All Forum Posts by: Oneil Okpaleke

Hello everyone,

I am a small business owner, I have good credit, make decent money, and have about 20k saved up for a down payment on a first-time home purchase.

I live in Lubbock Tx, where decent homes go for about $150k and upwards.

Questions:

1) it is a good decision to purchase a brand new home for about $190k since the prices of older homes are soaring at the moment. 

2) will interest rates be more on brand new construction?

3) how do I shop around for the best interest rates, as I am currently pre-approved from my bank for 199k and 5% down.

@Austin Hughes sorry for the late reply.. but I am looking to invest in single family/multi family rentals in the Lubbock areas

@Mike Dorneman Thanks for the information. I just found some credit dispute companies like Lexington law firm. I am on it..

Hello BIggerpockets Family, I am beginnner here and I am looking to purchase my first property via FHA/conventional loan. I have a good credit score in the low 700s, but I seem to have a dispute judgment that doesn’t allow me get a loan of which I never knew about until now. I would appreciate any suggestions/information that could help me in this situation. Thanks

Hello BP family, i am a recent graduate from Texas Tech and a Petroleum Engineer looking to invest in Lubbock Texas.. I’m seeking other members, realtors, contractors, etc...

@Dorothy Butala, thanks for your replying to my post. I'll probably use a hard money lender on this deal because the seller doesn't want to deal with either of the two options (MLO or Seller Financing).

Well, I came up with that number:

1) to give me some negotiating wiggle room and

2) I ran the numbers as a BRRRR and as a flip.. For a flip with an estimated profit of 25k, my maximum allowable offer was 22K.

@Sam Shueh, Thanks very much, I just got the comps from local Realtor.....the comps happen to be pretty close to the estimated value on Zillow and Realtor.com...

I am a new investor looking forward to buying my first rental property. I recently met a nice old man at a coffee shop who is willing to sell me his house. From my research on Zillow, Trulia, and realto.com; the property is worth anywhere between $100k to $120k. I also drove down to see the property and it is a fixer-upper that will require a sizeable amount of work because it hasn't been renovated since 1965 when he purchased it. After running to numbers through BP Calculator, I am in the process of negotiating to make an offer on the property for about $25k with an estimated rehab budget of $30k, and ARV of $100k.

I have a couple of questions for my first move;

Do I first sign a contract with him for about 6weeks to do a detailed due diligence on the property?

And if all goes well and if he is Okay with a Master Lease Option or a Seller Finance? AND If I plan on fixing it up first before renting. which one do I go for and how?

Thanks!

@Thomas S.;@Laticia Braxton;@Fred Heller Thanks a lot. All your comments were extremely helpful. I'm working on finding a good Realtor.

Hi there,

Please, can someone explain the difference between the accessed value of a property that is noted on a county accessors website AND the listing price of the property?? 

Because I am trying to invest in Lubbock, Texas, and there seems to be a great difference in price between the both.

Thanks!