All Forum Posts by: Dawn Brooks

PA Open for Business is a .gov site that walks you through all the steps and sets up your entire business entity, without paying attorney fees-- you just pay the state licensing etc.  I've used it to create two separate businesses when I lived in PA and it is VERY simple. http://www.paopen4businessbriefcase.state.pa.us

Thank you, EVERYONE, for all of the excellent advice! I am glad I asked!!

Not yet. In fact, when I talked to him today, he thought he was upside down on the property. I found out the current ARV with a little research of my own this evening. The market for that area is a cool one at the moment according to Zillow. I think they are both overwhelmed with everything going on, and the house has been a Sword of Damocles hanging over their heads, so he was just relieved to hear I might be interested in it.

The least muss and fuss for the both of them, the better.

So, I'm brand-flipping-new (see what I did there?)  I've spent the last couple of weeks plowing through YouTubes, webinars, and blog posts of everybody out there, and have just learned enough to know that to start, I would prefer to begin with lease options and possibly wholesaling single family homes, but I know I will add more later.

For now, I feel like I have a bit of information overload, but am very excited to get started.

A friend approached me because he is getting divorced and needs to sell their house quickly. He knew I was interested in real estate investing and asked what I might be able to do for him.

The house is a 5 BR, 4.5 BA, 2749 sq ft single family home in Schertz, TX, just north of San Antonio.  Comps for the area run $214- 270, and the house's estimated value through Redfin and Chase bank is a bit over $264K.  They currently owe $204,133. They are the first owners, as it was built by them in a neighborhood that has been growing over the last 5-10 years.  

He told me that it is in need of some repair, but did not elaborate, and I have set up a time to go out for an inspection.

I have NO IDEA what to do first or next! I want to make a fair offer to my friends, and help them out of their situation. My preference, of course, is to do a sandwich lease option. I have none of my own money or credit to invest in the beginning, so I know I will need to find appropriate tenant-buyers to put in there for them. I also want to make sure that is the best option for them. If wholesaling it, or some other method is better, I am open to instruction!

What words of wisdom/direction do you have for someone like me?  I am so thankful to have found so many rich resources out there for this business. I am so excited for all of the possibilities for replacing my full time income, and building my own business.

Thanks in advance to all who respond!