All Forum Posts by: Kylan Philbert-Richardson

@Aaron K.Thanks for this. I can get access to cash for a good deal. I'm trying to get a full picture now that a real opportunity is in my face. What would the rest of hurdles be?

Hypothetically,

Let's say a mentor of mine is selling an 11 unit, well kept, and deleaded for $2.2M asking. You, as a savvy investor know this is an option, but strapped for cash.

You take into consideration this fact without letting it deadhold you. How does one go about offering to seller finance the deal, and what contingency plans do I need if I wanted the deal to be mine. I.e) do I need short money in my pocket to make the deal mine, or any other upfront money to cover my a** until I can create cash reserves?

Would you evict everyone first or wait to stack more cash? Any apprehensions about jumping into such a deal as a newbie ?

Assuage my fears, or put me in my place! I'm open to all constructive criticism.

I thank you all - Kylan

Hello Mr.@Nathan Gesner. While I am a newbie, I do understand these terms. Thanks for your clarity in the comments ! 

Hi @Colin Stuart, can oyu explain the strategies associated with either option? 

@Patti Robertson, this is a great idea. Very open-ended! 

Hi All,

I am a newbie here in Massachusetts looking to get into my first deal. My plan is to start up and focus on a real estate agent business while accumulating knowledge and cash for my first deal. I may have access to gift funds, but have not yet explored those options as I do not want to jump the gun. I am speaking to a lender right now about FHA loan options with my father as a non-occupant cosigner. I am still on BP and have started to take free courses on real estate finance to try and give myself a boost.

In my due diligence, I have come upon properties that were purchased well below market value in the mid-90s. I have found some information as to who I might contact about purchasing the property, and my intentions are to offer the chance to do owner financing so that we can leave the banks out of it. With the option to refinance with FHA, or traditional financing based on the rental income after renovations have been done - exit options.

My question is how does one approach such a person? I plan on making this approach integral to my business and would be delighted to hear from those who have had some success here.

Best,
Kylan 

Do you have to pay full retail price @Michael Noto? One cannot offer below what is listen on Redfin, Zillow, etc.?

Thanks for that @Michael Noto! Would you say that calculating costs based on below would be the best due diligence before contacting contractors?

"I have made a list of all of the repair costs associated with the BP calculator and began to use that as a sort of guideline for due diligence" 

Hi All, 

Newbie here with a Goal to really begin understanding the process of owning multifamily properties. I'm curious how one might estimate repair costs in the Calculator on something like a 203K program? I understand that the repairs on such a home have the potential to be exceptional. With that in mind, would it be the same process as estimating repair costs in a traditional renovation? I have made a list of all of the repair costs associated with the BP calculator and began to use that as a sort of guideline for due diligence in that area. 

Can anyone speak to whether I am on the right track ? I appreciate any and all feedback!  

Kylan 

Hi There,

I am a budding Real Estate Investor who moved back to the East Coast (Boston) due to my familiarity with the area and wants to start in the market. While I understand that this market, in particular, is a tough one for Real Estate Starting, it is only a start, and we have an entire country to expand upon once a solid foundation is formed. I am looking for ACTION-ORIENTED individuals who are looking to meet up and discuss opportunities for expanding in the Submarkets of Boston and its surrounding populous cities. 

This network is ideal for designed to put together individuals with new ideas on how to recognize and seize budding opportunities for acquisition in and around our beautiful city, and eventually look abroad to similar opportunities! Are you interested in taking a large step forward and working with people who want to DO and not only learn? 

If so, Please personal message me and we can consolidate and move toward setting up a meeting to help you achieve your goals. We are looking for entrepreneurs eager to get their foot in the door, to the seasoned veteran who has large ideas and looking for the group to help move them forward. I look forward to hearing from all those interested! 

Hi all, wishing love and inner peace. I am in the LA market and would like to network more with biggerpockets members - are there any Facebook groups that one could join?