BiggerPockets

Hello everyone!

I've been lurking around here for quite a while and enjoy reading through the forums.

I have had my real estate license in Michigan for 3 1/2 years and mostly just manage and handle the transactions for my Mom's real estate business. I really enjoy the business and look forward to it everyday but I am exciting to start buying properties. I just bought my first place, a foreclosure.

I look forward to sharing and learning with everyone here!

Joe

Welcome! A lot of info here.

Hey Joe - Congrats on your first foreclosure purchase! Would you mind sharing a bit about the deal with the rest of us? Other investors can really learn a lot from the success and mistakes of others.

I hope to learn more about your premiere deal!

Best of luck and welcome.

Thanks for the warm welcome!

My deal was fairly hassle free and went well. I bought a condo for about 60% of current market value and all it really needed was paint and some minor misc. repairs (door knobs, closet doors). The seller was Countrywide...it took 2 weeks to get a response from them on my offer but once that was finalized I close about 10 days after that. There are MANY deals in my area right now so I'm looking forward to many more...

Joe

Sounds like your deal was a slam dunk. It also sounds like you have a great support group around you. It's gonna make you journey to success much easier.

Hello there Joe-

When you say that you purchased CMV what exactly do you mean by that? Did you get the comps from your agent, off Zillow, or perhaps title search? Or you knew what the value was after the appraisal was done? Thank you for your time and have a wonderful day my friend...

Welcome Joe!

I'm from Michigan too. Congrats on the new purchase. I'm just starting out with this kind of business, but am in the market to make my first buy of a foreclosure for me and my boyfriend. Best of wishes to you.

Hello Joe, and to everyone else. I just climbed aboard on BiggerPockets and this is my very first thread participation. I reside in Michigan as well (Auburn Hills). I am a newbie to Real Estate investing, but I have done extensive reading for the past few years along with picking the brains of a few seasoned investors. On 11/30/07 me and my wife closed on our first investment property! I am very excited because I have been wanting to do this for a long time. We got the property for zero down and received $19,000 back at closing! I will make cosmetic repairs on it this week and rent it out. I have a question for the experienced investors. If I purchase another property for cash, say $5,000 to $10,000 (I am referring to a bank owned property because Michigan has tons of them for that price). If the property appraises for 50k, 60k, or 70k, would I be able to get a loan against that property or a line of credit? This is the next move that I am considering to establish more capital and to reinvest in more properties. Any advice would be greatly appreciated. :idea:

I am not a mortgage expert by any means but I am fairly certain that you would have to purchase the property and then re-fi (I think you'd have to wait 6 months) to pull the equity out of the property.

I checked with some bankers at Chase and they informed me that I can pull equity out right away. They informed me of the criteria as well. Thanks for the feedback.