All Forum Posts by: Mercedes Williams

Looking into purchasing a foreclosure would I be able to do this with a 203k loan to cover any repairs that needs to be done. What should I look for when purchasing these types of homes.

1.When investing in single family homes after you bought your first property how long was it before you bought your second? 

I initially wanted to do a multi family but there aren't many around. So I'm widen my knowledge to SFH.

Quote from @Reed Rickenbach:

Are you looking to house hack?

Just thinking through this personally, I'd hope one of my residents had done enough research to confirm whether or not it is even plausible for them to buy. If someone called me wanting me to walk them through it and give them a deal, it may be a harder convo!

You never know until you ask..

I’ve done a lot of research. I’ve talked to him a hand full of time to inquire about why he got into it and if he had any pointers. I honestly just thought of the idea today since I have been qualified and really like the area that I’m in. If I could buy the spot I’m in it would be a great start and I already know everything that is wrong with the property and factored that in to if it’s worth it or not and it definitely is!

Quote from @Garrett Christensen:

Honestly in this scenario, I feel like the long game is better. I would try to gain a good relationship with the Landlord if you haven't already. Ask him about real estate investing and how he got started. While doing this, you'll probably learn some nuggets of info that you can use to tailor your offer to his needs.

When the time comes to ask about his property make sure you have all your ducks in a row. Be specific, you're essentially making him an offer. You also want to ensure that you can perform on that offer, so make sure you have talked to lenders and have your financing as squared away as possible. You don't want him to think you're just wasting his time.

I have talked to many lenders and qualified with my amount. I’ve been studying landlording for about two years attended real estate conferences, gotten my contracted team together, agent and broker team. It has everything I’m looking for as far as the area, it’s in the size, the cash flow reasonable rents but still will bring in money. I would want to house hack and just live in one side until I accured enough to buy another property and move out

How would I got about asking my current landlord if he’s willing to sell any of his multi family properties. Is there script somewhere that I can refer to?

Quote from @Reed Rickenbach:

In my market (Memphis) this is usually due to the property being tenant occupied. I would look at this as more of a good thing (opportunity) than bad. If a property is mis-marketed that will give you a better chance for less competition. 

 Good points, I guess the tenant occupied part is a good reason to not have pictures that I overlooked.

Quote from @Bjorn Ahlblad:

Lots of fish in that ocean-Next!

 Im looking more in multi- family so they're are some properties available they're just seeming hard to find or not an area that has many amenities accessible or close to any major highways that would make them more attractive to rentors. 

Thanks for all of the responses. I can see  more angles and reasons now due to everyone's responses. Ill look at it as a good thing and do my DD to check out these properties that fit my range whether they have pictures or not. Analyzing it and seeing if it will fit my criteria is the most import thing regardless of the lack of pictures.

As I'm looking through properties I'm been noticing a lot of them with either only one picture of the exterior and nothing else. Someone who doesn't have a lot of time to look at properties right away this is kind of a turn off.

How do some of the seasoned investors approach this. Does the seller just want you to ask for more pictures to know if you're serious you'll request them?

This may be simple but if they're really trying to sell would they post more pictures to draw more interest?

Any investors have any insights?

As I'm looking through properties I'm been noticing a lot of them with either only one picture of the exterior and nothing else. Someone who doesn't have a lot of time to look at properties right away this is kind of a turn off.

How do some of the seasoned investors approach this. Does the seller just want you to ask for more pictures to know if you're serious you'll request them?

This may be simple but if they're really trying to sell would they post more pictures to draw more interest?

Any investors have any insights?