All Forum Posts by: Arlu Tejada

WOW Jeff... Amazingly Put. Idk what to say. You pretty much answered most or all my questions regarding agents... Fantastic. Lets now go with "Ready, AIM, Fire." Thanks for the organization advice. This really helped me out alot and opened my eyes on a lot of perspectives. Thank you again.

Dude, Thats awesome man. Good For you. I actually looked/talked to a couple of small mortgage companies and some realtors about this opportunity. I'll try my luck on newspapers. You actually got so much experience. I did a stupid job and waisted my time on Dunkin Donuts for the last 2 summers hitting on the chicks while making my franchiser SO RICH!!!!

Funny Thing is all my life, I wanted to become a PT. That was like my chosen career from Freshman year.(I'm kind of a science and human nutrition fanatic) Recently, I changed my major to Business... lol IDK what I'm doin with that. and I'm sure there is no "Real Estate Investor" as a major lmao. So, I'll try to find my way from there.

Hey Thanks for your time man. Really Appreciate it!

Jon, that is actually a very brilliant Idea. I'll try to find and meet with other investors while I'm in Indiana.

Please give me a PM if you anyone is willing to work with me. This is kind of my first time going to another place just to check out and learn more about the neighborhood.

Also, Jaime. I agree with all of the statements you said except for the EM and contingency. Ive learned from other investors to only give 100$ EM and with at least 1 contingency clause. I have a quick question. I sent my offers directly through the Listing agent. Should I also be talking to REO brokers??? I'm kind of confused on that.

And the answer to your question is I plan on doing a little bit of both.

Thanks Jon. I totally agree with that now. Theres really no way for me to really find out what these zip codes are like unless I really visually see them myself. I thought Google Earth can do all that for me. I now know that it is not enough.

P.S. I booked up a flight already on the 28th of this august. I'm looking forward to meet a ton of people in Indianapolis, IN to learn more about the area.

Jon, I'm a long distance investor. The pictures I see from the sites i get my foreclosures from have 5 pictures only.
I ask for more pictures especially damaged areas of the property.
Also, how I look at rehab is... when I do my MAO i immediately include rehab as 25k. Like I said, I can't really see the house so my estimate is always 25k-30k. That is why I also ask them how much they think the rehab will cost.

As far as comparables, I know how to find ARV comparables, but how do i know my sold comparables?

"You need to get comps on your farm areas and learn the values yourself."

What sites can i get these info from?
So far when I qualify I use... zillow, realestateabc, city-data, rentometer, crimereports, and more city info from "best places to live" from money.cnn.com

Is there a specific way to find the values on a certain zipcode/area of a city??

Hey everyone.
Right now, I am currently throwing as much spaghetti offers on properties that I have pre-qualified as a good investment. Now, I'm starting to have a problem. Some of the listing agents that I talk to are pre-judging my offers.
They say "Oh this offers too low, the banks not going to accept this." or "we can't do assignments"
I had a couple of stubborn agents that have said that to me and my answer was simply, "Hey look, I am a real estate investor. I throw 30-40 offers like these all the time. What I need you to do is I need you to Send my offers to the bank and not pre-qualify them. The acceptance is not up to you. I hope you can work with that." Idk. If i was being rude or unprofessional, but the agent stopped emailing me. (or at least stalling). And I know that the "assignment clause" is definitely negotiable. Is it not?

My question is... Should I send all my offers on different houses directly through the listing agent or no?? Also, Am I making them work too much Because When I call, I tell them what I do (Investor) and what I do with the properties. I also ask them to email me more pictures, sold comparables, the story of the property and what needs to be done(rehab).
Now Am I asking too much??? Prior to offering/getting the property under contract??

Yeah. I'll have an appraisal. My father has credit, but he is working on refinancing our house. So I don't want to put more on his shoulder.

I live in CT, and I am investing in Indianapolis. A property for 8k is a pretty good deal. I'll look into flipping this house. But from what I studied. This area code has more renters than home buyers. But I can probably sell it for as cheap as 80k with a still pretty good profit.

As for rehab, It needs new kitchen, 1-2 windows, carpet, new paint and bathroom.

I'll keep posting to update. If I go with that flipping... thers a risk of paying taxes and the monthly mortgage if I dont sell as fast. DOM is about 3-6mos. Thers a risk there. But I can also try to find a buyer to wholesale this. I'm aiming up high though.
Thanks again guys. You guys are so helpful.!!!

Well first, zillow and realestateabc.com gave me an estimate of 110k ARV. The realtor gave me sold comparables of the property for 100k.

I am getting my inspection done and hopefully a multiple contractor's bid at the same time. The realtor said it would cost about 25k-30k estimate for rehabbing... Okay so at max probably I would borrow maybe less than 45k from a HML.

The only thing that bothers me is refinancing. If I can't get a refinance in this. I probably should not do this...

Jon, what are my options here?? What Can I do, If I can't do this great deal?? I have about 10-12k cash that I can use... But I don't know what to do If I can't refinance. Also, mainly considering my no credit and probably a part time job. Help please.

Hey Jeff I have a quick question. I am also trying to work/volunteer in a real estate agency or mortgage company.
I want to be exposed to that environment. I feel like you are really learning a lot from your job. Can you tell me how you got that job? or a process to it. What should I do?

I have been thinking about that for a while now. I about the same age as you and I am trying to get involved in the real estate investing game. But I really want to know more about real estate agency or mortgaging. Bottom line is I want to do somewhat what your doing. I want to file stuff, I want to know how the real estate works. lol. Suggestions??? Thanks man.

I really hate wholesaling just because I cannot find a buyer. I tried doing craiglist, backpage, ebay and facebook. I get the same answers all the time. They say "give me more info and I will distribute it to my investors or I was just wondering how your doing with your buyer's list"

I would really want to keep this prop and try to rent it out. What are my other options?? Plus, what if I can convince the bank that the rent can pay for itself. And also, I have 12k cash... Idk if that will matter.