All Forum Posts by: Michael J.

If you don't have at least 6 months worth of expenses saved up, then going part time is definitely the move to make here.  Identify your sphere of influence and use them to help jumpstart your real estate career.  Talk to everyone you meet about real estate and that you can help them buy or sell.  Let everyone you currently work with know as well.  Its a numbers game and the more people you talk to the quicker you will get results.

Ok, conventional isn't as picky as fha or va so there wont be the requirement for repairs from them.  If you feel like your realtor is working for the best interest of their paycheck and not your best interest, it might be time to find a new agent.

Its great you are looking to get into this at such a young age. I'd suggest that you find some local real estate meetups and see if there is a local REIA group you could join. It would be invaluable for you to network with some seasoned investors that are local to you that can help you learn the processes better.

Hello,

In order to get an idea for the value of the land if it were vacant, look back at the previous sales of the properties being developed right around it and see how much those builders purchased that land for.  This will give you a baseline figure for what people are paying for vacant land.

Where are you located at?  Usually you can click the connect with a realtor button on realtor.com and they will connect you to someone who is paying them for the leads.  They can then help you setup an appointment to go view it as well as help you put your offer together and submit it.

Depending on what state you are in you may need to put down DD money as well as Earnest money.

First off, thank you for your service! Are you only interested in SFH? I would also explore multifamily like duplex and triplex to reduce some of you liability. If you have a SFH and have a vacancy then you are stuck paying the mortgage. If you have a duplex and someone moves out of one side you are still collecting rent from the other side. Are you going to try and self manage it or get a property manager to handle that for you?

Is your family member in need of the money from the sale or would they be open to seller financing it to you?  Are you estimating those repairs on your own or have you talked to a contractor?  That seems extremely high for someplace you are currently living in.

What are the requirements in the contract as far as what repairs are contractually required to be done?   Also, how are you paying for this property?  Some loans have requirements as well as to what items need repaired.  I would also get professionals in the appropriate trades to go out and give you exact quotes on what it will cost to repair all that stuff.   If I was purchasing that home, I'd ask for all that stuff to be repaired by the seller.

To follow up, Ive had sellers tell me they won't sign a contract and sell to me if I didn't promise to not kick the tenants out.  Once you own the property you can do whatever you want with it. 

Since they are on a month to month lease, if you really want the property, take possession at closing and then give the tenants the appropriate notice to vacate the property.