All Forum Posts by: Bonnie Low

Darin - have you listened to this BP Podcast where the guys interviewed Dale Hensel? If not, you should! It's totally entertaining and Dale has an incredible story. He was really young, like you, totally broke and had no idea what he was doing. And he is tremendously successful! Listening to his story might help you feel better. The #1 thing I hear people say they wish they'd done differently in their investing life is to have started sooner. So don't be afraid! You can never start soon enough. People may say 10 units is a lot to bite off for your first purchase but it might be exactly right for you. Listen to Dale's story on the podcast. I think it will resonate for you.

https://www.biggerpockets.com/renewsblog/2016/06/1...

I would start by talking to my Realtor. If you have a good relationship with a Realtor or agent, you should be able to feel them out about asking that question. In my experience, most banks are not very forthcoming for a couple of reasons: they can't put another buyer at a disadvantage by disclosing what they were willing to pay and because, frankly, they just don't have to be very helpful. There are exceptions, though, so ask your Realtor if it's kosher to broach the subject. You might also try preparing a write up of what you would offer and why (i.e., list the improvements you think it needs and the comps showing what you could potentially sell it for) so the bank has an understanding of what you, as an investor, need to get out of it. Sometimes they come out with an unrealistically high price and it can take months of slow price reductions before they get to the price point investors are looking for. Feedback from the market can only help. One more thought. I was looking at a HUD home that wasn't moving. I finally called the HUD asset manager and asked if they had a reserve price they were looking for. He ended up telling me what was owed on the house and, in a roundabout way, indicated that was the reserve they were looking for. They have a LONG way to go before they're going to get their reserve as it's still priced about $100,000 over what I think it's worth, but at least now I have an idea of when it might be worth my while to bid. Hope you find this information helpful. Good luck to you!

Hello there! We are Chris and Bonnie Low, owners of CBL West in the Redding, CA area. We are new to BiggerPockets and are looking for other real estate investors in our area for sharing ideas, advice and networking. We are a husband and wife team, both with non-real estate careers but intending to transition to full time real estate investing within 2 years for Chris and 5 years for Bonnie. We are starting by flipping single family and 2-4 unit multi-family homes to build our capital pool and will then add buy-and hold acquisitions.

The most interesting lesson learned so far is that it's surprisingly hard to spend money in our area! I know that sounds crazy, but our area has pretty limited inventory in the real estate market right now and there's quite a bit of competition from other house flippers. That's why we're looking at branching out to other communities within a reasonable distance. Chico is very much on our radar. We need to locate an excellent Realtor in the Chico area who is experienced enough to really help us but not so busy that they can't be extremely responsive since timing is everything. Fortunately, we already have a great Realtor on our team in Redding and she is out there working hard to find properties for us. We are very much interested in referrals for Chico Realtors so, if you're reading this, please feel free to refer someone to us if you have a great source. We promise we'll return the favor. To that end - we can't say enough good things about Jennifer Montgomery with the Real Estate Group in Redding. She is our Redding Realtor and we're happy to share her with you!

We would really like to meet up with other investors in our area. We are also constantly on the lookout for great contractors.