All Forum Posts by: Aryelle Collins

I live in an up and coming neighborhood where there a lot of new development is occurring. I noticed a few houses that I could door knock that need work while driving the area. Is there a certain time of day or week I should go door knocking to receive the most success? 

If you are an investor who buys lots in Tampa,FL, what are things that investors look for when deciding to buy a lot. What info do I need to find about this lot from the current owners? Of course I know I need to make sure it is a buildable lot, but what other questions do I need to be prepared to answer when I go to sell this lot to an investor?

What is an accurate way that other wholesalers who do not have access to the MLS use to find the ARV for a property they are interested in putting under contract? What if you can't find comps because their are no recent comparable sales? The property I am looking at sits right on the water and is a 4/2 with a boat dock and a pool and of course I am having difficulty finding comps for it to determine an ARV. What would a seasoned wholesaler do in this situation?

@Korie Apgar 1325 is the combined total income

I don't know everything yet exactly but off the bat I know the inside of both units needs to be painted and and both unit need new flooring. I think I also saw a leak in one of the bathrooms. I was told the bank won't give a loan out until all repairs are taken care of. Is that correct? Would this force me to have to get a hard money loan for the repairs?

I need help understanding the correct way to do this correctly and if the numbers will even make sense. Here is the scenario:

I own my primary residence free and clear , great credit and can qualify for just about any loan. I don't want to use my equity but I want to take out a loan for a 220k duplex with an ARV of 315k in an area that is going up. However, the duplex needs about 25k in repairs. I was told that I would have to take out a hard money loan to pay for the repairs and then refinance with the bank. The property will generate about 1325 per month from rent. The property is in a low crime area and in a very good neighborhood. How does refinancing work? Im assuming I just apply for the loan use the money to get it fixed up ASAP, rent it out immediately and use that money to pay back the hard money. Is there a chance of me not being able to refinance the property and what would happen in that case?

I asked someone for a contract to use to put a deal under contract and they sent me a realtor contract that was like 10 pages long using language that I didn't understand. I want to use simple 1 or 2 page contracts that will then be converted to one purchase agreement at closing. I know this is possible because I worked for a company who did it this way but I am not sure if it is a good idea to still use those contracts if I don't work for them anymore. Can anyone help me out with getting these type of contracts? 

Oh ok I see, thanks for the clarification! @Nick C. @Tyler Ansell

Someone asked me if one of the properties was in a fish bowl area. What does a "Fish Bowl" area mean? Was he referring to the ghetto or a hood area?

When learning how to invest in real estate, I often hear a lot of people say "know your market" or "learn your market". I asked someone how to do this 2 months ago and they told me I just have to get out there. Well as you can see those 2 months have passed and I have done one deal but I still do not fell like I know my market. If a foreign investor were to ask me " How is the market in your area?", I wouldn't have a clue as to where to begin and I don't want to be that investor. I want people to take me serious and want to work with me. I might as well go ahead and add a similar question, How will I know when the market changes?