All Forum Posts by: Aryelle Collins

I have tried to get a FHA 203k loan but I have not been on my job for 2 years so I don't qualify for the funding. @Phil G. @Shannon Covington

I believe I have found my first deal but now I need help finding the money to pay for it before someone else gets it. Its a duplex in Tampa and the buyer is asking for 37k and its worth 72k. He said it needs about 20k done in repairs but both units are currently occupied. This property is in a really good neighborhood in Tampa and if I can purchase this property I would owner occupy the studio ($400 rent) and rent out the 1/1 ($600 rent). I've spent most of my day calling many community banks in Tampa  trying to get a mortgage for this property. Most banks said the price was to low to give a loan out on and others said they couldn't give me a loan because the mortgage company would require the repairs be fixed before the loan would be given. I'm waiting on a few calls back from the other mortgage lenders , and I am also waiting to hear back from the buyer on what kind of repairs need to be done- either major or cosmetic work (which is what one of the mortgage lenders inquired about). I have not put the property under contract yet because I don't know if I will be able to acquire the funds for it, but what if I do all this work to find funding and someone ends up buying the property? What should I do, I really think this property is for me and its just the price I can afford to put at leaste 10% down on!?

@Kevin Mika I want to structure a partnership where my partner and I look for off market properties and wholesale them as a way to raise capital for the down payment on the MF properties, which we would go half on with. Or if my partner has money to put up for the down payment now I will be the one doing all the work as for as finding the property, presenting them an analysis of the deal, and we can establish a contract on how the profits will be split when we start working together. I'm willing to work as hard as I have to in order to get the job done and also eager to perform everything I've learned so far about real estate.

@Anthony Wienke I thought it was a great idea as well, I hope you find great people who can help you!

Thank you! @Account Closed

Today I watched a BiggerPockets podcast with 2 investors who created a partnership to start their real estate business. One important thing that they mentioned is that the two people who form a partnership must have the same interest in a certain investing strategy, such as buying and holding or flipping, which I agree with 100%. I am interested in starting my real estate business as a MF buy and hold investor. I attempted to find an investor partner on craigslist (as advised by other BP members) but instead I ended up finding a great mentor to help me analyze deals and the other guy was a potential partner but he's hard to get in contact with because he is very busy and always working. I am in the process of purchasing my first duplex that I am going to owner occupy but I want to work with a partner that is also interested in buy and hold investing in Tampa and has a few deals under their belt that can help build my rental portfolio. Any suggestions??

Ok great @Theodore Freeman I will do just that? Also, are you aware of how to access tax delinquent homes in the county tax site?

I went driving for dollars today and I noticed some distressed homes that could be used to wholesale, but they didn't a FOR SALE sign up. Instead they had paper taped to them with padlocks on the front door. I wrote down the address to some of those homes I saw, but do those papers mean that the home is abandoned? Can someone please explain what they mean if not?

@Jay J how can I find out how much it is worth now and with some minor fixes?

@Jay J. The property is in pretty good condition and she only want 1060$ per month and I want to keep it as a rental property