All Forum Posts by: Byron Scott

Thanks for the advise. I'm new and have never dealt with a wholesaler. I don't know how buying from a wholesaler typically works. I'm just going off what I was told. I'm really just trying to understand the process. I have talked with lenders and have my 203k loan set up but I've been told by the wholesaler I can't use it because he's a wholesaler.

I've found a deal on a duplex marked well below market value but I haven't had luck finding the cash. I am buying through a wholesaler and need cash or conventional loan. I need to do a fha 203k loan. Can anybody give me some advise or help on this? Thanks!

Hey BP family,

I am a newbie. I wanted to know if I was buying a property from a wholesaler. Whats the process? Do I need an agent?  

I haven't been able to find anything. If I do it gets bought so quick. I'm still learning how to find properties and make a move fast. How has your search been?

I was looking to invest in a rural area and was wondering where I can get a loan for below 50k. Also what are banks looking for when giving a loan on homes that are around 40k. Will I have to try to do cash? Anybody with experience with below 50k loans can share information on this topic?

I just got an offer accepted on a duplex. I'm doing a 203k loan on it. Should I set up a separate business account? Should I get a separate P.O. box? There is one tenant in place and I'm gonna live in the other side for a year. I know I gotta get contractors out and get bids. I'm kinda nervous...Advice on what I should do next?

Hey I'm making my first run at purchasing a property. Listing price is 129k. I offered 95k because I heard that's something the seller would accept. However that was before the property hit the market. I can offer 129k and still make money. Should I offer the highest I can go? Or should I still with 95k? How do I know how high to go on my offer?

Hey BP community, I'm in the process of making my first deal. I'm house hacking so I'm using an FHA loan. The house may need some repairs to be sold as an FHA. How should I go about finding out how much those repairs will be? Will the appraiser give me a repair estimate in their appraisal? Do I need to get an inspection? Or do I need to start getting contractor to come out and start looking at it to get bids? The seller is looking to move quickly so I don't want to waste any time.

@Gene Murashko Thanks for the advice. My offer on this triplex is below the value of some duplexes thats been sold recently and the tax accessors value is higher than my offer. My agent said he's worried there will be no comps. Because of that basement. Maybe they can't find a triplex in the area that has sold or a duplex with a basement. Do you think I'm gambling by bidding on the property if the risk is no comps and the value of the property coming back too low. Based on what I've told you?

The tax accessor valued the house at 5k more than what I offered. Is the tax accessor usually close to the appraiser on the value?