All Forum Posts by: Jay Mitiguy

Welcome @Kevin A. ,

I've been doing a fair amount of reading and so far, I'd recommend Rich Dad, Poor Dad (industry favorite), E-Myth, and Think and Grow Rich. All have been beneficial in my early endeavors to get started in RE investing. 

Best of luck to you,

Jay

Thanks Rick. I was considering a Sub 2 as I thought it might be easier to secure the financing I'd need. I'll find out tonight how desperate the admin is to gauge his level of interest in creative deal financing. Who would I need permission from on the decedents info release? The admin, or the bank? Also, do you have any generic sub 2 contracts I could peek at for reference?

Thanks for the input Dave. I'll dig a little deeper tonight when I meet with the admin. If I were to place it under contract, what documents should I have with me? Can I just write an informal agreement on site, or use a "standard" wholesale agreement to protect both parties?

Hey there BP,

I'm actively pursuing a property that is in probate but the bank has begun the foreclosure process as the previous owner passed shortly after not paying her mortgage and taxes for nearly 10 months. My question is, should I wait to see if the bank forecloses then make an offer, or work with the property admin now to come to an agreement. 

The property is about 2.5 acres and has two SFRs on it, both in need of some repairs. The mortgage balance is $45,000 plus about $5,000 for the attorney's fees because of the foreclosure process. The estate admin also mentioned that there are other creditors owed about $20,000 but hasn't given me any other details as to who they are and what the debt is for. He is asking $62,000 and the ARV on the main house is about $100,000. I'm estimating the secondary building to be worth $75,000+ if the parcel could be split and sold as two pieces. I also have the option to do lighter repairs and rent both out if needed. The rent was covering the debt service + expenses but not cash flowing positively.

Any insight would be greatly appreciated. Oh and I forgot to mention that this is my first potential investment property.

Thanks,

Jay

@Graham M.

I would definitely like to get together with a group to do some networking. I'm still new to real estate investing, and would welcome the opportunity to assist a seasoned veteran to learn more about the business. Let me know what your schedule looks like, and if you know of anyone else interested in sitting down.

@Aaron Montague

I believe the meetings are held quarterly, but the last two have been either postponed or cancelled. I submitted my application for membership to them so I can begin networking with the associate members outside the meetings, but I've yet to hear back. It's only been a day or so since that happened, so I'm not getting my panties in a wad about it yet. Based on my experience thus far, I would agree with your comment about finding a stronger core and giving them incentive for attending. From what I've read on BP, REIA's are a vital tool for any professional RE investor, and I look forward to participating in one.

@ Ralph Jensen

When exactly are you coming up, and where is your property? I spent a few years down in your neck of the woods as well. I lived in Conway for a year, and then graduated from UNC Wilmington. Little River is a great spot!

Hey,

I'm reaching out in hopes of finding some fellow Vermonters who are part of this wonderful world of BP. I've been waiting anxiously to get involved in the Champlain Valley REIA, but the last two meetings have been cancelled due to low attendance. Are there any Vermont Investors interested in getting together for a meet and greet outside CVREIA? If so, message me on here and we can figure out a plan.

Thanks,

jay

Welcome!

thank you all for the warm welcome. Looking forward to being part of the biggerpockets community!

Hello All,

I'm new to the Biggerpockets Forum and wanted to introduce myself.

I have a very strong interest in wholesaling to help provide incremental income to my day job. I have begun researching the process to better educate myself on the ins and outs of wholesaling and what it takes to be successful. My ultimate goal is to acrue enough cash to start investing from a buy and hold approach. I have a solid career currently, and have no plans on making any changes with it and am looking to create additional passive income and long term equity.

I've touched base with my local REIA and plan to attend the next meeting this month. I'll let you know how it goes!

Please feel free to contact me if you're local and would like to network.

Good selling,

jay

Hello All,

I'm new to the Biggerpockets Forum and wanted to introduce myself.

I have a very strong interest in wholesaling to help provide incremental income to my day job. I have begun researching the process to better educate myself on the ins and outs of wholesaling and what it takes to be successful. My ultimate goal is to acrue enough cash to start investing from a buy and hold approach. I have a solid career currently, and have no plans on making any changes with it and am looking to create additional passive income and long term equity.

I've touched base with my local REIA and plan to attend the next meeting this month. I'll let you know how it goes!

Please feel free to contact me if you're local and would like to network.

Good selling,

jay