All Forum Posts by: Melissa W.

Hello,

Yes, that is a sign to find someone else.  A good agent will get back to you within minutes.  In this business you need an agent that is motivated to help you.  The best ones are agents that are investors as well.  They know the importance that time is money.

Good luck.

Melissa

Hello,

Where did you get your value of the property number?  Did you find a Real Estate agent to get an update of the comps in the area where the home in question is?

Melissa

Hi Joshua,

Interest rates are low right now.  Find a bank or lender in your area that is investor friendly.  I would not use my 401k plan if possible.  If you get a hold of a good deal, then offer the owner 8% interest to carry the down payment.  I have done this on three properties, including the home I live in today.  I worked out the terms that worked for myself as well as the previous owners.  They were win win deals for both parties.  Don't be afraid to make low ball offers if the situation is right.  

Hope that helps.

Good luck.

Melissa

Hi Kevin,

Did you try going to your bank to get a line of credit.  Also, if your friend owns property and has some equity in it, you could apply for an equity loan. 

If you want to do a house hack where you would live in one unit and rent the other one out. Credit unions offer a FHA loan with repair costs at low interests rates. You would have to live in the property for a year. At least that is the rule here in California.

Hope that helps you.

Good luck.

Melissa

Hello Tre,

Are you only interested in finding deals not to buy for yourself, but to contract them out to a buyer?  If so, do you have a buyers list? This is the first step to take.  Once you get your buyers list, then you can contact real estate agents who work with investors, and that are investors themselves to find wholesale deals.  

Your approach to the agent is that you are looking for properties at a certain price, and you give her the criteria based on your buyers information.  If the agent is good, they will have access to Hud homes, distressed properties, and foreclosures.  

Make sure you learn how to do your numbers and work out your fee into the contract before you give up your buyers name.

Hope that helps.

Good luck and don't give up!

Melissa

Hi Adrian,

When you get your site up, I can see if your SEO is actually active.  Many of my friends including myself were paying extra for that option to find out later that we were never getting the service.  

I have a close friend that not only knows the coding process, but he also knows programming and website development.  His passion though is coding. 

Good luck.

Melissa

Hi Julian,

If you have that much equity in your home, then I would suggest not borrowing from your 401k plan.  For one thing, there are penalties to pay back.  I have over $600,000 in equity in my home.  I also have a dozen friends that want to invest their money to me with 8% interest.  If you can get a great deal and use other people's money.  That is the best way to go.  I didn't ask any of my friends for money, they came to me.  If they see you making good deals, they want in.

If you have a passion for real estate investing then you will find the deals.  I talk about it to everyone I know. 

Hope that helps.

Melissa

Hi Richard,

Check out Julie Hicks on BP.  She just released a tutorial video on the subject of interest.  It offers very good information.

Good luck.

Melissa

Hello,

I agree with David.  If you find a great deal the investors will flock.  I'm a cash buyer and I have filled out at least a half dozen forms that wholesalers have provided for me.  Then once a property comes up, the wholesaler contacts me to see if I'm interested in it.  You should have at least a dozen buyers on your list.

Hope that helps.

Good luck.

Melissa

Hello,

It was a full house.  The house was beach property in Long Beach, CA.  It was appraised for $100,000 more than we paid for it.  We should have sold it when we had an offer before we started rehabbing it.  Unfortunately, my partner at the time was greedy, and wanted to ho;d out for the bigger paycheck.  This was the year the real estate market was crashing.  We got out just in time, but eventually I lost 1M, because the equity was not paid back on my rentals in Newport Beach, and the mortgage ended up being upside down.  If the equity was never used, they would have made the economy crash, because I bought them in a low market at the time.  A hard lesson to learn in the Real Estate game.  Be careful who you do business with.

Thank you.

Melissa