All Forum Posts by: Jordan Pothier

Hey everyone, 

I am needing some guidance on what you guys think about moving forward with a purchase on an investment property. I will be staying at this place 1 week out of the month in a basement that I will be finishing while I have two tenants upstairs (both not working at the moment due to this virus), we have 6 months reserves walking into this btw. I got a property under contract in Kansas City Mo before the virus started to gain traction all over the country. This is a probate sale "sold as is" and we have it under contract for 148k 10% down conventional loan. Ever since the virus hit and the market did what it did I have been really considering pulling out in addition to that we are looking at a 10k foundation repair. We are 6 days out from the end of our DD period and not sure what the wisest decision would be. I have a feeling that the aftermath of this is not going to be pretty and the market value will drop (just my opinion), my thoughts in response to this whole thing is to ask the seller to come down 20% plus an extra 10k for foundation repairs that would bring us down to 110k, I feel like that is a fair approach with the unknown at hand plus talk about heading into a recession. The comps in the area are 178k-mid 200's, the strategy is to brrrr this property. This is my first investment property and just want to make a wise choice, what do you think?

@Melvin Jones Jr. that’s really helpful thanks!

@Geann Peteira thanks for the info, are you talking about physically going up there or finding it online?

I am looking at purchasing a foreclosure (reo) and am wondering what the differences are with this and a traditional sale, besides the obvious, from an investors stand point. Since its owned by a bank I would assume there is room for negotiation, hopefully. What would be the smartest way to go about this type of purchase with negotiation and what steps should be taken? I am not sure what questions to ask or what the process looks like with a foreclosure as I have only purchased 1 home (primary residence) before. It is a 3/2 for $129k the comps in the neighborhood range from 130k-155k and from the looks of it its in decent shape and is just in need of updates, any wisdom and knowledge is much appreciated, thanks in advance!

@Bruce Lynn thank you, I will definitely start researching those, any suggestions on what to look for and get started after finding info on these?

I am trying to find free leads until I can afford to purchase a lead gen program and tried to look at my counties website, I found myself at a complete loss. A couple questions I had while looking at this 67 page list were: Are these potential leads? Am I looking in the right place? How do I find contact info? How do I search for properties on this website? (I am sure most county websites are different)

 I need help in trying to either decipher these lists or at least find information on how to search for a list, I just need a starting point. My goal in this is to contact owners to either wholesale their property or potentially purchase one for myself. I am just not sure where a good starting point for this would be, any and all information is greatly appreciated, thanks in advance!

@Greg M. So just to clarify, HOA's cannot dictate what insurance you have as long as you meet the requirements, correct? I just don't want to have to go with the insurance they have when I know I can find cheaper insurance.

I plan on house hacking this property at this time, due to unforeseen circumstances. Not sure if that makes a difference or not in this conversation or not.

I am looking to purchase this townhouse in Kansas City MO and my agent is saying that the HOA insurance has to stay with the HOA there "condo insurance". Can anybody confirm if the HOA can do that? It is $20 higher then my primary home which is in atlanta.

@Basit Siddiqi thank you I will definitely check that out!

@Michael Plaks I was more talking about tax loopholes pertaining to real estate, I kind of figured that trying to find some type of literature on the topic that wasn't boring would be next to impossible. Maybe there are podcasts or teachers that have some type of content out there that would help a newer player in the REI game. I have consumed quite a bit of literature on a lot of other topics relating to real estate but have been avoiding this topic because I recognize how boring it is and I have to have something that interests me in order to hold focus, thanks for any future info in advance!