All Forum Posts by: Noelle Yarn

I have been looking for duplexes in the Hampton Roads area to do this strategy. I have considered seller financing however that would also require more in the way of a down payment. I am also researching hard money lending and then refinancing into a 15 or 30 yr fha loan. However, I am not sure how the numbers would work with using a HML. How much out of pocket would I need upfront for the HML? What's the better route to buying my first investment/home?

Hows it going with obtaining a NOD list

Originally posted by @Robert Smith:

Rich,

Great reply. I am in the Knoxville area and have been doing many deals for a number of years in several states and you said it great. Overall it is a normal transaction once you get the bank and seller worked out. I like to have multiple purchase and exit strategies when looking to buy. My first thought on a property even if it is underwater is a sub2 and do a lease option to a cash rich / credit poor buyer. We are a title state and many don't want to take on anything like this so finding and building the right team is key to getting things closed quickly and easily. Memphis is a hot bed for investors and many there are doing deals and having no issues. Disclose, disclose, disclose like always. Here in TN what I have found is they usually go to sale pretty quickly after they hit the public notices so the key is to get them prior to the NOD and begin when 90 days late. Banks do take forever and 9 times out of 10 they don't talk with the other departments and will end up going to auction even while you are working a deal. Auction.com has been taking over 80% of the sales here in the area, I am not a fan of them personally but it does bring a crowd I can source for more deals and to sale to.

 Hi! great content!  I live in Hampton Roads  Virginia.  I am just starting out and I'm trying to understand or wrap my head around doing lease options and or a 203k to acquire my first rental property.  It seems like if I could get a property under contract that is off market it would almost guarantee equity in the property.  But I would really like to follow someone through the process so I can see actual numbers of how both these strategies work. For one I dont have much reserves and so I am wondering how much I should prepare for since there seems to always be unexpected expenses.  So seeing exactly how the numbers work from someone who has done a lease option or a 203k would be great.   Where do you find your pre foreclosure properties? Why are you not a fan of auction.com if you dont mind me asking?

What do you mean by carry back?  Is this the amount you are seller financing?  and then the difference is what you will pay in 5 years ie 335k-(5yr monthly payments of 50k at 5%)?

Check out meetup.com and look for virginia beach real estate investors.  It's a set day and time but it's at least once a month unless you become a part of the foreclosure group. Sandra Musselwhite is the group leader.

Hi! Thanks for the offer do you have access to comp information in Virginia?

Hi Brandon! Welcome to BP! There are quite a few meet up groups for real estate investors in the area. Like someone else said they are on both sides of the water. Im a member of Virginia beach real estate investors meet up group. We've been going through the process of how to buy a foreclosure. I am interested in buy and holds however, I'm starting with wholesaling. I just got one property under contract in Virginia Beach now I'm just trying to find some buyers. :). There is a lot to learn and a good way to learn it is to just do it. :). Good luck!

just dont be afraid to reach out to people. Stay HUNGRY AND HUSTLE. ;) 

Welcome! Don't be afraid to dig in and ask questions. There's a lot of info in the forums and could take time to sort through. Find one particular rei method that you are really interested in and make a keyword for it and go from there. Best wishes!

Awesome! Congratulations! I hope I will be saying the same soon.