All Forum Posts by: Christopher Lane

Hi everyone. I was a pro 2 years ago, I was excited, driven, had everything sorted out, then I got deployed for 6 months, came back to the states and had no job. I lived off my investment property house savings account just to survive. Now I got a great job, and I recouped my savings, and took out a HELOC and I'm more ready than ever to get my first investment property. I never thought I'd be able to be back in this arena, but I am. Perseverance matters. Determination matters. Whatever you tell yourself, you're right.

@Jeffrey Donis I would not offer something insulting or not competitive. The properties I would offer lower than asking price are properties that have been on the market for over 60 days and have recorded history of significant price drops. Something I also look it is how many times it was listed and then retracted then relisted in order to give the appearance that it is a newer listing than it actually is. The worst they can say is no!

@Paul Welden I recently (today) upgraded to pro here at BP and have already started to utilize the Find deals portal and have already reached out to a few properties that meet my criteria. I am pretty tight on funds since I am just starting out and working a 9-5 but I'll likely do that when I have a bit more wiggle room. Thanks!

@Michael Doherty Thanks Mike, when I ran the numbers I could still offer pretty close to asking, these are really good deals, but all the properties need at least some light work. I don't have as much money as some here and I want to be as frugal as possible is all. 

Any good rules of thumb on a $ per SF? $10-$20?

@Tom Fidrych Actually the listing's I'm interested in have been on the market for over 3 months and have history of price reductions. Thanks for your super helpful reply.

Hi everyone, I was able to secure a HELOC for 50k. I have 16k in the bank and I can finally put a cash offer on a currently occupied duplex. I am having trouble getting responses from listing agents - Is this normal? This will be my first property and I plan on getting a second before years end. I have a ton of questions...

- I live in CA and want to invest out of state do I get an LLC for the state I am in or the state I invest in?

- What should I offer on a house? 50% of listing price? 75%?

- What should I look for that has burned you in the past?

- I plan on adding renovation costs into escrow then pulling all money out in a HUD refi (as mentioned on BP Podcast #301)

Thanks in advance for your help!

@Nicholas L. What about a HUD refi with renovations included in escrow? I'd be able to pull all that back out theoretically, no?

Hi everyone, I was able to secure a HELOC for $50k. I also have $16k in my savings account and I'm ready to get my first place. I want to do a BRRRR and I'm hoping to learn from everyone here. I'd love to hear your tips, tricks, and advice. Thanks

Hi everyone, I was recently approved for a HELOC for $50,000. I have $16,000 cash in my savings account. If I were to find a distressed property and pay in cash and use some money for rehab would this make sense? Is it legal? This seems like a great chance to break into real estate. Almost too good…

Hey everyone, I have some cash but it isn't enough to get a good property so I feel like this is a perfect chance for me to get a BRRRR property!

The question I have is this: The Property is in a decent sized city but in a C class area, If I purchased the home and rehabbed it, would I realistically be able to see a return on the equity? Homes in the area do not go for all that much more, and the nicer homes in the area arent that much more. 

Thoughts? 

Thanks!