All Forum Posts by: Jim M.

questions :
what do lots go for in this area?
what will be the cost of the rehab?
what type of property would you like to develop?

The guy was clearly trying to sell his e book and ads for his business. I know in Buffalo NY there are groups that are actually doing this and getting away with it. Buffalo has one of the highest amount of vacant properties in the country and you can find these vacants all over. Granted they need a ton of work and are in the worst neighborhoods but there are a few people who are moving in and actually getting the owners to gift them the property. Then they fix up the properties themselves. I don't think its the greatest strategy but its an idea.

Got my next rehab under contract
Worked with architect to get the design of the home ready for approval with the local historical society.

Is the proof of funds in your name? If you are using a hard money lender but submitting the offer as cash(you may have the hml approval but the bank doesn't know that) the bank may see this as you needing to qualify for a loan.

Many things to consider here. What is your own current living situation? After a bk and two years later with 50-60 available to invest to me means you may have learned how to save some cash which is great to see(no idea what caused the bk and none of our business but great to see you bounced back!). I would say to do something like a slow flip. Buy a decent home in a decent area and do some repairs to it, rent it out for more than a year or even two years. Then you have the income listed on two tax returns and you can then perhaps sell the property through a 1031 exchange(tax free profit) hopefully for more than you purchased it for. You would then use the proceeds from the home sale to put down onto more properties in two years. Just be sure to stay in nice areas and check out the site for the 50% rule and 2% rule and follow those as close as possible.

Best of luck. I think the smartest thing is to take your time and come up with as many options and weigh the pros and cons. You will hear a lot of good ideas but the persona who will treat your money the best is you.

Should be no problem at all for the proof of funds in your name. jscott said it much more eloquently

It looks like putting together legos. That is pretty impressive.

Look around for hard money lenders in your area. They will most likely want to see some skin in the game but who knows if you have a home run deal they might be inclined to lend or partner with you. Other than start small and find a local investor who will mentor you and go from there.

Rich, I think in the new year we are going to do more work on finding some vacant lots. We are adding about 2000 square feet onto this house we are rehabbing and getting the foundation done has been a big problem...soft soil and a stream that runs right only 6 feet under the house. It will finally be completed tomorrow. We can't help but think it might be easier to find a lot to build on.

I have a rehab going on with another BP member and we have talked about maybe getting into a new build in the future. The rehab we are on right now was gutted all the way to the studs and really a lot more difficult than a new build actually would be. So far we have looked only a little bit at some vacant lots but the price for the land is just outta control in the areas we are looking.