All Forum Posts by: Hoyt Burdette

I personally like the millionaire real-estate investor and FLIP

Good advice. Thanks. I'm just keepin you on your toes.

125k to 150k are all 3 bedrooms 1 or 2 bath. This is a 4 bedroom thats why I comped it at 150k

Hi Tim, I'm a welding instructor at Ft Lee. I think the best most comprehensive book on investing in real estate is the Millionaire real estate investor series:( FLIP, Millionaire real estate investor and the Millionaire real estate agent.) Great books. I've been reading real estate books since 1995 and these I believe are the most real, detailed books I've ever read.
Ill tell you how I do it.i find leads on (homepath.com,auction.com, auctionzip.com and i get a daily foreclosure list from my Realtor. I bounce these houses off of Realtor.com, looking at houses for sale in a .5 mile radius. Then I look at recently sold (on the left). If there is a good spread (meaning sales price to what comps are in the neighborhood), I'll investigate further (look at the property and estimate how much a rehab will cost) . The formula i use for real estate is (my selling price- rehab cost- selling and acquisition costs and holding cost- asking price= profit. If its not enough profit then you change the asking price to an offer price.

also you have the VA loan. VA will not finance a house that needs major repair, but look hard and make low ball offers, and find a suitable house that you and your family can live in. Then sell for a good profit when you leave.
I tell all my students that the biggest mistake that soldiers make when moving from 1 base to the other, is they pay market value for a house. Then in 3 ys when they PCS the are stuck PAYING a Realtor to sell the house OR renting it out for a loss. But if the soldier had shopped around, not bought on emotions and bought by the numbers the could easily pocket 30k from each PCS move. These are the lessons I've learned the hard way, that has nearly crippled me from investing for at least 5 years.

Check this 4 br property out.1700 Bexley Dr, Hopewell, Va 23860. asking price: 94,950/ comps for 3 br 125k to 150k.
the numbers:
150k selling price
-15k selling costs
-15k rehab budget
-94950 asking price
=$25,050 profit
[url]http://www.realtor.com/realestateandhomes-search/Hopewell_VA/23860/1700-bexley-dr#/lat-37.26698050142027/lng--77.31285900000002/zl-14

In the State of NC you don't need a license to manage Corporate owned properties.

-Problem: banks sell their REOs for below market value, loosing money and hurting the appraisal of near by homes.
-Investors,Flippers and property managers need leads and good properties
Solution: banks need to make deals with investors, so that the bank maintains ownership and the investor has control of the property. The investor gives the bank an estimate of the repairs to be completed. The bank pays for the rehab. the investor sells the house for market value with in 6 months after the rehab. if the house doesn't sell the investor rents it out for 10% and the bank gets an income, until a later date at which the market improves, selling the house for full market value WIN WIN THOUGHTS?????????????