All Forum Posts by: Darron Stewart

@Jose Diaz If it was me, I would either look for cheaper $ or save up $10k.  Work a part time job and try to wholesale a few properties, may be slow but you will win in the end.  Tax liens too can be purchased for a few dollars and may get you land or a house for minimal $.  Honestly I would slow down and not take on the risk of a high interest loan...

@Jeff McMichael 

Welcome, hope you are able to find all your answers.  Lots of info here, just set up key word alert and read recent forum posts, it will overfill you but digest and think it all through.  You mentioned tax liens. lots of us invest in that, ask you local tax assessor how it works and give it a try.  Make sure you research the best you can and try with a little seed money.  I went in with $3k and bought 7 properties, now am in the hundreds each year.  Don't let the amount of the lien surprise you, have had $3.02 up to $77k and recently 108 acres of prime real estate worth millions with a $100 tax bill.  Most pay, but that is still a great reward at 18% here.  Best to you! 

@Jason Stephens I'm sure the market is different, being from DC area, I know how the prices are but should give you more margin too.  My flip was tight because I paid a little more than planned but did a lot of work myself, so kept costs low and fsbo, biggest problem was getting loan through for buyer...  Found buyer and the rest is history.  But bottom line folks are flipping everywhere and at all price ranges, so don't fret, get in the water and enjoy it!

@Jason Stephens 

Best of luck to you.  Making $20k a flip is very possible, just use all the web sites such as hud.gov, craigslist, realtor.com, etc and drive looking for tall grass and/or fsbo's.  I have a friend that does 1-3 every quarter and his minimum is also $20k.  My first flip made $22k after expenses, went to buy and hold because the market shifted and would like to have it more a passive income than having to do the continual flips, within next 2-3 years should be 7-10k/mo...not the $20k you are searching for but enjoy the mailbox money from tenants...

My Mom, a real estate broker, always said egress and closet made it a bedroom.  Our current house was actually marketed to us as a 4 bedroom with an office and bonus room...however both have closets and egress, so technically it would be a 6 bedroom.

Unless I have misunderstood your situation, your loss within the LLC will be passed through and listed on your 1040, so the loss will decrease your income dollar for dollar.

I bid on a HUD over several months in 2012, ended up getting the number down a bit over 40%. Found a number I was comfortable with and then went down about 5% more, started bidding, would raise up a thousand every few weeks then hit my number. We were still a bit apart, so I dropped back about 2-3%, got a call the next day and they said will you take at the number from two days ago, ie highest, so I accepted. Believe the numbers were as follows, HUD went from 108->97->87->accepted 64. I had bid from 60->64. The peak market was about 144 and current ARV about 120, needed maybe 1k, paint and a few repairs. A great rental now!

I do all management and repairs, replace ac filter and check for leaks every month or two, allows me full access so there are no surprises...

@Karen Margrave Have done storage wars a bit, two great ones come to mind, one free with tires nephew sold for $6k and another after doubling investment kept a few things to include a $5 gold coin from 1911, woo hoo!

Well love great house deals and buying storage units...latest is an estate house full of stuff and purchasing for a really nice price!