All Forum Posts by: Lincoln Tudor

@Kim Younkin Thanks Kim. I'll look into it!

@Brent Hill 

Congrats on getting started Brent! I'm a newbie  and I'm currently in the "death by podcasts' phase of my education right now. I'm interested in the goal program as well. I'm looking forward to reading about your progress.

@Ralph C. 

That helps a ton Ralph. I'm gonna call the management company tomorrow or Monday if they're open. 

Do you have any thoughts on perhaps a Seller finance strategy for this property? 

@Lori Valene Hi Lori,

I don't know what you mean by having training. I guess nothing formalized, I've been reading books, watching webinars, and listening to podcasts. 

I have done sales and you're right, posturing is definitely important! 

I've never estimated rehab costs. I'm reading J Scott's book "estimating rehab costs'. 

The HOA fee, ranges from 189-475. I know that the maintenance information I would get from talking with the seller, correct?

The property is currently not listed. I do NOT have funding set up..  

I recently started a direct mail campaign in Washington DC, and I'll be visiting my very first lead's home next week to make an offer. The Seller owns his 1bed, 1bath Condo free and clear and is looking to receive at least 300k for it. The assessed value of the property (according to county records) is 335,160. Redfin and Trulia have is assessed at 376-387K. According to the seller, it needs 40K in repairs. 

I'm trying to figure out what are the possibilities with this property, if any?? It seems like a reasonable flip if I can buy way lower than what he's offering, or potentially a seller financed deal? 

I'm a new investor with not much capital (none) so far. Help!!!!!!!!!!!!!!!!!

Welcome Sir! How do you like working the DC Market?

Hi Biggerpockets! I've been a member for a short while and I'm working on building my wholesale business. I feel like a great skill to have is the ability to do Market Research. I'd like to read some ideas from experienced investors who hang their hat on being able to do thorough research on markets and sub markets, anywhere in the U.S.

Andrew Michael !!!! Andrew! I read your bio and I'm super impressed by your progress over the last two years! I'm a newbie looking to wholesale. Would you be up for coffee next time you're in DC area?

@Rich Baer Thanks for replying sir!! 

This is my family home so I'm looking to move into it. So this would be considered a buy and hold, so maybe hard money isn't appropriate in this case? 

The house we grew up is in the middle of foreclosure! It's a 3 story duplex in Flatbush/Ditmas Park Brooklyn. My mother is the distressed owner and is giving up on the property that she's had for over 20 years. The house is estimated according to NYC public records to be worth 784K, The house is in shambles and needs extensive repairs. She believes she owes the bank close to the estimated value (I doubt that) since she hasn't made payments over the last 7 years. I've called the bank, and found out her mortgage payoff amount is 492K, 219K is the past due amount.  It makes sense to me, to get a contractor to estimate rehab costs, and if the numbers make sense, I buy the property from my mom, rehab it, and have my first property with some equity in it. Maybe financed with a 203K loan?? 

Is there anything that I've failed to consider? Is this a potential good deal? Does anyone have contractor recommendation that works in Brooklyn?