All Forum Posts by: Dustin Lunceford

@Dawn Ramsey I am a licensed agent in Jackson.  I can help you out.  I also work with a wholesale operation in town that is always looking for deals to buy and sell.

Hey Carrie,

I'm not exactly sure what you mean by purchasing the property "without using my license."  In MS you definitly have to disclose your status as an agent.  I would have the seller initial or sign something acknowledging your disclosure of agent status.  As far as your broker, not owing them anything is either a discussion to have, or not an issue since you are conducting a private transaction.  They would not be involved in the purchase of a vehicle you buy, so why would they be involved in any other private purchase you make, even if it is a piece of real estate.  I hope this helps!

Hey Gary, you can go to the county website and search the property records.  If you are in Santa Fe County you can you this link https://www.santafecountynm.go....  Once you have the owners name a good free source for contact information is https://www.truepeoplesearch.c....  Once you have the name and contact information, you will need to figure out why they haven't sold and what they truly want for the property.  There are tons of good resources for how to talk to leads!  Good luck and let me know if I can help with anything else.

I will have all non-housing debt (about $35,000) paid off by next week through my efforts as a part-time real estate agent!

Hey Grant,

It seems like you are doing the work to get a bunch of leads.  One place I suggest you go to find buyers is the Northshore Real Estate Investors Association.  I have not gotten to this meeting myself, since I am in Jackson, MS.  I know some guys that are regulars at it, and it has a great reputation.  There are people there looking to buy.  I put the website and facebook links below.  Good luck and keep up the good work!

Asking your agent is a great place to start.  They will likely have lenders they prefer to work with.  Those lenders will also likely do everything they can to keep clients from a referring agent happy.  Look on BiggerPockets for lenders in your local area.  Lenders on BiggerPockets are looking to work with investors.  I would also suggest asking other investors who they suggest for lending.  Lots of investors find banks and lenders as necessary evils to acheive their individual goals, so if they make a suggestion about a lender, then the lender is usually a really good one.  Congrats on beginning to invest and purchasing a home.  Reach out with any more questions.  I am happy to offer any and all help I can!

Asking your agent is a great place to start.  I know I have lenders I like working with more than others.  Lenders also tend to established relationships with agents, so you may find the service is very good with an agent suggested lender.  If you are looking to find a lender to build a long-term investing relationship with, then I would look on BiggerPockets for lenders in your area and talk to other investors.  Lots of investors find lenders as a necessary evil, and if they suggest one, then the lender is probably very good.  Congrats on taking steps to make your first purchase, and I am happy to offer any and all help I can!

Hey DeAnna, you could do a line of credit with the properties or possibly the entire portfolio as collateral.  You could also "refinance" one or multiple properties to get the cash to do the rehabs.  Those are the first 2 options that came to mind.  I would suggest talking to a lender to get a better idea of exactly how these and any other options they have work.  I am located in the Jackson, MS area.  I would love to help you with anything I can if your properties are in the area.

Hey Mason, I would suggest finding a local lender to work with. Lots of lenders have FHA loan products available. Most local lenders will also be able to match national lender interest rates. Another added benefit to using a local lender is beginning to build a relationship. Ask other investors in your area their go-to bankers. Find one you like and start to build the relationship. As you getting further into your investor career having a pre-existing relationship with a banker will help!

@Sheri Go over your listing agreement, she should have given you a copy, and it will tell you how to break the agreement and under what circumstances you will owe her a fee or expense reimbursement.

I am also concerned that after your first price drop that you may be very close to your break even. Has your agent given you a net sheet that shows what you will net after all expenses, like realtor fees, tax prorations, condo association prorations, etc? You may have rock solid numbers and know how you stand. Your mention of break even got my attention.

I hope this helps!