All Forum Posts by: Nikki Jacob

Chai, that would be a good idea, but there are 5 people that will get money when this sells, and I really think my uncle will just sell it quickly so he does not have to worry about it. I could be wrong, but I think that is how it will go down.

Marcus, my sisters husband is a janitor at an elementary school and does not make much. She is living in the house rent free because my uncle lives in Maryland, and no one else can take care of the house, so it would just be vacant. My sister does pay the property taxes and utilities of course, so that is why he allows her to live there. They can't sell the house until my grandma dies, and once that happens, I don't think that my uncle will care what happens to my sister and her family. I would love to help, but I don't want to make 2 house payments if she can't pay rent. I guess another option would be to have her just pay part of it and my husband and I cover the rest, but still not ideal, for us anyway.

@Don Burton , sorry, I left some info out. My uncle will sell the house regardless, so my sister will definitely be out if I don't buy it. If I did buy it, I was hoping to work out some kind of deal with her and her husband. But I think everyone is right, I should avoid this deal. I wanted it to work out for everyone, but that probably won't happen. Maybe if I was super successful and could afford squatters. Thanks for your input everyone!

Thank you guys for your response. @Joel Owens , no, there is no written agreement, just me kinda fishing around and asking my dad what he thinks of my plan. He says it will probably depend on the appraisal. I am completely new to this and know next to nothing, can anyone tell me what they look for in the appraisal? I' know that it is mainly square feet, # of rooms, bathrooms, etc., but do they take into account the condition of the property?

@Eric Miller You are right, my investment would be tied up. I am very leery about doing business with family, thanks for your impute. Sounds like I should just steer clear probably.

Here is the long story not quite as long: My grandmas house, which is paid off, could be for sale soon. The profits will be split between my grandmas 5 kids after 30K is paid to my uncle because he paid it off years ago when my grandparents hit some financial trouble. The house is in very bad disrepair. Mold in the basement, plumbing issues, electrical issues, even foundation issues, plus major cosmetic rehabbing needed. The ARV is, I'm guessing, about 150K. What would be a good offer, and is it even worth making an offer? My sister currently lives in the house (partly why it needs a major cosmetic overhaul) and she and her family would basically be homeless when the house sells as they cannot afford rent anywhere. I was thinking of buying it, fixing everything except the cosmetic stuff that will just get messed up again if I do, and renting it to my sister for just enough to cover the payments until she can afford to move out. Then I would sell it or rent it out again. I don't even know if she could afford the rent there if I bought it and fixed it up. Even though I would like to help everyone win, I really can't afford to lose money on this. Thoughts, opinions, advice? Thanks so much for reading!

@Tara Brodersen, hi welcome to the site! I am new too so I am afraid I don't have a lot of advice to offer, but one of the best pieces of advice I have received here is to listen to the podcasts. They are awesome! So much information, and I can listen while I jog, I love it! Good luck!

@Account Closed

@Account Closed

@Account Closed

Hi everyone. I have been reading like crazy everything I can find and I really want to get going but I know I still have some learning to do. I was wondering if anyone would be willing to sort of walk through a typical wholesale deal. From finding the property to advertising to other investors to closing the deal? It still feels so...abstract. How does this work? I think I would like to pursue the wholesaling or flipping strategy, is this a good place to start for a beginner? I have no money to put into an offer, but I do have excellent credit for what that's worth. What books, posts, etc are recommended for wholesaling and flipping specifically? I'm anxious to get started, but I don't' want to make any costly mistakes either! Oh, and I have been thinking about becoming an appraiser to earn a little investing cash. Good idea, bad idea? Thanks for all the great advice you guys have already given!

Nikki

Thank you Brian, I will definitely check out SLREIA. I see you are from Pleasant View, we just moved from Farr West, we were practically neighbors! Are there any experienced mentors around theses parts? Thank you Paul for all of the suggestions, it looks like I have some reading to do.

HI! My name is Nikki Jacob and I am from Syracuse, Utah. I am a stay at home mother of 4, and I also homeschool my kids. I came across Bigger Pockets while searching Google and decided to join. I have absolutely no experience in real estate except for purchasing and selling my own homes. I would like to start investing in single family homes as rentals, flips and wholesales. I'm still in the learning phase and trying to find a mentor, so any advice would be much appreciated. I look forward to learning more on the forums, thanks!