All Forum Posts by: Edward A.

Well still working at it - two declined offers and still searching.  No one said this would be easy.  I have been buying some books and reading references from here.  Oh also, got one realtor to ask me to find another - so I guess there is an art I need to learn to find a realtor who LIKES working with an investor.

Crime - be careful with some of those areas. Run comps and make sure your ARV is good. I went to school at JHU so I know the area a bit. I also parked on campus at night never went too from campus without others. It may have improved I hope since the 90's so check with crime stats and realtors in the area there.

Thanks everyone - I think I am on the right track then. Going tomorrow to look at my fifth house - hopefully this one will meet all the criteria. I have been shopping for awhile and waiting until I see one that works numbers wise before requesting a showing. Yes, I'm using MLS for the first one - I know not that wise, but I am watching the numbers (sales price, purchase costs, rehab costs, holding costs and re-sale costs). It's not easy for sure.

Caught up on some reading this weekend and I checked out the book the Millionaire Real Estate Investor - written in 2005. A great book and very inspiring to read. What I am curious about and it raised an interesting question for me was assuming you read this book in 2005 and got very excited about real estate and started investing then the market downturn a few years later - where are you now? Did you manage to get through this downturn? The reason I am asking is that I am starting out to invest and may make my first purchase soon. I am reviewing my risks, costs, etc. and although my guess is real estate is more stable these days you never know. But, I want a plan for the long term and am curious about what strategies help a REI weather the bad times?

Great job and I hope to get number 1 by year end.  Your post was inspiring and hopeful since I am hoping to bridge into this career full-time in 5-6 years.  Good luck and all the best!

Good luck - its a tough market in Maryland; but I just started a few months ago. Be patient and look for a deal with good returns. It's excellent that you are a realtor - that will help you a lot. I found some free analysis software on the web - search around, but you want to calculate your purchase costs, rehab costs, holding costs and selling costs if you are flipping. Most MLS properties I am finding are selling close to retail and they still need lots of work. Check out my thread on costs of REOs.

Great advice and Jim lives in Kansas as well - this is a great site for sure.

I am new also, but what I do know is that after you have a contract you need to really work hard to:

1. Make sure your rehab estimates are very accurate and bring contractors to review the site.

2.  Get a home inspection - usually part of the contract process - make sure they look thoroughly at the home and this gives you an opportunity to get out of the deal assuming you have that in your contract even if you bought "as-is" a good realtor would have placed a clause in there to give you an out if a major issue is discovered.

3.  Line up your contractors - holding costs start the moment you bought the house.

I'm sure others have better advice - good luck.

@Account Closed  Agreed.  Good luck Joe.

@David WardYou and others have mentioned many good ideas.  I think I will try to develop a good business plan and then be patient - that is basically what I am hearing.

I am glad now that I stuck to our plans on the first house we bid on, seems like my gut feel of developing a solid plan and being more patient will be best.  

@Chris Martin  You maybe right that I am motivated - its though more of an excitement since I decided enough reading books and studying numbers - time to jump in and do my first transaction.  So, I am motivated, but not too anxious that I will over pay - at least I hope not.