All Forum Posts by: Giovanni Brown

@Lee Ripma

Thanks for the nuggets of information! I have that book on estimating rehab cost by J. Scott and have read it. Is this similar to the "book on flipping"? I'm just going to get it because I need to read more anyways! Really appreciate the help.  Also yea before I make a purchase I will do a look at the title and make sure its clean as well as my other due diligence!

@Lee Ripma, Ideally i will be using private money, I have a few investors that I know that wont charge me points up front and just the interest over that 18 month period, and I would do repairs out of pocket. If that falls through credit score is very good and I am in the process of trying to find banks that will finance. For sure the property needs inspection and will need more repairs to get it appraised at a higher value but my  goal though is to hold for cash flow, and according to the tenants that live in there they are happy with current conditions other than the water heater, the tenant is a handy man himself and does his own maintenance mostly unless there are big problem fixes. My biggest problem is since i'm not there I'm wondering how do most people investing from out of state get a good grasp on the scope of work? Do they hire an inspector/contractor to do the walk through and make the deal contingent on a walk through of the property during the due diligence phase?

Hello Fellow BP members,

I am a newbie looking to get my feet wet with my first property, originally from Kansas City and looking to invest in that market. After about a half a year of doing research and continually learning, I have come across a property (duplex) that was recommended to me by a friend that lives there.

• Current neighborhood is C class and needs some slight repairs (new water heater, cosmetics and maybe more once a proper inspection is completed)
• According to current tenants though they are happy with conditions but would like hot water.
• According to the tax records I found on the county website the taxes are delinquent and the owner currently has the property listed for 60K+ on MLS.

After analyzing I came up with the numbers listed in the below report (repairs are on the low side as much not needed according to current tenant). I would offer 48K. Currently listed at 65K with not many comps around but a similar 4 bed 2 bath a few blocks away listed at 62K.

*Kicker, tenant mentioned that property may go up for auction in august but not sure? if the taxes are delinquent this would make sense though.

Overall looking for input and things I can do to get this deal to move and work as well as feed back or things to find out before moving forward.

Thanks

View report

*This link comes directly from our calculators, based on information input by the member who posted.

@Brian Wilson that’s awesome of you to help out. If you have the time could you please send me a copy of the zips as well. I have an idea of areas I’m looking at but would be interested to see others take on the city. Also I’m interested to hear how anyone else who’s in KC is approaching the south side of Missouri with the Constuction of Cerner and that whole campus out there?

@Tom Gimer and @David Weintraub Thanks for the input. Will definitely get the title insurance and will do a title search.

@David Weintraub Sorry I should of been more clear. If you have a property that is in the process of foreclosure, and the bank buys it back at the foreclosure auction, is it normal for them to re-auction the property rather than put it up on HUD homes or list it on the market? and if so why would they put it up for auction rather than sell it through the other avenues? (I have a property that I am looking at right now where this is going on.)

Also I was curious to know opinions on whether or not buying title insurance is essential if you did a title search before  a few days before the auction and it came back clean?

@Chris Seveney

Question for REOs, Is it common for banks to purchase at the auction and then re-auction the property rather than placing it on the MLS or the HUD? Also when purchasing from auctions if you do a title search and it comes back clean is it still recommend to purchase title insurance?

Hi Everyone, I'm just starting out and was wondering if some one could point me in the right direction for creating a buyers list for wholesaling? Any up to date tips would be appreciated. I've also heard of purchasing a list in your area but how do you even go about doing that?

Looking for advice:

I am starting out with wholesaling and was wondering what success other wholesalers have had working with real-estate agents? will these agents help with obtaining MLS information? do you maintain a mutual beneficial relationship with them (meaning passing on leads that don't meet wholesale criteria)?

@Michael Volek thank you for the resource I will give it a look!