Real Estate Agent · Howell, MI · Member since 2008 · 14 posts · 0 votes
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!
Residential Real Estate Agent · Los Angeles, CA · Member since 2008 · 1k+ posts · 9 votes
18y
Hello there Joe-
Welcome to the club my friend and I do hope you find everything you need in one of the many forums and threads here on BP. Please feel free to ask all the questions and browse through all the forums you want. Why not tell us a little bit more about yourself and why you got into real estate my good friend. Thank you for becoming a new member and please do enjoy your welcome train!
BiggerPockets Founder · HI · Member since 2008 · 16k+ posts · 5k+ votes
18y
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.
Real Estate Agent · Howell, MI · Member since 2008 · 14 posts · 0 votes
18y
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...
Real Estate Agent · Howell, MI · Member since 2008 · 14 posts · 0 votes
18y
Also, the reason I got into real estate.....
Probably a couple reasons, first off because of my Mom and because it's always sparked my interest. I've always wanted to "end up" doing primarily real estate investing and developing. My dad works more on the developing end because he owns a civil engineering and land surveying company which is a great resource for me.
Also, I have a friend that I've known for most of my life who retired (from "having" to work everyday) when he was 33. His primary reason was from real estate and he is a multi millionaire from simply buying and selling, knowing a good deal on the spot, having cash ready, constantly talking to people and acquiring over 60 rental properties.
Residential Real Estate Broker · Conroe, TX · Member since 2008 · 1k+ posts · 43 votes
18y
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.
Residential Real Estate Agent · Los Angeles, CA · Member since 2008 · 1k+ posts · 9 votes
18y
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...
Real Estate Agent · Howell, MI · Member since 2008 · 14 posts · 0 votes
18y
Originally posted by "loki005":
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...
Hi,
I am a licensed Realtor, have been for almost 4 years....and I just know my area and know the market like the back of my hand. Every single day I search all the new listings for the day, everything that has had a price change and everything pending or sold...I just keep a really close eye on the inventory and whats happening. And, I'm don't mean to sound like I'm bragging at all, but I just know the pricing in my area extremely well. So, as far as CMV......I define that as the price a property would sell for in today's market in 30 days or less.
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.
Real Estate Agent · Howell, MI · Member since 2008 · 14 posts · 0 votes
18y
Originally posted by "freeequitygal":
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.
Excellent, another Michigander! Where are you at in Michigan?
Real Estate Investor · Auburn Hills, MI · Member since 2008 · 37 posts · 2 votes
18y
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:
Real Estate Agent · Howell, MI · Member since 2008 · 14 posts · 0 votes
18y
Originally posted by "newbie38":
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.
My husband and I own a number of rental properties, mostly ones he picked up last time the foreclosure market skyrocketed. He has lines of credit from our local bank on most of them. When he sees something, then he taps one (or more) of the lines. If you have a relationship with a banker, talk to him/her.
Real Estate Investor · Auburn Hills, MI · Member since 2008 · 37 posts · 2 votes
18y
Originally posted by "apexrtx":
Originally posted by "newbie38":
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.
Residential Real Estate Broker · Conroe, TX · Member since 2008 · 1k+ posts · 43 votes
18y
Shouldn't be a problem, if there's no current liens against the property. You probably didn't get as many response in this thread though due to it being a welcoming thread for apexrtx