All Forum Posts by: Kevin Greene

What is BP's opinion slate roofing? I know that it can last much longer than other roofing types if properly maintained. The reason I'm asking is that I'm looking at a house with slate. I have the choice of restoring the original roof, or going with a new asphalt roof.  Other homes in the neighborhood of similar age have both types. I like the idea of restoring the original roof, but it could be cost prohibitive. I also wonder if the average buyer might be more comfortable with a shiny new asphalt roof? I know I need to get a roofer to take a look before any final decision but I wanted to get the wisdom of BP as well. The pic is of the actual roof.

@Jenny Werwa This is perfect, thanks! I signed up for the webcast.

@Assaf Furman I called the lender and they echoed what @Brett Goldsmith said. They need a HUD approved appraisal and will do a short sale for 95% of the value.

It seems that it really depends on what the spread is between the ARV and appraised value, and that could be different for different neighborhoods. Looking up the costs of appraisals it would be $400-$600 that I as the buyer would generally pay. I'm wondering if it is worth it.

I could also wait until the property is foreclosed on and try to get it at auction. Has anyone been in this situation before? If so, what did you do?

Thanks Brett. How would I get the process started? I have the phone number of the bank and the loan number. Would they even talk to me, or would I have to call the with the homeowner?

Edit: Obviously I can't do short sale on someone else's property. Just wondering if the bank would give me ANY info on a possible short sale what might be involved.

Just came back from checking out a property. It is a FSBO I found driving for dollars. The property is in a desirable neighborhood with older houses built in the early 1900s. This one is in need of a complete renovation but I think it would be a great flip. The seller inherited the property from his mother who passed away. She had done a reverse mortgage several years ago. Seller has until the end of the year before they foreclose. He wants 135k to satisfy the 120k mortgage and get 15k to go towards a new house for his family. The problem is that 135k is near the ARV of the home. It needs a complete renovation. I would like to get the property at a deep discount and help the seller as well, but I don't see how I could get it as a discount and get him his 15k. Is a mutually beneficial outcome even possible? I don't think he is going to be able to get enough to pay the mortgage and get more on top, unless he finds a true sucker. It seems like a short sale is the only option, but I'm not sure how this works with a reverse mortgage.

Amanda Young Let me know if I'm understanding the process. You get a list of people in charge of estates in probate (executors, right?) and you direct mail them about buying the property? It's awesome that you won the list! I doubt I would be so lucky, so I assume these probate lists can be purchased? Thanks for sharing the knowledge!

Thanks the kitchen pictures Yerry. I'm building a small kitchenette for a rental right now so I appreciate the inspiration. Best of luck with your flip!

Awesome job! Just curious, how did you find about the property to mail them?

@Mark VejnarThanks for the great advice about planning committees. I will investigate those in the 7 cities.

@Upen PatelThanks for the kind words. 

@Paul TimminsLots of Info here, thanks! I started reading Real Estate Rewind and bought the flipping book as well. We have a local university (ODU) and I've looked into multi-families there for student rentals. Not too many for sale but I intend to keep trying.

@Andrew GoudeAwesome, thanks! I'm going to go to a TRIG meeting.

@Gina McKeeI would love to ask you a few questions about your rental. I sent you a connect request.

@Nate McGee I sent you a connect request. Would love to get your thoughts on the local market.

Hello all,

I'm from Suffolk, Virginia, which is located about 30-45 minutes from the more well-known areas of Norfolk and Virginia Beach. I work in VB as an IT system administrator. I love my job, but learning real estate investment has been my focus lately. I've been working my way through the BP podcast archive and several investment books. 

Where I'm at: Currently own my own home free and clear. I'm working on establishing work and lead networks to help me get started with my first investment property. I'm also converting part of my home to a rental to provide some additional cash flow for investing. I've been working with a realtor and have been analyzing various properties. I have my eye on one but don't feel comfortable pulling the trigger just yet.

My investment goals:
- Have enough cash flow from rentals to work on my own terms, and not report to an office for 40 hours a week.
- Provide an excellent education for my young daughter.
- Establish a mastermind group in Hampton Roads with other beginning investors to share ideas.
- Donate 10% of my investment proceeds to educating young people about computers and technology (I really want to get Raspberry Pi computers in local schools).

I look forward to hearing from you all!  

-Kevin