I am looking at possible purchase of a HUD home that will be opening to investors in 2 days. The property is in Spokane WA and I am looking at buy and hold option. I do have a great Realtor who's helping me through the steps and I have read the forums here, but any advice from the members to help me stay calm would be great (this also will be my first US purchase, and too top that I might not see the house before putting a bid, just going with videos and pictures my realtor is sending me). The house is cheap enough that I will be buying it cash and after some updates it will meet the 2% rule.
Hi Shahriar! Congrats on finding your first deal! It can be scary even if you're local, know the area well, and have stepped in the house. My best advice is to find a great agent who you trust (sounds like you have), and do all due diligence before the investor period opens. Have your agent get the contracts ready the day before, and submit ASAP the first morning. Some may even get away with submitting the night before. And don't forget to breathe! My first house was also a HUD home. Good luck, let us know how it goes!
Hi @Kristin Whitaker Thank you for the encouragement. I think this is a good property to start with since it needs about 10,000 work to make it nice and rentable, I might try and flip it after couple of years if the price is right.
Hopefully when I buy it I will finally have my name in the success stories section.
Hey @Shahriar K. just checking to see if you go your house? Looks like @Kristin Whitaker gave you some sound advice. As a newbie myself I know how daunting buying a first property can be. I have found that getting a good real estate education has really helped. I just finished J Scott's books and now feel much more confident in pursuing my first deal. The fear of the unknown has to be one of the worst things a REI faces.
Anyway hopefully you got the house. I am local here in Spokane and if you ever need any advice about anything in Spokane just let me know!
Hi @Colby Litzenberger someone else outbid me on that property but if that deal falls through I will be the backup bid. I have read books my biggest challenge is doing it for the distance and sometimes not being able to see the property before I have to bid on it.
have you or @Kristin Whitaker been able to find deals off the market in Spokane, I wasn't able to find any good wholesalers?
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