All Forum Posts by: Anas B.

I am looking for wholesalers and deals in both the Fairfax County, VA area and the Raleigh, NC area.

Please let me know if you have a deal for a SFR in those areas.

Thanks!

I believe capital gains taxes will only apply if title changes to the wholesaler, which, in most instances is not the case.  The wholesaler usually assigns the property sale contract to the buyer, so title never actually changes to the wholesaler.

I was wandering through the listings of the real estate auction website, auction.com, last month and placed bids on two properties I didn't think I would win.  Well, when the auction ended on the two listings, I ended up being the high bidder.  I closed on both properties this week.  Both properties happen to vacant lots that used to have single family homes on them and have since been demolished (one for being burnt down and the other for code violations).

The thing is, I'm not really sure what to do with the lots.  Should I try to resell at a higher price? Should I build and then sell? Should I try to apply for a multi-unit permit? What would you do?

The addresses of the two properties are:

426 Doty St, Fond Du Lac, WI 54935

221 E Lexington Ct, Fort Wayne, IN 46806

I forgot about title search and title insurance. I'm guessing that would go after step 4. 

All,

I'm new to REI and have a lot of learning to do. I am closing on my first property and would like to list, from my experience in my first deal, the 10 steps of acquiring a buy-and-hold. I am assuming a property management company will handle the rental (as this applies to me). Let me know what you think!

1. Personal inspection (check out house, neighborhood, market, numbers)

2. Negotiate price (based on comps and your own target)

3. Have property inspection, get inspection report

4. Renegotiate price

5. Start looking for property management company

6. Have seller agree to pay repairs listed in inspection report (or at least split costs)

7. Pay deposit, have repairs done

8. Close, make deal with property management company

9. Screen/accept tenant

10. Collect rent

@Navjeet Singh I am curious to find out how things worked out for you. Can you share any updates?

Thanks and good luck.

@Dawn Brenengen I think I will need a realtor to make my first purchase. Can you recommend one? Feel free to send a message.  Appreciate your help!

@Sam B. it's great to know that fellow expats are on BP.  I'll read more of your posts to learn things from "our" perspective.

@Sam B. You're right it's not in the center of Raleigh - it's about 10 miles away from the center of Raleigh.  I'm hoping that, with time, the area will become more desirable.

@Nate Pickering and @Dawn Brenengen thank you both for your concern and I appreciate your input. I haven't made the deal yet but the property is on Old Stage road in the 27603 zip code. It needs some work and I'm waiting to hear back from a contractor on how much it will cost to do the repairs (I also sent a low-ball offer that I'm willing to accept without a precise estimate).

@Christopher Hunter and @Mehran K. thank you for the welcome notes.  I'm sure I'll be learning a lot!

Hello all,

I'm an expat working abroad (benefiting from the relatively higher salaries and lower US taxes).

I've saved up a little and been seriously looking at investment properties in various areas (since I won't be around in the near future, location is not a huge factor). I'm looking at homes in the $40-$50k range to buy in cash and I think I found the home I want in Raleigh, NC (relatively cheap homes compared to big cities and the city is expected to have a high growth rate).

Just wanted to introduce myself - I'll keep you posted in case anyone is interested.