All Forum Posts by: Sean Brooks

If you retain the services of a certified mold remediation company the problem should be corrected as long as you follow what they recommend. It's different types of mold and they should be able to identify what type it is. Homes are sold all the time that had a previous mold issue. Normally the company issues a warranty guarantee that the problem will not re-occur

@Terrance ClarkYour car experience will help some because of the similar business practice. Good idea about the home inspection and contractor. I teach people how to go about getting homes that others overlook. I normally instruct during the day of the showings to bring a contractor. Sometimes I recommend one. A full home inspection cost around $500.00 that's home inspection, termite and radon (in Delaware you have to worry about the odorless gas) 

I'll give you some advice and this goes to everyone. The city of Wilmington can be a challenge when it comes to investors and real estate.  Most of the discussion is regarding the city and some are afraid of the crime. I'm from a much larger city and that little bit of crime that's over reported on is not bad when you consider some key factors. 

It's not as simple as you think to operate.  Outside in New Castle County it operates a little differently for various reason (it's not enough time for me to explain) but you definitely have to surround yourself with plenty of connections and the right person that knows the market, laws, procedures, the right contractors etc. And I think the main thing that you need to have is the desire to first provide quality housing, then the money will come. It's some bad house flippers and in my business I get to see who is good, who wants to put a quality product on the market.  Now those houses sell fast. As a Realtor you get to see this day in day out. I'll give you an example. My partner back home is a contractor, now when we complete gut and rebuild a home, the quality of work is high to the point of perfection. It takes 10 days tops for the home to sell. Because we created a following and people love the quality work. 

Another thing, all the shows made flipping popular but they never show you the flops hardly --- sometime "flip or flop" shows you the horror stories. 

Joshua find a partner that has the money all you need is the 20% or more. Once you generate a profit you could negotiate to pay the partner back once you have enough equity or get creative. 

I missed the meeting was busy and didn't get a chance to check back on the site. 

I see many discussions about where to invest and where not to invest. 

To answer that question you first need to know what's your investing strategy. 

Are you a buy and flip investor, buy and hold for rental income. 

I think I read one person say where they would live and not live. That's not an investor mindset. An investor will live in one place and buy investments in another area that produces the results that they would like to achieve. (example NYC investors will buy in other states because it's cheaper) 

If anyone wants to see all the homes sold in the city send me an email and I'll share the list

Glen Beringer good idea but a realtor can't talk about crime. I'm a licensed realtor working all of new castle county. We can provide everything on the list except for that. If a realtor provides crime data their breaking the law. In order to get that information you must contact the police department and that's if they will provide the information.

Steve Novosel as the rest of the guys indicated it all depends on price point. But overall, Delaware always need rentals. I receive rental request from New Castle County to Kent County. For my investors I never have problems locating a tenant. In Wilmington you'll find more duplexes and triplexes. Newark is a mix of all types of housing. What is your investment type?

Richard Castro thanks for the response. No the property is not in trolley square, cool springs or any of the areas that all new or the investor without a lot of knowledge about the city selects. 39 properties were purchased in a 2 month period and I don't think 1 was in those areas.

Welcome to the group Mary Mostly everyone selects wholesaling because you don't need money. But most of the investors that I've work with started by getting loan on their first property. The normally purchased foreclosures or reo properties. Then they were off and running. It's a lot of competition in Delaware between the established groups of investors, some of which are realtors that have cash it's difficult. Now you will get a few deals once in a while but prepare yourself for the challenge. That's the fun part to real estate

Brenda C. I'm a realtor that works in the city in additional to the entire state but mostly new castle and Kent county. Where did you pull the comps from? If it was Zillow or Trulia there highly inaccurate. I would suggest contacting a realtor having that person do a free cma to get an accurate assessment. They should also come out and tour your property. We normally will ask how much is your monthly payment. What do you owe. Since it was year ago you have the bulk of that $150k left. You may be able to rent the property and generate a small income in the process. You need to know the law around real estate in the state of Delaware. When putting a property out there under rent to own. If the rent is under the market average when the person goes to buy (most do not) the money they put into the property can't be used as a down payment by loan officers. But if you put the rent at the average or above the money paid by the tenant will be used as the down payment. Now if you rent it you might be approved for a new loan to purchase another home. If you need help contact me.

Welcome to the group you'll benefit from the wealth of information.