All Forum Posts by: Andy Hailey

Hello everyone!  I am wanting get some opinions from you all on my current situation. I have been reading/researching real estate investing for a few month now I haven't began investing just yet. My only experience was having an offer turned down on a hud home that I wanted to flip. 

So,  for a little background. My fiancé and I are still pretty young,  at 26 and 24.  We currently have a lump sum of cash nearing $200k in a mutual fund, and full time jobs that put us square in the middle class.  

This is where my question comes in. We had planned to leave that sum of cash alone in the mutual fund, throwing a bit more into it month by month,  and one day (hopefully somewhat young) using that for retirement. What I'm wondering is how we should be going about investing our money, in order to get us to the earliest and healthiest retirement. 

We live in central Oklahoma,  where property can be had for a good value. Are we better off buying into some buy and hold properties? Continuing to grow the money grow with our current plan? Experimenting with a flip? 

Any help, advice or shared experiences are appreciated!  

Stuck to our numbers and another bid was accepted. I may have overestimated the rehab, but played it safe. The search continues. 

Thank you Tom! I will definitely do some more research into the hud bidding works. Last night I countered with $65,000. My realtor seems to think that there are a lot of bids on this home, and that it will take $75,000 to get it. Would you suggest holding strong on my offer?  I guess there's no way to tell how many offers the property really is producing right? 

Thanks for the info Greg. I was informed of the "net to hud" concept today, and heir actual counter was $70,500, which for me would mean $75,000 plus closing. Do you know if I offer below this again, will that offer be considered if there is no other higher offer? Or is that a hud minimum of sorts?

Thanks Matt! Well I did hear back just about an hour ago, and received a counter offer. Here's a little background on the numbers. The house was listed for $85,000 after viewing the home I came up with a rehab budget of $20,000. The house has a target sale value of about $115,000. In trying to follow the 70% rule I offered $60,000. They countered today at $75,000. I'm still mulling over my next move.   What do you guys think?

Thank you! I do have cash for the purchase. I've made a conservative offer as I'm sure I've underestimated renovation cost this being my first experience. 

I saw a HUD foreclosure in my hometown today and ended up making a cash offer. This is my first offer of any sort for what will/would be a flip property. Now I'm full of nervous excitement. I am told that I will find out tomorrow.

Thank you everyone for making me feel welcome! I'm excited to start the real estate journey and to continue learning. 

Hi everyone!  I am a resident of Norman Oklahoma that is looking to get my feet wet in the real estate investing world. I am an RN by profession and want to start working on the side, at least in the beginning, on some flip projects or possibly some buy and hold. 

I have learned an incredible amount from this site during the past several weeks and look forward to learning much more. Thanks everyone for any advice you may have or just for saying hello!