All Forum Posts by: Brandon McMullin

My Girlfriends parents are renting a SFH, they received a letter stating that their house is going into foreclosure. which is telling me their landlord is not paying their mortgage..

I want to call their landlord and offer to buy the property off of them. 

I am 25 years old and just purchased my first rental property a couple months ago, a duplex, so my funds are a little low.

I just want to make sure I am prepared, so I call their landlord, offer to buy, then they contact their bank and ask if they can sell it to me for whatever the bank wants. ARV is 140k, lets say the bank will take 80k. next step would be finding a HML that will give me 80k to buy it, and then refinance the property with a bank? since the bank thinks I own it free and clear, they will give me 70% of the ARV so I can pay back the HML and boom I have the rental for very cheap.

Am I on the right track?

If I design a 10 unit apartment complex and have land in a great potential area, how do I go about getting bonds/money financed to build the property?

thank you, I want to hear what others would do. If it stops majority people then I will take your guys advice and stick to good, clean locations.

What do you guys think, there is a duplex for sale for 45k, both sides are under contract. one side for $500/month and the other $550/month. I think there is great potential here, but the only part that is stopping me is it is not in the greatest side of town. It is close to high crime areas, or the "ghetto" if you will.

Do you guys let location of real estate stop you from a good deal?

I live in northern Illinois, Do I have to be apart of an organization in order to make a sale of a property for my friends and family?

I guess I'm not aware on how expensive it is, there is a pre license course for $495 for 6 weeks. That is all I know, I know that if I did want to take it as a career then advertisement is key. I have thought of the idea of giving a 1% cashback of the property bought or sold. 

I currently have a annual income of $80-$90k job, but I don't want to work 9-5 till retirement.. Just want to get started with real estate/investing 

glad to hear you like it @Sara Tremeear, hope I will to !

Is it common, or recommended. To get your Real Estate Lisence to save money from realtor fee's and also help find deals?

pro's and con's?

maybe even being a full time agent might be a new career path, Im only 24 years old.

@Zack Karp Im located in northern Illinois, around the Rockford area.

Nice to meet you! I may just pass on the deal, I am actually taking a real estate license class soon to become an agent, so for future purchases it will save me some cash for all the fee's.

Thank you for your input though!

Hello Fellow Real Estate Investors!

I am 24 years old, currently an apprentice for the sheet metal workers union. I am a 3rd year apprentice, I go to school for 5 years and will be a journeyman when I graduate. I enjoy it, but the more I work, the more I realize I am capable of more. It is good money, I currently get paid $28/hr and get raises every 6 months, until I top out and become a journeyman, in which will be at $43/hr. 

I did have surgery on my shoulder recently and I'm off of work for 4 months, I have been doing lots of reading about real estate investing and actually found classes coming up to become an agent.

My goal in being an agent is to gain more knowledge with the processes of buying/selling houses. I also will help my friends and family by re-embursing them with the mandatory 6% realtor fee's, which brings me to my next question; could I advertise myself as an agent with my slogan being " I will give you $500 cash if you let me help you" 

I don't see any agents that do that, and I wouldn't care giving others part of my commission, so they could get money and I could also get money but most importantly the experience.

although sheet metal workers in my area make an average of $90k a year, it is just hard on the body/lots of hours and would love to try perusing real estate.

following, interested in good ways to find REO properties

Karen- I guess I should have used the term Comp, instead of ARV. Comparable houses are all around the 165-170k mark. maybe I will consider moving in..

Jessica- Thats not the attitude to have! There are plenty examples/Stories out there, people do accept low ball offers, its just not very common by any means, but I believe there is nothing wrong with spitting out an offer, the worst that can happen is they say no.. there is always a possibility though.. 

Teri- sorry I should have used the term " comp" instead of ARV.. as far as I can tell it needs no repairs. I figured this would be a good deal for me because I would be buying a house worth 170k, for 100k. This is why I joined bigger pockets forum, to ask for your everyones thoughts and to gain knowledge. and what do you mean when you say if they owner would carry the property for time? do you not think it is a good deal? If I buy it and live in it for a year, or however long the FHA loan would let me, and sell it. I can see around a 50k profit for my first deal.

Anthony- Houses that size, and location, I can easily rent for $1700-$1800 a month and I have confidence it would rent out very quickly, I know several real estate investors in my area and all of them say that they get tenants right away. what kind of loan are you talking about that I only need 10% Down on? I could live in it for 2 years, debt to income is very good and credit score is good.. 

Again, just wanting to hear everyones 2 cents on it and help is appreciated :)