All Forum Posts by: Dakoda Spencer

Hey @Daniel C., I think this is an excellent post and will be following to see the answers. I would suggest, of course, that your "friend" takes the time to read/listen to Brandon's "no and low money down" and to talk to additional banks. 

I have read recently that banks have the ability to give you a financing for up to 10 properties (I read that in a blog for beginners here on BP). I would just say to keep asking banks and to also ask other investors for referrals.

Sorry if I'm not too helpful. I'm new to this and trying to get my feet wet. I hope this was at least somewhat helpful. 

-Dakoda

Hey @Alex Stewart, I hope people chime in! I'm interested in this topic and would like to know the answer myself.

Best of luck!

-Dakoda

Hey @Elijah Crowder, I hope some people chime in and let you know their opinion.

I would focus mainly on questions about the location and neighborhood of the property. These are questions related to the property, but obviously not about the house that was burnt. Of course, if you plan on rebuilding, be sure to know the other houses in the area so that you can build a house that will both fit in and be in the right price range for the majority of buyers.

I just did a quick search here on BP and found another thread that is related to burnt houses and it may be beneficial to read. Here is the . It doesn't go into what to ask sellers, necessarily. Mostly just some additional info to consider. 

Here is another link that talks about getting appraisals done on burnt houses. Again, not a direct answer to your question but may spark some ideas.

Best of luck and I hope you find success!

Hey @Chris T., thanks for the feedback! I think I have a direction I am going to take. I appreciate the assistance!

Hey guys (and gals),

I just finished reading the UBG and would like to know what to read next. I'm interested in flipping houses and finding BRRR properties to hold for a longer investment.

I was thinking about J Scott's book on flipping houses, but just wanted to run it by some others first. I am also considering reading other books like Brandon's "no and low money down" since I am short on capital at the moment.

Any advice would be greatly appreciated. Thanks!

-

Hey BP family. I'm just starting out and want to go over something super basic. I have read "Rich Dad, Poor Dad" (like every other person it seems) and I have also learned a couple things that Dave Ramsey teaches.

Robert Kiyosaki loves debt (good debt), yet Dave Ramsey hates it (all debt). 

I kinda looked at my personal finances with more of a Dave Ramsey outlook, but separately looked at investing with more of a Robert Kiyosaki outlook.

I understand that paying off debt is a good thing, but how much of a good thing is it in REI?

Does anyone have any advice as how they view these two outlooks that are so fundamentally different? 

I see that there was a post on this subject from about 3 years ago, but I would like to revisit the idea.

Thanks for reading! 

-Dakdoa

Taye Nguyen , I'm not 100% sure if a modular would be allowed. I wouldn't want to just put in a regular modular home. I would want to put in one that look similar to the homes around it. Maybe a 3/2, about 2000 square feet, two stories, and with an attached car garage.

Hey all, 

I have a situation that I am trying to think of a solution for. 

I just recently went and looked at a house that is in a great neighborhood and has a great 1 acre lot. It's an REO, they are asking 52k, the ARV is 135k-145k.

The house needs to be tear down. It is not structurally safe and would be nothing but a money pit if I did buy it. I know I can't pay near what they are asking.

I thought about buying it anyway (Only at the right price), tearing it down, and either rebuilding or putting a modular home on it. I'm just trying to figure out a way to make something happen with this deal. I know that there is a point that I need to walk away from the property, but I want to exercise my mind by trying to come up with other solutions. 

What are the costs of a modular home? Would I be able to do a cash refi at the end to pull some money back out of it? I would actually like to live in this area but not only if it makes sense. 

Any suggestions? Thanks!

Thank @Anthony Susco, @Aaron I., and @Mike Hanneman all for the advice. I went and walked through the property with my brother (who has about 8 years in building construction) and my agent. The house was a complete disaster. It would need torn down all together. There were nothing but red flags through the entire house. 

Hey Mike, I'm talking to a HML who I showed the deal and explained my plan. He is okay with everything. Now, the deal isn't going to happen because of how terrible the property is, but he was still okay to lend to me even though it was going to become my primary residence. Should I avoid someone willing to do this?

Thanks all!

Hey @Marcin Nurek, I think this would be a great post to put out on the forums so more people could see it. Not many people are going to be able to view it since it is posted here in the Marketplace. 

Best of luck to you!

-Dakoda