.

Post: Renter offering 12 months up front

Jason DeBrauxPosted
  • Flipper
  • Chesapeake, VA
  • Posts 29
  • Votes 7

I think probing on why he's going this route is the best suggestion.  Don't be afraid to ask him uncomfortable questions but also be transparent with him letting him know that this is not common so you need to know why he's going this route.  I hope it all works out for you.

Thank you for sharing your story.