All Forum Posts by: Andrew Davis

@Frank Coleman 

Welcome to BP!  The trainer at the seminar did you a huge favor by telling you about this site, you will learn so much just from the podcasts.

Another great resource is the Ultimate Beginners Guide:

http://www.biggerpockets.com/real-estate-investing

Best of luck Frank, feel free to reach out with any questions.

Hey Edward,

The best way is to look the properties up on your country property appraisers website.

For St. Louis: http://revenue.stlouisco.com/IAS/

There's a search field at the bottom of the page where you can input the address and should give you all the information you need.  Generally, phone numbers are not listed on property appraiser sites, but you may get lucky.

Good luck Edward!

Jared L. Sounds like renting is the way to go. You'll be able to take depreciation and deduct any maintenance costs you incur, as well as any costs for marketing the property. I believe you can also deduct the mortgage and insurance as operating expenses, but I would check with your CPA on that one. Your area sounds like it has a lot of appreciation potential, so I would ride this next wave and sell when the market is really hot.

Hey @Gilberto Guel 

Welcome to BP!  That's one way to do it, another way is to find a great investor friendly agent to help you.  I imagine you may even be able to find a good investor/agent through this great site.

A great place to start learning is the Ultimate Beginners Guide:

http://www.biggerpockets.com/real-estate-investing

Realtor.com is another great place to search, I started a search for you and filtered the list down to multi-family properties within 20 miles of Ashburn, you can play around with the search to meet your preferences, but it should be a good place to start!

http://www.realtor.com/realestateandhomes-search/A...

Best of luck Gilberto, feel free to reach out with any questions,

@Justin Hall 

Of course!  I love to see fellow Floridians on BP...

I am involved in a couple meet-ups.  I usually attend CFRI meetings and focus groups, and I attend a couple smaller meet-ups as well.

In addition to the job growth, there are some great infrastructure projects going on as

well; the I4 expansion:  http://i4ultimate.com/project-info/future-i-4/

and the SunRail development:http://corporate.sunrail.com/stations-trains/

Central Florida is full of great investment opportunities, just depends on your goals, risk tolerance, etc...

Let me know if you're ever in the area, I love connecting with other investors!

@Cynthia Eugene ,

Congratulations on getting started!

I think your strategy of seeking private money is great, what I would say is nothing is typical.  It really depends on the appetite of the investor and your relationship with them.  For my family members, I've offered them 5% interest /10% profits on a flip.  If I'm doing buy & hold I've offered 10% interest with a fully repayment of the loan in 1-3 years.

Good luck and Happy New Year!

Andrew

@Belinda R. said that if it weren't for some really painful and costly lessons, BP wouldn't exist!

Even if you can recoup 90% of your cash, you'll have received a college degree in house flipping, marketing, determining market demands, etc...  Imagine what you'll be able to do going forward, and the other's you'll be able to help along the way.

I lost about 20k in my first real estate deal and it was rough, but I learned SO much and am the better for it.

Good luck Belinda,

Andrew

@Emiliano Gonzalez ,

I see, I am not familiar with that program.  I am a CFRI member, and I know that when you come with a good deal you'll have no problem finding a cash buyer!

Hey @Andrew Kniffin ,

Sounds like you've found quite the challenge.  It sounds like the seller needs/wants to get out?  If that's the case why don't you do a 'subject to' deal with the seller in exchange for paying off the delinquent property taxes (functioning as a down payment) and then work directly with the bank to assume the loan and see what you can negotiate with them in terms of forgiving the late fees/interest. 

I'm there are plenty of nuances involved that I haven't considered, but that is my 2 cents.

If you could wrap this thing up for under 300k it sounds like a great deal!

Good luck,

Andrew

Hey @Emiliano Gonzalez ,

Where are you locating these cash buyers?  

I would suggest CFRI (Central Florida Real Estate Investors) as a great place to find cash buyers.  The Bigger Pockets Marketplace would also be a good place to post your wholesale deals.