All Forum Posts by: Melodee Lucido

@Daniel Foster 

 Duplexes aren't a whole lot different in due diligence than an sfr. If you are lucky the seller has a good records folder containing: rent history (for vacancy figure, though I use 10% just to make sure to cover my asset), current tenant lease and rent roll, records/receipts of what work has been done to the property, who they have worked with for PM. Knowing who the PM is will give you some idea of the kind of care/attention the property has had.

I like to put the info I gather into a spreadsheet that will show me all the expenses, monthly rent, annual rent, PM, vacancy, maintenance, taxes so I can see the NOI (this is a subjective figure). I have an auto fill ss that I can play with the numbers to make sure I am buying at the best price. BP has one here too that I am going to check out.

Good luck! Tell us how it turns out

Hi @Alontae Edwards and welcome to BP. Excellent wholesalers are much needed for sure. Have you had a chance yet to read all the many great discussions on wholesaling here? Also there are some great books. I like that you are ready to take action. 

Some investors have their own favorite contracts. If you have made connections when you find something that qualifies for what they are wanting they should be happy to give you a copy of the one they use.

Great Success to You

Hi @Lewis C. 

Don't beat yourself up about the buying fast and making a bit of a hasty judgement; I know it happens to far more than are willing to admit it here.

If it was me would hold it and let it pay for itself. As far as wanting to buy other properties there are creative ways to do that without having much cash. Brandon Turner's book on buying with little or NO money down is a great read full of ideas.

You can market to owners of free and clear properties to find those low dn properties. Or you can partner with others and do some jv wholesaling to build up some reserves. This is just my idea of how to make lemonade ;-)

Prosperous New Year 2015!

Awesssssome  @Derrick Craig  !! This is why I love working with you: you get it done! and you help others here. 

@Bill Manassero 

 I am so happy things are progressing as we discussed. One thing I have learned in ths life is that it is ALWAYS too early to give up ;-)

BEST of success to you both in 2015!!

Sam, I think you will love it. And in Brandon's funny way he makes it interesting with chuckles too.

@Hermilo Garcia  you don't always need money (or much of it) to make money. You can market for owner finance properties. Some of my friends thought this was guru generated nonsense . . . until I showed them some of the props I picked up for VERY little out of pocket expense.

Brandon Turner's book on buying houses with no or low money is great. I highly recommend it. 

http://www.biggerpockets.com/nomoney

The possibilities are endless ;-)

@Kyle Penland 

Welcome to BP, a great place to learn and make wonderful investing connections.

You've already started to use the great tools here---great!! I advise taking your time in choosing properties to invest in. And remember there are very real ways to invest without any or much money at all. Check out Brandon Turner's book here on BP.

Please do NOT buy something because someone else tells you it's a good deal, agent or not. You must learn to do your due diligence. When I first came to the Memphis market everything seemed like a screamin deal but I had a could investor friends that I had met that guided me through the jungle.

Happy & Prosperous New Year!

@Walter Evans 

 Welcome to BP. The others have given you some good direction already. The podcasts are like potatoe chips---you can't stop at one! But they will give you so much inspiration and ideas that you can put to work.

The search bar is my best friend here. I read for hours and then if I still have questions I ask them here n the forum.

Happy & Successful New Year!

@Brian Scott 

Welcome to BP. You will definitely get the help you need here ;-)

@Joel Owens  covered the key factors: timing, best use, condition, desired price.

You can try to sell yourself through CL. You would just need a Purchase and Sale Agreement if you get a buyer that way. You can get referrals for a Closing Attorney right here on BP as well as any other help you need.

Another option to a straight out retail or wholesale sale is to offer seller finance. These are always super popular and especially right now.

 I will send you a pm.

Happy & Prosperous New Year!

@Account Closed 

 Welcome to BP! I am originally from Southern California and when I first got into the Memphis market I was completely blown away that there were many houses in good condition to buy in the low 20's.

Yes, you can buy houses very cheaply---it may be a pretty nice little house---but the areas they are in can be a problem. I am not saying "Don't Do It!" but it would be a very good idea to do lots of research here using the handy dandy search bar. Do lots of reading on under 30k homes, turnkeys, buying homes in the hood etc.

The most important thing is to have a team  in the area you want to buy. Every month I talk to people that are now sellers that bought a few years ago and paid WAY too much, even at 30k, or 15k----I am not kidding or exaggerating. It seems like when sellers see that you are from California they know they have a good chance to take advantage of you.

Now, having said all that, I do like the homes under 30k. But I also have the most wonderful people in my market that give me the straight info on anything I am considering. They keep me from making bad choices that I could later regret.

Best of Success to You

ps. take your time, don't be in a hurry and study much ---> there will always be lots of houses ;-)