All Forum Posts by: Account Closed

Hello BP members,

I found a REO in my target market and ran the numbers and it is a deal. My question is, how do I search for liens on it when it is owned by the bank? Also, since buying the REO with an AS-IS contract, once I put my deposit down are there any contingencies to get me out if I find out there's a deeper problem with it that i'm currently unaware of?

florida, and I'm not sure. What are the different possibilities?

There is half a duplex going to auction this week, and my dad owns the other half. My dad would like to buy it but he knows it has 2 mortgages on it. One for 100k and the other for 95k. The house is valued at 80k. If my dad was to win the auction at lets say 60k. Would that satisfy both mortgages or will one of the banks come after my dad? Thank you for the help.

There are many meetups in Broward and Miami. Meetup.com has weekly meetings as well as monthly meetings. Breia and Dreia are also good to go to. Best of luck! If anyone organizes a BP meetup please let me know.

Thank you everyone for the feedback. I am taking the time to learn the business, I wouldn't go to war without basic training like Bill stated. I do attend a few REIA groups in the area and do learn and network every time I go. I understand there are risk to everything, I just want to mitigate it as much as possible.

Thank you for the tips. @Elizabeth Colegrove I plan on using my VA loan to buy a duplex, live on one side rent out the other. I'm actually working on that now. I am not looking for the home run, honestly I don't really care to make money on my first few deals the experience will be well worth it. Thank you for the advice.

@John Jackson I agree 100%, thank you for the feedback.

I am a new real estate investor in the South Florida area. I just got out of the military a few months ago and i'm currently going to college. I have no debt and have a good amount of capital, over 20K to invest in real estate. I have attended seminars, and have read books on real estate investing. And yes, iv'e listened to most of the Biggerpockets podcast which are great! I'm just having trouble picking the right strategy to start with. Lease options/ subject to, and creative strategies interest me the most. I like the idea of cash flow. I really don't see too much risk in these areas, but I don't know what I don't know which scares me. I can't seem to find too many investors in my area who are currently focusing on this niche, so I don't have someone to shadow. Should I begin my real estate journey with lease options/ subject to? They certainly interest me the most. Any feedback would be great! Thanks for reading.

I am going to get a rental property here shortly. I have not began investing in real estate to this point. What would make the most sense in terms of maximum protection for myself. I plan on building up to multiple rental properties. From what iv'e learned it is best to have each property in a land trust, and have all the land trust under the same LLC. Is this the best way to do it, or even a way that makes sense?

Thank you Elizabeth. I do listen to the podcast from time to time, and do browse the forums occasionally. I do want to get into fix and flip. I figured the best way to start off would be to use leverage to have purely investment properties. So for now i'm assuming I would have to get a conventional loan which i would put the 20 percent down payment on and rent it out. The properties i'm looking at are 80k market value, and 1200 a month for rent. I'm going to look for cheaper properties, foreclosure or short sales,  fix them up and rent them. The scariest part is getting started, i'm gonna dive in and learn from my screw ups. 

Thank you Aaron for the advice. That does make a lot of sense to buy a 2-4 unit property. I'm currently living with my dad since Iv'e just returned home. I was hoping to get a property in which I could rent out to tenants without physically living in the property, at least for 3 more years. The GI bill requires me to live in the property and the property has to pass inspection from a VA representative. This is not a huge issue but I was considering buying a fixer upper.