All Forum Posts by: NA Loraine Nielsen

@Andrew Johnson Oops, wouldn't take it on if it was free, that is.

@Andrew Johnson Thanks so much, I wouldn't call it rambling at all. Very good points. As it turns out, we drove by the house earlier today and it was right out of a nightmare - cars in various stages of dismantlement all over the place, young people all over the place staring us down as we drove by, and just a general feeling of wanting to get out of there. Honestly, I've never seen a house and yard quiet that bad, it was one for the books. The Google pictures were about 5 years old and were obviously pre-current tenants! I told my husband I would want to take on that property if it was free. I feel so sad for the owner, but have to conclude he just didn't know what he was doing or he would have had these folks outta there long before now. 

Anyway, I appreciate the tips. I will use them as I continue to look for a deal. 

Thanks, James. I will think on it some more. If there's a way to do a fix and flip on this house while not messing up our chances of getting an FHA loan when we need to, will consider doing that. I just reviewed a BP blog article about investing in this type of home and it has given me the courage to at least consider it. Hopefully it isn't bulldozer material. I will take your advice and start at the end and work my way back. I will probably talk to my lender about the possibilities, as well, to make sure this can be done in a way that won't interfere with that.

Hello,

A friend has offered to sell his rental property, a 2 bed/1 bath on a double lot with attached 2-car garage for $40,000. It needs a new foundation so he's offered owner financing. I would definitely jump on this until l considered the neighborhood. Out of 5 neighborhoods in this town, 5 being the best, this one ranks about a 2. It isn't the absolute worst, but is right next to it. Most of the homes in the area are very old mobile homes. There are just a few small stick-built houses. Some properties are well kept and others have junker cars. Tenants in the area are possibly not ideal. Would someone want to buy it if we flipped it? I'm not sure. 

My initial decision was to simply pass on this, since we are in the midst of searching for a multifamily we can buy using an FHA loan, and don't want to complicate that process.

But then I started thinking about wholesaling, and wondered if there might be an opportunity for that. What do you think? Zillow says the value is $77,000. It's in Moses Lake, Washington. I would welcome any advice.

Thanks for the info, Phil. They do a nice-looking site. I'm enrolled in a class that requires me to build my own site, so I won't be using them, but it does look like it could save a lot of time. Fortunately, the class also teaches me how to optimize, use AdWords, etc. 

Best of luck with your investing!

Hello,

I'm creating a website to bring sellers to me. I've looked at several websites that offer to buy your house, any location, any condition, quick cash offers, quick closing, etc. I want to have a similar website, but I'm just me, not a company full of people like at these websites. And I'm just a beginner, haven't even bought my first property. How should I approach this? I'm thinking I need to limit my geographic locations, but how do I do that? and should I do that? Or just try to network when the need arises somewhere? That seems a little like flying by the seat of your pants. Just need some advice on how to present myself online. Any thoughts would be appreciated. 

Teri, unfortunately, it's $210 for one!

Thanks, Ralph. I know I'm leveraging with just 5% down, but $15,000 is a lot for me. I think I'm going to have to keep looking. 

Thanks for your 2c, Brent, it's worth more than that to me. And thanks to you, too, Meghan, I will ask about the water/sewer, not sure they can be split if not already on separate meters.  

Hi there. 3 duplexes (built in 2008) were just listed in my small town with very limited multifamily opportunities, so I was very happy to find them today! However, my numbers come out dismal, even after lowering the price to 210,000 (listing 248,000). This is for one duplex. I would be so grateful if anyone could look at my numbers.

From the listing:

Rent 950 x 2 = 1900/mo 22800/yr

Wtr/Sewer/Grbg 2640

Taxes $2669

Ins $600

https://www.biggerpockets.com/calculators/shared/6...