All Forum Posts by: Trent Currie

Do you have any additional criteria?

I think you had it right by saying whatever you do for your full time occupation is what determines it. If you are investing in the many ways you can in real estate full time I would consider the person a real estate investor. The capacity or the amount assets I think has little to do with it. Not all real estate investors will cross into the threshold of some of those you mentioned.

For those who own just a duplex as you described I would consider them to be an investor in real estate. With the description being more so for what they have invested in rather than a title for an occupation.

There are a lot of absentee owners in real estate and many success stories from people working full time and starting  real estate careers on here. My big concern would be the availability factor you mentioned. Focus on building a system that might take that barrier and minimize it or all together remove it. Joint ventures? (Partner who can handle things when you're not around) Good property management? (still a big risk if you're unavailable)

Start looking at your local listings for duplexes in the areas you would like to live in. After you have identified a property or two do a financial analysis on it. There is a ton of information on her about analyzing a property.

Talk to a local lender about your FHA status. They will be able to look at your financial situation and be able to tell you about qualifications etc.

How much money to start? Hard to tell without knowing a property, income, and many other factors. Read up on the forums and articles here. Once you have a solid education on the fundamentals for real estate you will be able to answer that question on your own!

Make sure to factor in your maintenance and management

A few options:

Blanket loan pooling all of the properties together

Line of credit using them as collateral

Private investor note using the properties as collateral

Something similar happened with a deal. There was a landowner who was subordinating land for an empty lot. The land was being used as collateral for a SFR build on the land. The landowner had his lien filed before the bank. This caused some serious issues and the bank was unwilling to participate in the subordination process even with the documentation outlining the subordination. They felt it was an unnecessary risk even though it would probably land in their favor. I imagine they looked at it as if they would have to resell it, then the date on the note might be a red flag similar to your deal. The land ended being purchased in order to keep the transaction going. It ended up being a pretty successful project other than the headache with the subordination.

Yeah that is really your only option on a short sell @Cazemba Richards

Maybe start with your local HBA and talk with the staff there. They might be able to point to someone who is active in the organization, has been around a while, and might be looking for opportunities.

Typically if something is under contract there is an accepted offer and they are working through the deal.

Short sales are typically harder to wholesale since there is a lender involved.  I don't see a lender being to keen on offers being assigned to other buyers; lenders typically want the property gone.