All Forum Posts by: William T.

@Sonit Bhatt Welcome to the BP Community, this is a hard question because I am not sure what you are looking for; cash flow, appreciation, etc. There are a couple forums on market investing. Also listen to a couple of the podcasts regarding remote investing.

@Corey Davis I started using realquest.com because people advised it was more accurate than anything else for free.

@Corey Davis I use realquest.com for my comps or trulia.com because it seems to be a little bit more accurate IMHO.

@Adam Moehn First of all, congrats on pursuing the purchase of your first investment. Second, all of your numbers are estimates if you haven't had the priority either inspected or a contractor to review the property for REPAIRS. Believe me, a 100 year old house is going to need repairs and/or updates if it wasn't done already. Also, very good deals on the MLS will not last long.... So with that being said, I didn't look at the numbers to calculate anything because your repairs were not taken off the ARV which you also need to know. Let's start with a good ARV, estimate repairs/updated features, and then work the numbers. The best of luck to you because you have already taken the first step. Proceed with doing your due diligence....

@Steven Stokes I know this is important but did manage to forget this with the deals I tried to do.

An update on my journey, I have determined I don't have the time it requires to be a wholesaler and I do have a lot of competition which that shouldn't matter. I have decided to start doing the buy and hold strategy and now putting my team together and starting my business plan. Buy and hold is a much different animal and I will have to learn even more to become a successful landlord. My goal is to buy 2 SFR using the 2% and 50% rule.

FYI: A business plan is hard as hell to write especially when you are writing it to attract private and shareholder's money.

@Matt Liu The Sewer, liens on the property, and electrical can cause you a ton of money starting off. Also, verify the HVAC on the property and make sure it is secured.

@Jason Merchey It really depends on your market and how well your SFR and multi-family cash flows. Think about your overall strategy, are you going to use the 50% Rule, 2% rule, or appreciation will be your main factor. Also, what will your exit strategy if you determine you don't like the property. A good read/listen would be "The Millionaire Real Estate Investor" by Gary Keller and listen to a couple of the bp podcasts too.

http://www.biggerpockets.com/renewsblog/category/podcast/

@Rob Shah Also listen to the BP podcasts which will provide insights on buying properties too.

http://www.biggerpockets.com/renewsblog/category/podcast/

@Eric Mitchell I am confused because you initially said this is a foreclosure and then said something about paying an owner. OK, first you will probably have to find out how much exactly does the property owner owes. If the owner's doesn't have at least 20% equity then you are probably wasting your time(not really). You can still help him by introducing him/her to a short sale specialist. Think about it, if the owner had that much equity, they could refinance the house pending credit. Verify your numbers, payments, liens, second mortgages, and repairs. You can do it!

@Jonathan D. You have the right concepts in mind which is great. Have you considered how much cash flow is ok? Have you determined your exit strategy? Do you have other investor's in the area that you could sell to for a bigger investment project? How are you going to determine what is a good deal?

Start listening to the BP podcasts and read the BP beginner's guide, this will help you to answer some/all of these questions. Good luck, wish I would have start early like you.