All Forum Posts by: Regina Sitterley

Yikes, I'd be very, very cautious buying at an auction as a new person. There's a podcast on this site that talks briefly about the nuances of the lens that could remain with the property even after the auction. I think the speaker was Stephanie (last name?) Good luck!

Hello Adam! Welcome. I'm only familiar with the Atlanta market, but the principles are the same everywhere. I'd be happy to network and share strategies! 

Sweet! I love duplexes. One unit is usually always occupied so the vacancy rate is a bit less. Gotta love driving for $$ !!

@Dmitriy Fomichenko How much time did it take to complete the entire transaction?  The initial transaction, to control the house, was pretty brief. Within 30 days, for sure.  The work probably took 7 weeks.  Then another 6 weeks to get a contract (it was around Christmas time). 

@Mark Brogan What can I help you with?

@Percy N. Did the original seller pay any of the closing costs? No

Was the 15k negotiated as a percentage of sale or flat amount? A flat amount in this case.

How did you arrive at the 15k?  It was the amount we negotiated, on top of the mortgage payoff, that would work for both of us. 

@Account Closed exactly!  I'll have to look up that podcast. They are awesome!  The recent one by Matt (last name?) was terrific, too. 

@Rashauna Hunter I debated the question of "to get a license or not?" for quite a while. My decision was finally made when I asked myself why I wanted it.  At that time I was thinking I would convert more leads from my marketing by listing properties of the sellers who were not willing/ had no need to discount their property for me to buy it.  When I thought about this more, I realized I was trying to be "everything for everyone," instead of focusing on what I'm good at - which is working with motivated/ distressed sellers and properties.  Perhaps you could ask yourself why you want the license and what that will mean for your income stream.  

@Matthew Paul had terrific points.  He sounds like a professional who knows how to run his business and does not have an "employee" mind-set.

If I had a project that I was able to baby-sit, I'd be willing to pay by the hour.  (Although in many cases, I've had to hand-hold even when I'm paying by the job)  I'm thinking maybe a painter.  If I could keep track of the hours and progress on a daily basis, that might work.   I personally am willing to pay more for a professional who can get the job done on time, on budget. Pinching pennies usually costs more in the long run in my experience.  

@Account Closed I'm surprised the lenders are working with you on this specific property with no contract in place?  Or maybe they want the financials before they give you a pre-approval amount?  I do agree with the others that it's odd they won't provide the information you need.  Sounds like they are not motivated to sell, which may make getting this deal done a lot like pulling teeth.  Then again, those are often the best deals!    

@Daniel Collins Are you looking for rehab projects or buy and hold properties?  I'm working in the Atlanta area and some other areas of Georgia.  There are good deals here and super low taxes (I'm from upstate NY, too!) depending on what you're looking for.

Hi @Nakisha Henderson!  I bought my first investment property when I was 22.  It was a duplex.  I lived in one half and fixed up the other half, then rented it to tenants.  Their rent exceeded the mortgage payment, plus the taxes and insurance.  It's a great way to get some experience under your belt!  

If you are powerful in your half of the bargain you will have more authority. Make an offer and prove your a serious buyer by showing your ability to buy the property, through POF or pre-approval, and put down earnest money. Then you have the authority to require the financial documents in the due diligence period. If they are not able to produce that information, you may feel that justifies a lower offer, since you are taking on more of a risk. Just a thought.