All Forum Posts by: Lance Wakefield

@Jacob Coronado

That's a broad question. Are you looking for lots, tracts of land, infill lots? What areas are you looking in? How many lots are you trying to buy? How are you paying for them? 

Thats what I did for my first property while I was in college and instead of paying rent I collected over 1000 a month. I highly recommend it for a first investment. When I graduated and sold it I was able to pocket the equity and appreciation. 

If you have any questions feel free to ask!

What part of the deal do you need a partner on? 

Can you be more specific about what exactly you're looking for? 

What is the condition of the property? What is the area around the property? Why is the owner selling and financing?

I feel like the difference this time is the homes are being sold to people who are hopefully better able to afford them. The last correction was more of a banking correction than a real estate correction. I would also agree that the trend in San Fransisco is unsustainable and correction will occur or growth will slow soon. 

As far as I know you need to wait until closing before doing anything with the interior of the house. I would say get insurance set up for the day of closing. Sounds like a fun project. What are your plans with the property?

Welcome to BP you'll love the resources you can find on here if you just ask! Is there one of those directions you're looking to focus in? 

Best of luck

@Mark Gallagher

I would love to know a little bit more about why you chose the property you chose other than it being close to home. Could you shed some light on that for me? How exactly did you analyze this property and determine that you believed it to be profitable? 

@Richard D. I am looking at trying things out at the tax auction. What is the best way to find the lists? Do I have to go through each one for each county? Is there frequently vacant lots on the lists? Thanks for help!

Tell us about the the flip you're doing and what areas you specifically need help with. 

Looks like you just copied and pasted numbers from loopnet or something. I personally think it is impossible to know if this is a good deal or not with out running your own numbers. As was stated above there is your financing, you also need to factor in your property management costs and assume higher taxes because once a property sells usually property value and therefore tax will be reassessed. After running your own numbers it would be great to post those here and compare for a learning experience. Doesn't matter if your going to buy the deal just put them up so we can all practice analyzing. 

THANKS