All Forum Posts by: Mohammad Haidarasl

I'm trying to make my first investor deal! I'm still very new to this and want to make sure I am making no mistakes. 

I found this listing that I am interested in working with:

http://www.realtor.com/realestateandhomes-detail/5...

Firstly, do I need to contact a real estate agent and let them know, so that they help me with the contracts? 

Secondly, I want to make sure it's going to be a good deal that I can make a profit off of. This will be a fix and flip. 

I don't see anything that shows what exactly the problems are with the residence, so I don't know if there is anything I need to fix, so that I can run it through the calculator on the site...how do I go about finding this out? 

I spoke with a local lending agent, who was willing to offer close to 100-k for around an $800 payment a month, should I go for this to pay it off if it's a good deal?

Please tell me where I can go from here? I want to get started on this now.

@Josh Dillingham Thank you. You've just dropped some major knowledge on me that helps so much. I think then I'd prefer going with a standard FHA loan because I'm looking for a property that doesn't have that much fixing up to do. I'm also going to see if I can get that approval letter from a loan officer. I've contacted a local lender and seeing if they reach back to me on time. It's a bit of a stress reliever that the agent will deal with the contract portion of it all, that was worrying me a bit.

@Jerry Padilla Thank you for getting in touch with me, I'm much more comfortable hearing that news. I do have years of schooling behind me with transcripts that are recent, so that definitely wouldn't be an issue for me to provide. 

@Josh Dillingham Thanks for the insight Josh. So was a standard FHA loan better in your case? I am a little unsure of the differences in the two loans besides that the 203k includes the fixing cost in the 3.5% So, was it just that you had enough money to fix it up that you didn't feel the need to get the 203k? The reason why I'm asking is cause I literally do not have any money besides for groceries at the moment, but am working on finding my first house.

The reason why I'm seeking all these answers is because when I find the house I want to go after, I want to make sure that I'm able to get the funds to actually do the deal in not too long of a notice. I'm unsure if you do a verbal agreement first, then apply for a FHA loan, or if there's an actual contract you sign if you come to an agreement. I know this is a little off topic, but I saw some contracts posted on BP, I just don't know which I would need to use and in what point of the process.

Thank all of you for your wisdom and input, it is greatly appreciated. With all the advice I've received from you, I think I'll try sales while I'm just starting out to build capital. This seems like the best choice for me. After some capital, I'll begin focusing on rental properties.

Hey guys. As I've stated in my last post, I'm in the process of looking for a local single family home to either rent or fix and flip and will be looking to use a private FHA loan, hopefully. With that said, I know BP has some calculators online that I'm still familiarizing myself with. Is there anything to look for when deciding whether or not a property is better to fix and flip vs when it's better to just rent? The reason why I'm asking is because Brandon's story of losing 10k and 2 years worth of effort at his first attempt to invest scared and enlightened me simultaneously. So, what do you say?

Your wisdom is very much appreciated! It might take a while to get an update, but I absolutely will keep you all updated. 

@Wayne Brooks So in total I should be expecting around an 8.5% loan? 

@Kevin Fox Thank you for the contact information, hopefully I'll be able to get it.

I checked a local FHA lender website and saw they require 2 year stable income/pay stubs, which I don't have. So I'm guessing I need to have some stable job for a while. I've been off and on with jobs the past year and so that is something I don't have.

Hey guys. I haven't yet made my first deal, but I've decided when I do, I'd like to use a 203k loan. I just like the idea of 3.5% for the total cost of the house + the repair costs to fix it up. The only question is, I'm not sure if I even qualify for this loan, since I've never received one before. I'm not even sure where to get one. I have over 100k in student debt from a graduate program I am in, and this is worrisome to me as I am unsure of what factors they consider. I am sure I want to do my first deal by the end of this year, and want to be ready for one when the opportunity presents itself. With that said, what are your recommendations for me? 

I'm willing to any other questions to help you help me answering this.

Hey there and welcome to the site! I would advise to use all the resources on the site and have an idea of where to begin or what to do before even taking action. But once you gather enough information, it's time to put it into practice. I'd first get an idea of good deals by using the calculator's on the site. From there, try actually going out and getting a deal. I think after the first deal, you'll gain confidence. It's new for me too. I haven't made a first deal yet, but these are the steps I am taking.

This is great that there's a thread on this. I had the same exact question about the academy. I've personally decided not to do it, just due to my situation, but perhaps in the future when I'm capable I'd like to read into it just to reaffirm some things.