All Forum Posts by: Derrick R.

Sure man, anytime. Im no expert but Id share the little bit I know. @Enrique Selman

Depends on the lot size and zoning.  Any nearby new builds? Value would be around 20% of what the a new house would sell at.

If your comps are good, and the property is not a complete disaster, either

-negotiate another 5-10k off to be on the safe side

-offer and pay what they're asking, make 30k

-or pay the 89k save your buyer some $$ and discount your fee to 5-15k

To help - you want to drive the area of the comps at least to find out if the 'cheapest' comps were sold as rehabs, and if the 'highest' comps resemble your property post rehab.

Could it be in a transitioning neighborhood/area, just hasn't hit "hot" status yet?  You should be able to find out how much the lot 4 blocks down had sold for if it was recent.  Try to keep your search within the .5 mi - 1 mi rad and just adjust the date.  If you use year built at 2010, then you won't be able to see the older homes that were sold as tear-downs to get the lot value.  I'm assuming it would be a tear down and not a rehab though. 

^^^What Josh said...Also in that farm area I would say be more specific on who you want to cater to.  The young professional or executive, empty nester couples, just married couple no kids, looking for 2bed/1ba maybe 2bd/2ba.  Do you want to go the more affordable route rehabing starter homes for first time buyers, fha, small family, family looking to upgrade, 3bd/1ba or 3bd/2ba/Garage.  Or higher end homes for families interested in better schools/private schools, dont mind the commute to work, prefer nicer finishes 2000-3000+sq ft homes, conventional financing etc.

Congratulations on that credit score! Nice.

What I would highly recommend, is you go to the REIN Meetings. You can find many partners/mentors there. You absoulutely have something to bring to the table (money & credit to fund the deal), so there should be less resistance.

Take steps to building your resources/team. Talk to realtors, get contact with as many contractors, hard money lenders, find friends and family to use as private lenders, evaluate some mls listings to find your ideal property, network for partners (you can find other flippers here on bp).

If your finances are in order and your not in need of immediate capital think of wholesaling as an alternate option and lean more towards flipping. You could potentially pick up a deal from a wholesaler and have it rehabbed(with help from a mentor) and sold before getting your 1st wholesale deal. Get on their mailing lists.  Essential if you want to eventually do 5/10/++ flips a year and replace your income.

Wholesaling is great for learning repairs, and knowing what is a deal. Finding a deal fast will depend on your level of confidence, marketing, and motivation.   

Just my oppinion, but before reading the books you ordered, read biggerpockets' 'the book on flipping houses' which you can apply today. And then read those books to continue to build your wealth.

Network. Network. Network!

Good luck @Account Closed

Yep. Find a good deal and you have a ton options here.  

What are your strengths?  What would you bring to the table?  Sales/Negotiating/Experience in rehabbing/could you manage a portfolio.

What are your goals? If you need fix your finances, try wholesaling If you dont have a marketing budget, start driving for dollars note houses in need of repair, abandoned/vacant, call fsbo signs, door knock, contact realtors with specific criteria of what you're looking for, craigslist, cold call.  Partner with another wholesaler.

If you want to get into rehabs, shadow a rehabber, if you bring a great deal, they'd put up the money, possibly pay you a fee, and show you how to go from project to profit.

Approach busy professionals or investors with a plan to acquire x amount of rentals, and how you plan to return their investment over time.  

Find partners at the rein meetings, deals deals deals group, tnreia.  Having a license is great, but would you rather spend that time looking for a deal if you don't intend on remaining a realtor?  

In the meantime I would learn as much as possible about evaluating deals, and creative financing.

In that case, seems you have everything covered.  I wouldnt worry.   Its hard but not impossible here. i rarely have a deal, but if theres any way I can help reach out. 

Are you going to investor meetings? Are you on any wholesalers mailing lists? Do you market for your own leads/deals?Are you relying 1 realtor?  

What area of nashville are you focused on? 

Whats your criteria? If anything comes up Ill let you know.

I'm not sure on how exact the information is, but you can buy a list from a list provider(list source) and include that in your search/output criteria.  The only way that I know of for mortgage information, tax lien could be more difficult to find other than at the courthouse.