All Forum Posts by: Christy Tay

There is a 1500 sqft house that is needing remediation work done. It flooded during Harvey and received about 18 inches of water. Not too bad, right? Many investors work with flooded homes. Thing is, this house was poorly remediated, they didn't cut high enough or even let all the furniture, belongs, etc. to air out. It has been about 8-9 months since Harvey. I am not experienced with flooded homes, so I don't know how much the rehab cost would be. Could someone inform me the formula to figure out the average for a rehab for a flooded home?

Thank you.

Hi Everyone,

Still relatively new to REI. My question is, if you know how much someone owes on their mortgage and they are in pre-foreclosure, generally, what would you initially offer?

Would you offer what the same amount of the loan? Or, a little higher, a little lower (short-sale, right?)?

Thank You,

C

Hello everyone.

I need a little guidance on how to go about buying and renting (new to REI). I'm in the process of looking for a house to buy and flip, then after a few months of living there, the plan is rent it out as I will be moving to another state.

One possible strategy is to get a private lender and buy and flip the house, then with the LLC, purchase it using a conventional mortgage. Is this doable? Also, are there other strategies that would help me achieve the same end goal?

@Glenn McCrorey - You're absolutely right about being able to get a ton of help on here. 

@Michael Wagner - Funny thing, this is my local REIA group. Many of the REIA groups here have masterminds that they are offering. Like what you mentioned, I am very likely to try this out on my own before joining.

@Patti Robertson - I have not look into but will definitely now. Thank you!

The last few weeks I have been certain that real estate is something I want to do and honestly believe that I can. Like going into any new, you do all you can to learn about the subject. So I have been reading and studying non-stop, attending networking meetings, even joined an REIA group.

Many articles have stated that it might be a good decision to get a coach or a mentor. Tonight that topic came up in the REIA group. To me, I see a lot of benefit in joining them -- the network, the mentorship, like-minded mentality. This all comes with a heavy price tag, though -- 20K. It is 20K that I do not have. If I were to join, I would need to take out a loan. This is what I have been debating all night. 

People of Biggerpockets, are you a part of a program/mastermind, and has the return been great? Or what are some of the pros and cons? What would you do if you are a recent grad and starting from scratch financially?

Thanks for reading.