All Forum Posts by: Laurie Falk

Thanks @Rich Lennon!! I'm hoping it does cool off some so I can start investing! I'd much rather get in while it's down! :)

Hi, I've read some forums on this already, but would love to see if I can get some additional feedback, and maybe even some specific to my area.

I am working on getting my real estate license in Virginia and interested in suggestions from current agents. Initially, I was thinking starting this as a side gig and to have access to the MLS for getting into real estate investing. Now, I'm thinking that maybe I'd be interested in doing it more than that but I do not want to quit my full time job now. I know the challenges of trying to start part time and am willing to put in the time and effort to be successful. What types of brokerages should I aim to find to get started? I understand some of the advantages/disadvantages of big versus small, but am having a difficult time deciding where the best starting point is for where I am. Anyone in the Richmond, VA area been successful in tackling this?

Thanks!

I sent out 18 personal letters earlier this week and I've gotten two responses so far, but they've both been the owner saying they'd be willing to accept a market value offer. How do you respond to those? Just say "thanks, but I'm looking for something that needs some work that's below market?"

I went driving for dollars a couple days ago and found a house that's vacant and has been for a couple years ago. It was foreclosed on and is now owned by Chase. Is there a general rule about how long the banks hold on to properties before trying to sell them? Has anyone ever called a bank that owns a property and tried to buy it directly from them?

I have a few questions about sending out postcards and/or letters....

A little background: I am in search of my first investment property and leaning toward a single family flip. Based on what I have read and heard from BiggerPockets, I'm better off finding something not on the MLS. However, I'm hesitant to send out postcards because I'm not in the position to buy for cash. I have a specific area in the Richmond, VA area in mind and know of at least one house that's been empty for a while (I think the owners are in their 90s) and potentially others.

1. Should I just send "personalized" letters to each address within the area I have in mind? 

2. Would I be better off sending a generic postcard to a broader list of homeowners?

3. Does it make any difference that I can't offer a cash-quick close? Should I try to get a pre-approval on a mortgage before sending anything out? Am I pretty much stuck to the MLS until I have cash?

4. As this is my first flip, I don't have a business name or anything like that. Does that matter for either of these?

Thanks!!

@Jon Deavers Good to know about calling areas bad! Thanks! 

@Matthew Maggy@Daniel Harnsberger I'm definitely staring to find that out about the MLS postings in Richmond. I've gone out to see a few, thinking they may have potential and being disappointed. I think I need to do some more research on seller financing. I'll have to look up the subject-to podcast-- I haven't made it that far or heard anything about it thus far.

Thanks for all the help!!

Thanks @Levi T.!! And that's hilarious about the text. But also kind of my point with offering for an investment property. This isn't my dream home that I'm going to be bummed if they get offended and don't want to deal anymore. There's lots of others.

I agree about the over priced deals. I was looking for a personal residence earlier this year and was baffled at how much some places were selling for. I can really only afford in the bad areas right now, so I want to make sure I get that good a deal.

I'm looking to find my first investment property in the Richmond, VA area but kind of at a loss on where to start. I've heard a lot of podcasts and read a lot about sending out post cards and going to the courts to find the opportunities, but I'm not sure that's the greatest choice since I'm not in the position to pay all cash yet.

There are a handful of houses that have been on the MLS for quite a few months, some that look like they're being sold by owners, but some by the bank. Is there any value in looking at these and making low-ball offers? A price that may be more realistic to the market, area, or what the house needs, not low just to offer low. Would it be easier to go after the bank-owned or the person-owned? I've seen a lot about not insulting the seller with low offers, but should I even be concerned about that? I don't know these people and if they say no and don't make a counter, I can move on to another house.

@Chris Lounsbury  Thanks! I actually grew up just north of Charlottesville-- I love that area and would love to come back some day.

@Dave Visaya Thanks for the welcome!

@Kenny Fletcher Thanks for the advice! I'll have to check out both. My first house was in Glen Allen near Virginia Center Commons. I was looking in the city for this second one, but it was definitely a seller's market and I wasn't impressed with what I got for my money. I work downtown so I'd love to be close enough to bike to work. My goal is to find a multi-family in Church Hill.

Hi Everyone!!

I'm Laurie and just joined BP to get some information on getting started in real estate investing. I'm still a little bit out in order to get more money to get started, but feel like I should gather as much information as possible before then. 

I purchased my first personal home in 2012 and sold it earlier this year. It was a foreclosure that allowed me to do some (mainly cosmetic) upgrades and sell for a profit. I just purchased my second home a few months ago. While I'm in a similar situation with it being a foreclosure that has some minor upgrade potential, I'm not in love with the house and starting to regret tying up a lot of cash in it. I'm toying with the idea of doing the fixes/upgrades and sell it in the spring to find a multi-family to live in while renting out the other units. 

I love the idea of finding a flip too-- one of my favorite parts of the old house was seeing where it came from and what I made it look like. I've looked at a couple places in Richmond that are in my current price range (with what I can get a mortgage on), but they are in not great areas and need more work than I could do myself. Ultimately, I'd like to get to the point with investing where I don't need to have a full-time corporate job.

I look forward to meeting people on here and gaining the knowledge to become a very successful investor. 

Thanks!!