All Forum Posts by: Donnell Durden

Upen Patel 👆🏽

Why wouldn't they be able to be rented right away? And what debt to income ratio would it have to be?

Thank you for your time and words. You speak many truths

Surfing through realtor.com (because I have no access to the real MLS) and I come across a 4 unit multi family. 4 car garage Two 2 bedroom units, and two one bedroom units. In a semi-war zone less than 1.5 miles away from historical downtown (sure to be gentrified in the future) Listed at $94,900 Looks like a full renovation needed (50k Maybe 🤔) Latest assessment $111,510 (local assessor site) Appraisal $159,300 (local assessor site) Owned by Federal National Mortgage Association (that has to matter) I have about 10k to invest and credit score it is around 655 Current official income is low. About 20k My first thought is FHA and house hack for a year. Maybe get it at a lowball # because of the area. Renovate it and live in one unit. Then BURRRR! This would be my first property so I know there are a few programs I can take advantage of. It's in a bad neighborhood with a lot of eye sores around but the neighborhood is REALLY close to a world renowned college and hospital. So guys. Based on my situation... What do I do next?? Do I click 'contact seller' on realtor.com Do I have enough cash to pull it off? Help me out! I never come across 4 families in my area ever. Talk to me guys what's my next step knowing my position and intentions.

Hello BP My grand mother passed about 3 years ago. She had a reverse mortgage. Her son/my uncle whom was living with my grand mother when she passed in appointed the estate has been living there rent free and hasn't paid any taxes. So currently over 7k is owed in taxes. Most of the equity is gone because of the reverse mortgage. The bank owns it and some sort of community agency agreed to purchase it from the bank and give him a 100 year lease. But first he would have to pay taxes and closing costs. This all sounds crazy to me. The single family home is in Newport RI 3/1 been on the market at 140k for a year The bank wants more than the community agency has to spend so the last I was told that they are trying to appraise the house to get a lower value due to damages. What I need to know is what are the possibilities of me saving this house that's been in the family for over 60 years and was once paid in clear. What steps should I take. What do I need to convince my uncle of. Should I just let it go? Isn't help will be helpful Thanks

Hey Guys.

Let me know when that meet up happens. I'm new to this, From CT but interested in flip and holds in ATL. would like to learn the landscape.

Hello BP members!

I'm 30, in Online school for accounting, from New Haven CT. Score is about 640 and I have about 10K saved. I'm new to the site but feel so fortunate to come across all of this free information. I grew up different from many BP members(i assume). Both parents were felons, addicts, and very bad with money so the idea of creating wealth wasn't introduced to me until later in life, And even then it seemed impossible. I don't want to offend anyone but I see great parallels between RE and Drugs. buy low, sell high... buy and hold, flip.. middle manning (wholesaling), Consignment..etc.

I'm excited to get in the game, learn new things and make money. Most importantly I want to instill investing in my son early (he's 6) so by the time he's 18 he will know the game back and forth. There is a large demographic of people like me who may not have the knowledge to invest but they have the stomach for it. Many people with similar backgrounds as me have no idea that there are legal ways to secure wealth. I would like to show them the way. 

I want to start by flipping houses in hopes of making 20K+ each flip. I also want to purchase rental properties for passive income. my goal is to start with 4 units or better. I would like to begin by partnering with others who have cash to invest and flip until I have enough capital to invest in larger rental properties. 

My girlfriend eventually wants to open a middle school I would like to be the real estate behind it. I would also like to partner with my city to create low income housing that doesn't present as such. 

I'm willing to learn from anyone knowledgable and willing to teach.

MY NEWB QUESTION: Ive listened to a few podcast so far(200, 207, 208), I'm half way through the beginners guide read and I've done a ton of reading in the last year while improving my financial position (credit score, debt) and BP is the the first place where I am able to read 'Game' from all types of investors without all of the fluff I usually encounter. One thing I haven't been able to pin down is the 'Deal'. I hear or read "find a deal" "find a good deal" "make a good deal" "you make the money when you make the deal" Though I'm a newb but I believe I get the basics of finding a property thats pricesd below market..fix it up as fast as possible..put it back on the market or rent it out for a profit.  But being a newb I don't actually know what It looks like. Whats are the bright lights and sirens of a good deal? 

I would surely appreciate some examples of good deals(numbers included and how they are financed) in the niches I plan to be involved in. 

P.S. If this is in another post point me there, but please stop and say hey!