All Forum Posts by: Jacob Wathen

Keep making offers! I am a realtor and I always suggest to investors that the more offers you make, the better. You never know what will be accepted so you might as well try! 

Welcome to Bigger Pockets! I am sure you will be able to convince your wife to invest in real estate. Direct her to the posts and videos with success stories! 

@Matthew Kafami I think it is a great idea to do a live in flip. For your first property/flip I would suggest doing a minor fixer. If you are doing a single family 3/2 you should rent out at least one of the rooms to someone (for cheap) that will tolerate the renovation. That will help a bit with the monthly costs. I know quite a few people that did that in college and after about a year they moved on to the next property with the same roommates. 

@Jason H. It didn't take long for me to find deals. I connected with a couple local investors and found deals that way. Lately I have been working with a couple agents who send me deals on a daily basis. That has been a longer process because I am looking for a larger apartment building. 

When it comes to the flips, there are tons of financing options out there so I would just be cautious when it comes to hard money. Do research, read the fine print, and establish a realistic timeline for the flip and stick to it as closely as you possibly can. 

@David Lee, You can typically get a VA loan for up to 4 units. There are additional requirements though.

I have experience in the Portland, OR market but it is definitely difficult to find deals that meet the 70-80% rule while using hard money. The fees that go with it are insanely high and would only work for a very short term deal. Will this be your first flip? 

If you research more about buy and holds I think it is an option worth exploring. I really like investing in the midwest (Iowa, Nebraska, Kansas, etc.). Getting a duplex that cashflows 200+ per door for 100K may be more doable especially at this stage of your new career. 

Sounds like a great opportunity! Unfortunately I am a few hours north in Portland. 

I agree with the others in this thread. 23 days isn't a terribly long time, especially on a property over 500K. You can offer whatever you want but if they aren't in a rush they will likely hold out for another couple weeks. 

I strongly suggest meeting with a couple different investor friendly agents in your area.