All Forum Posts by: John McDonald

Welcome @Devin Brown. you'll find lots of friendly people and great advice here on BP. Do you have any specific questions? Do you have a direction on investment criteria or your approach?

Good luck.

There are some solid wholesalers out there but I tend to agree with @James Wise, most are a waste of your time and will only serve to frustrate you. Sourcing your own deals, whether it be through agents or your own efforts, will serve you better in the long run. Build your network, build your pipeline, build your net worth. 

Good luck.

@Michelle Backer

There's LOTS of opportunities across the country. Texas has properties for $75k with > $100K profit potential. The midwest is chocked full of deals. However, there's still lots of opportunity in NY and along the eastern seaboard. Here's a snapshot of the current deals around New York; all under $300k. They're color coded by ARV profit.

We'll be releasing a report, this quarter, that details the best SFR flipping and investment regions. Stay tuned and good luck.

Happy New Year!

>There is a common theory that these large banks use the floating money from holds to make a little vigorish, I wouldn't be surprised....

This is accurate. Large banks make tens of millions in profit from float because they're paying no interest on this capital yet are able to lend it at current rates. 

I'm a Chase customer and everything is negotiable. Building a relationship with a banker is incredibly important and we've found that nearly all of the fees paid by the typical consumer are negotiable. The more money that you move through the bank, the more pliable they become. Just ask. 

Cheers

Point taken. 

Have a happy new year. 

Cheers,

Generally the agent is one that's the problem in these transactions. If you satisfy the agent, the subto is usually good to go. 

Nothing wrong with buying off the MLS. 93% of all deals are done there. It's about finding a property at a fair price and negotiating the best deal.

This deal, with the state tax lien involved, in sketchy. I'd pressure the seller to close and if that doesn't work, just walk away.

Good luck. 

California is tough right now, especially for a new investor and section 8 has it's own problems on top of that. I agree with everyone here, look out of state(Reno, Vegas) for your first investments. You'll likely have better luck both in the short and long terms.

Good luck.

@Dennis Bruce Great project. Thanks for sharing.

Cheers,

@Dan Kao Check with the lender but I doubt that it'll be an issue for them. It's very common for real estate to be owned by an LLC.

Cheers,