All Forum Posts by: Lane Ewert

Hi,

As stated my wife and I have about 60k, besides emergency $ saved and are learning about real estate investing.  We want to get on a track to be doing around 80-100k in about 10 yrs.  Any advice on the paths you all have taken.  Hopefully this will be a nice post I can jump in and out of while furthering my research blog reading, web searching, pod cast listening, mind group signing up for. 😄 Thanks 

really? advertising in old posts sigh

Thanks guys! Looked at the property this morning and it has at least 3 holes in the roof and there were some cracks in the brick. Not to mention single pane windows, mold remediation (you could smell it strong) Over all it looked in the 35-40+ range. So it would eat any equity. Plus right down the street there building brand new at 160k. So moving on to the next property.

Thank you guys for your insight!!

matt great advice and thank you for breaking it down so I can somehow quantify what the numbers should be. I've been lurking on BP for a while and I thought instead of thinking like a home buyer why not try and do what flippers do but for my personal residence.

I just got a "comps report" from my realtor and I was off by about 4k, the average is 146k. Which oddly enough puts me at 106 max purchase price which is what the realtor said we should offer.

One more question if I could, whats the best way to go about getting a contractor that won't completely kill me since I obviously won't have my own team? Or a substantial amount of work to have them give me any kind of discount.

Thanks again

We want to buy this house as our first with an FHA loan that allows repairs, fix it live in it for two years and sell. What is the best way to asses the ARV quickly? There have already been offers made and our Realtor said we need to come in above asking. So in the event we do win we are supposed to have a 7 day period to get out if it looks too costly. Any advise would be greatly appreciated or questions I don't know to ask. I feel this would be a great opportunity for me to learn about RI along the way.

Numbers:

90k asking price (what # is good to come at them with?)
(its a foreclosure)
comps in the area are around 150-165
Roof has been leaking so obvious water damage and updating

Thanks

thanks to all of you for your insight!!! Bigger Pockets it great. I will keep HV as possible option which has opened me up to looking at flipping houses. I have narrowed it down to another option in another thread. Thanks again to everybody!!!

Tom Lafferty No I think w/ the 50k you are still required to pay marketing fees. And since writing my first post on this topic I read one guy saying that your "area" is dependent on how much advertising you spend. And if there is more than one person in the franchise in your area the larger budget gets more attention.

I have the same misgivings about it. Hoping someone can shed a little light on there operations.

My wife and I have gone around and around on different approaches to get into real estate investing. So today she shows me the We Buy Ugly Houses franchise. It's 50k to get a franchise and what you get is 2weeks training course, their proprietary software that help you evaluate cost/profit on a property and marketing. But my first thought was to come and ask bigger pockets if anyone has either had experience with them or had their own franchise. I think one of the key points of their model is you have more access to hard money lenders. Any and all advice would be greatly appreciated.

Karen,

Thank you for your response. I have a lot of planning to do!

Rich-Thank you as well for your response.