All Forum Posts by: Jesse M.

Does less confrontational mean less professional? 

I like the idea of giving the seller something in writing that they can think over...and obviously not being around when I present an offer they may get offended at. 

What are your thoughts?

I'm a newbie real estate investor hoping to eventually flip and rent properties in the Duluth area.

I have a passion for real estate, and an extensive understanding of the market in this area. However, because of limited funds, I've decided to try my hand at wholesaling in order to get my foot in the door. I'm also a web developer, so I plan on doing my marketing mainly (but not solely) online.

So, basically looking to network with mentors, cash investors, flippers, contractors, other wholesalers, etc. Anyone in the industry with advice would be greatly appreciated.

Thanks so much!

Is it a bad idea to purchase a rental or a flip on contract for deed?

What should I be aware concerning the contract itself?

As a noob investor, is there anything else I should now about CFD?

When I bought a house 2 years ago, I wanted to buy a duplex and my lender told me I wasn't able to use the theoretical rental income to help qualify.

Is this still the case??

I am looking for my first property to buy. There doesn't seem to be anything on the MLS that works for me at this time, so I've been driving around in the neighborhood I really like, and finding prospective properties.

Let me remind you that I'm a newb at this. Say I did find a property that I like, contacted the owner and found that they are interested in selling. Do I ask to walk through it? I would need to see the inside in order to make an offer. Should I ask to bring my real estate agent? She does know the value of most properties better than I do and could help me structure an educated offer. Lastly, does calling seem to be a better method than writing a letter to potential sellers? 

I've been looking for my first property for about three months now. I want to buy a duplex or triplex. 

The one I really like right now is a HUD duplex. It's asking price is well under what duplexes typically go for in this area, even taking into consideration the cosmetic work it needs. I'm wondering what sort of competition I'm going to be dealing with, and what my bid should be?

I should mention that it is exclusive to owner occupants, like myself, before investors. So, perhaps that eliminates some of the cash-down investors with bigger budgets than myself.

I called the HUD listing agent and found out from her secretary that there have been multiple bids placed already. I'm just wondering how high above list price I should go, if I should go higher at all?

My realtor says these properties often go for "well above" list price. However, I'm fairly certain she has no experience at all with HUD homes, and dropping her as my agent is not really an option..

The realist in me is concerned of the many unknowns when dealing with these foreclosures, and it a big risk for someone who's just getting started, could end up being wasted money to investigate those unknowns. HUD makes it very clear that they DO NOT promise the property condition report to be true, per se. Does anyone know how thorough their inspection is?

The ambitious, and possibly daydreaming, investor side of me sees the potential, and the money that could be made when I make this into my first rental property. In fact, when I crunch numbers, it's he only duplex I've looked at so far that would cash flow while I'm owner-occupying the other half. It just might be worth the risk. 

Thoughts?

Thank you in advance, any advice would be valued and appreciated