Do You Have a Real Estate or Finance Question?

16 Replies

Hello BP friends,

Do you need help analyzing a deal or have any specific real estate/financing questions?

Reply back with your question and I will provide you with an answer.

I purchased my first rental property at 18. I have purchased over 80 properties in my career.

You can see my previous chain answering questions here:

https://www.biggerpockets.com/forums/223/topics/64...

Ask away!

Inspiring story!  I am also investing in more challenging neighborhoods.  Do you have anything East of the Anacostia River in DC?

I want to buy and hold something in Arlington to make money off HQ2 what is a good strategy 

Originally posted by @Michael P. :

I want to buy and hold something in Arlington to make money off HQ2 what is a good strategy 

 You will need to be more specific. The question is too generic and an answer will all depend on our goal, price range, property type etc. If you provide further details, I will be able to assist you. 

Originally posted by @JJ Ono :

Inspiring story!  I am also investing in more challenging neighborhoods.  Do you have anything East of the Anacostia River in DC?

 JJ what sort of property are you interested in? What is your price range? Do you wish to live in the property or are you looking to lease it out? Please message me with additional details and I will be able to better assist. 

No prob, will find different broker familiar with arl who can advise

Hey Kenneth! I'm just starting out and I'm interested in wholesaling. To do a wholesale deal, who needs to be involved when it comes to the transaction? what type of agreements/contracts will need to be signed?

I'm new to the game and wanted to know how I start the qualification process for a 203k rehab loan?

Originally posted by @April Brown :

Hey Kenneth! I'm just starting out and I'm interested in wholesaling. To do a wholesale deal, who needs to be involved when it comes to the transaction? what type of agreements/contracts will need to be signed?

 I do not wholesale but have dealt with wholesalers, especially in Baltimore. Contracts should be written by a legal professional since you are just starting out. The transaction is in between the property owner, yourself and the buyer. If I were you, I would refer to the Baltimore forum since wholesaling is what many of them discuss there. They have a lot of information on the process and steps on this site. There are those who are not upfront about their intention when approaching property owners. That always gets messy. Be honest and upfront with the home owners and you will have less of a mess later on.  

@Kenneth I'm a licensed agent in Virginia but hold a W-2.  I just joined a new broker with the intent on being an active PT agent.  Are there any disclosures I need to make to my new broker about also wanting to invest in real estate?  How does this work?  Just want to ensure I stay compliant.

@Emmanuel Taylor I can discuss this with you over the phone if you wish. There are a number of things that go into it. Send me a message and I will provide you with my phone number.

@Tracy J. You will need to have a frank discussion with your broker. This is information that they should be giving you.

Will do thanks!

Hi Ken,

Help please! I have a couple of questions for you. My wife and I are in the process of purchasing a fourplex and will be house hacking. Will be using an FHA loan. We really liked the property and after running our numbers we will basically live there for free. We will not be getting a ton of cash flow but we are currently paying rent so this is what it is attractive to us. However, the agent told me that there was previously a bid on that property which fell through because of financing. Looks like the appraiser declined to appraise the property because there aren't any fourplexes around the area except for that one. To me it looks like this property was actually transformed from a single family to a multi-family. How can I avoid my lender will decline financing because appraising issues? Also, it looks like the property is 100% occupied and if we do not live in one of the units, we would not be able to use FHA. How difficult do you see for the current owner to make one of the units available for us? Do you negotiate this in the contract as a contingency? Our agent told us that October is when the first lease expires. I was thinking to put that in the contract and perhaps the current owner can do cash for keys. I will really appreciate your valuable feedback

Best Regards

Alex

@Alex Ramirez  I would be happy to assist in providing financing. This is a common situation that I encounter and is easily resolvable by anyone who understands the process. You do not need to negotiate with the seller for one of the units. There are specific laws that allow for your situation. Send me a message and I can provide you my cell. I can discuss it with you further on the phone.

Gm Kenneth! Thanks for your response and sorry I took so long. Let me know when is a good time to contact you

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