All Forum Posts by: Joanne Eriaku

@Matan Mishli, I was in the same boat as you when I relocated to the US. I hate to break the news but in my experience, that 2 year rule is applicable to all Conventional Lending and yes, that includes Credit Unions too, doesn't matter how great your credit, mine had never gone below 700 but they still wouldn't budge, all of them. However the minute I hit the 2 year mark, it was all smooth sailing. Hand in there...the only way is up

@Timothy J. Cudjoe must it be either or, can it be both? I am genuinely excited turning beauty from ashes. Rehabbing is that for me...its both.

I don't know either, but looks like its coming down anyways, whether he knows or not...its leaving so I wouldn't worry much. 

Everything that @Daniel A. said plus. Drive for dollars, be on the lookout for any signs of distress- unkempt yard etc. Also consider Probate Notices in the local newspaper, befriend Probate attorneys or such like, at-times they are stuck with property in a state of disrepair. 

Yes, it definitely does save you the money on commissions. I know a number of persons who got licensed for the exact same purpose. I too am pursuing my license for that purpose.

@Alejandro Salcido, I agree with J Scott, its more of a percentage ROI than a hard figure. I'd be motivated by a deal anywhere above 20% ROI. Anyhting below that is a bit too thin for me

@Julius L Evans, feel free to connect with me. My initial thoughts about the contractor are that if he seriously wants to do this as a business, then he will definitely get his ducks in a row whether that means insurance, licences, equipment, having a team etc. 

Hi BP, 

Has anyone used Propstream or Realeflow or both....what has your experience been like? Scale of 1-10 where 10 is i cant live without you. In this day and age of information overload, I'm shocked to see that there is virtually no side by side comparison and we are all sort of left at the mercy of hit or miss...anyone?

@Julius L Evans, if I may....HML or PML are also part of the team, although if you insist on separating them out, then its kind of both. Financing is always something you need to make sure you have access to at any stage..having a team you are familiar with, who understand your systems/ motivations etc is also imperative to get in order from the beginning.... you;d have to ride both horses simultaneously

@Dalyn Hazell For future deals, try and have an inital walkthrough before making an offer, have an inspection contingency built into your agreements.  For this particular situation, I'd agree with @Daniel A. have a contractor quote and based upon that, you could make a significantly lower offer to them, with a full justification why. Otherwise, its ok to back out. If I might say...that property is a rehabbers dream: Severely distressed and extremely motivated seller.