All Forum Posts by: Yates Snyder

@Mohammed W. I'd agree on doing the homework part. I called a seller the other day and literally had no idea what to ask, as I figured it would just work itself out. I don't think I'll wing it next time and have some sort of a pitch in place and know what I want specifically out of the conversation. I went to Ron LeGrands seminar and learned a little about lease options which seem like something to really understand. I'll likely purchase an online training course I got recommended by another new investor who did her first house and make a little below 40k. Lot of other things to be doing, but I'll get there.

@mike. Welcome to the area. Sounds like you are doing well!

Additionally, if the price is right, maybe I could get some sort of seller financing on it, and then seller finance to another buyer? Or do some sort of lease with option to buy.. I have one friend here in the area who MAY and a big may, might be willing to help finance this through his LLC. I'll give him a call today as well. Worst comes to worst I should probably get it at a low enough price so I could actually wholesale it if there was an issue. The house has been broken into twice in the past.. so I'm going to try and stay a little leery.

@Jerry Padilla What do you mean it has equity in it already?

Thanks everyone, will all the investors it seems in my area I feel like I have to jump on it. I'll find out some more information on the house today, try and contact the owner and see if its something worth putting under contract if the numbers make sense. I thought about owner financing but wasn't sure a real estate agent would be cooperative with such an arrangement. I'm not 100% on any of this since I've never done it of course so I really appreciate you walls of text haha.

Hey everyone, 

So I came across a house that is for sale made in the 1940's. It appears that the owner is actually a REI but is retiring (or so his neighbor told me over the phone) so he is getting rid of his properties. The outside looks a little rough and the presence of asbestos which I assume would be in the house makes me wonder what I should be looking out for. It's a 2/1 but looks like it would be large enough for 3 people to live in.. it seems pretty big. But anyways, there is development going on in the area and am told developers have tried to buy their properties in the past. I also know the lower bid that the seller was willing to offer his neighbor which was the tax assessed value. I'm thinking I could potentially wholesale this property, but reallyyyy want a buy and hold investment. Property taxes are around 1.2k a year on a 110k tax assessed house. Retail value is probably 15k higher. I need to do some due diligence and find out comparable rent rates in the area but I suspect I could charge at least 400 easily per person. It's had a recent kitchen remodel ( looks okay..) and new carpets. So what are some things I should be looking out for on a house like this? It doesn't have central AC either. Another thing, I need people to help finance the deal if I decided to go through on it!!!! Ahhhh. I'm also not sure what to say and not say when calling their realtor. Any ideas for a young lad? Best financing options when I don't have a full time job (although I am doing summer full time at Dept of Commerce) but no credit? Should I get someone to look at hte property with me?

I'm actually a NCSU student. I have one year left so my aim is to acquire a property, ideally multifamily, before this year is up. I have a 4 day weekend from how I structured my schedule so no excuses!

Oh, and duh, welcome to BP!

Hey, thanks for welcoming me on my own New Investor post so I thought I would return the favor. I'm actually in need of a real estate agent to help search for some properties. Lend me your contact information if you're interested and I'll get in touch.

Yates

The reason I ask is I'm just wondering if great minds think a like... Haha, well my favorite's are Risk and Monopoly. What are yours?