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All Forum Posts by: Jerome Harrison

Jerome Harrison has started 4 posts and replied 11 times.

Post: Turning Mistakes Into Lessons

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

First off, I want to thank all those who give advice and share there experiences here on BP. You have been a tremendous help. 

I have spent countless hours reading post, books and anything on investing I could get my hands on. In the process of rehabbing my first solo project, and getting my first listing under contract in less than 30 days, I've realized that no amount of reading and research will fully prepare you. From dealing with contractors who attempt to take your kindness for weakness and order more than needed material (for there own use), to unforeseen issues with a property's structure, proper budgeting and the list goes on. I'm extremely blessed to have a mother who has been a real estate professional for over 25 years. With that said, I tend to be stubborn at times and feel my way is best (based off what I read and think). While learning from others mistakes is key to our success, some lessons are best learned from our own. In the words of Rita Mae Brown “Good judgment comes from experience, and experience comes from bad judgment.” This first project has taught me many lesson's. Above all, I am not omniscient. After almost a month into the project, I have now let go of the " I can handle it on my own mindset", and now happily allowing someone with the experience and knowledge guide me through the process. 

Post: Introduction

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

Welcome Rodney!!

Post: My Introduction

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

Welcome to BP William. You couldn't have joined a better site to learn about RE investing. I'm from Mississippi as well, 35 miles south of Jackson. 

Post: Questionable hard money lender advise

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

@Chris Martin Correct on the number's, but I am not the tenant nor do I have one. I plan to sale the property once I get the rehab finished. It will need a little more than 10.5k for repairs, but I will cover the rest. I've never dealt with a HML, but 20% upfront seems excessive.

Post: Questionable hard money lender advise

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

I was referred to a hard money lender by a real estate agent. He claims to have done over 600 deals. I've done some research and all I could find is that, he does have a website (with the name of the company on one page, that's it !!), and he is in good standing with the SOS. I may be wrong to assume, but with over 600 deals I would think I could find more info. He is asking 20% down on a 25k loan, and he wants me to have the title confirmed before he funds the deal.  The property was purchased through a tax sale by an investment company and I have it under a rent to own contract for 14.5k. The Arv is 75k and I really need to get this property on the market. I don't want the holding cost to eat up my profits. I'm already partnered on another deal and I'd like this one to be my 1st solo rehab. Any suggestions?

Post: Greetings to all. Newbie from Gulfport, Mississippi

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

Welcome Brian. I live in MS as well. BP is a great source for information on all areas of RE investing. Im sure you will find it very helpful. Good luck. .

Post: how to start

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

Take some time to read the Bigger pockets Beginners guide. I am just starting out myself, and it helped me tremendously on choosing my niche. Also, dont have analysis paralysis. Make a plan, then get out and execute it.

Post: Having to resubmit short sale

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

Thanks for the input.

Im learning quickly that when working with banks on short sales I have to be patient. The owners BK has already been completed, but he is still on title. Does this mean the property has not been released? Im hoping due his BK process already being completed it wont take that long J Scott, but who knows.

Post: Having to resubmit short sale

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

After submitting all paperwork requested by the bank. My agent called my partner today stating that the short sale had been denied and we have to resubmit all paperwork. The original owner of the property filed for bankruptcy, and had already moved before we initiated the short sale. Although the owner stated he did not want to anything from the bank, the short sale was still entered under the Hafa program. Now we have to resubmit under a traditional short sale and wait. My question is, Could I have prevented the short sale from being entered under the Hafa program in the beginning? If so what steps should I have taken?

Post: Newbie from Mount Olive, Mississippi

Jerome HarrisonPosted
  • Flipper/Rehabber
  • Odessa, TX
  • Posts 13
  • Votes 2

@Brandon Turner Thanks, Im glad I found this site, a lot of useful information.

@Joe Gore

Your right, Both have of those cities have a lot of investment opportunities. Being 30 minutes from them both is definitely a plus.