All Forum Posts by: Habbak Burs

@Taylor L.

Knowing what I know now..... I am going to wait and see how rent comps come up next year vs selling it and possibility doing a 1031....

But might also refinance it if rates are lower and it makes the cash flow pump. My goal is to see if I can get it to $300 Cash Flow.

But I am looking for more deals so I can do my 1st post bigger pockets deal.

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $198,999
Cash invested: $12,000

This was my home that I lived in for 2 years then I moved out and decided to rent it rather than sell it... at the time all I looked at was does the rent cover mortgage and I am cash flow negative, but I didn't want to sell, and my intention wasn't to become an investor but it happened by accident. Theeeeeeeeeeeeeeeeen later on I found bigger pockets and now I am more knowledgeable.

What made you interested in investing in this type of deal?

This is when I became a REI by accident and I had no idea what I was doing.

How did you find this deal and how did you negotiate it?

I just drove by it once, they were building new homes... I was orginally looking for a place to rent but I saw it and decided to buy it.... The reason I didn't Sell is because if I hold it for 5 years I know it will appreciate in value more than the average because of the area.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

I added trees and grass to the back yard. I did some work in the front yard. The home was purchased brand new so it is in really good shape.

What was the outcome?

I have a 2 year lease that has 1 more year left.

Lessons learned? Challenges?

there are more expenses other than just covering mortgage.

I found a Groupon that allows you to get your real estate license for $100 .... the description says it is an online course with exams and it is 3 parts.... my question is I want to get my license so I can have access to the MLS & that way I can see properties without an agent.... with that being said .... what really goes into getting your real estate license? Also is the mls free or do you have to pay for it?

Do you have to work with a real estate agency like remax or can I just get access on my own?

Thanks

@Hadar Orkibi

Thanks everyone for the help.

I appreciate it

@Elijah Brown

Fair point

Thanks I will try it out.

@Casey Murray @Twana Rasoul

Thanks

@Joe Funari

I appreciate the tips

@Marcus Bartels

Awesome thanks the help

Hey Everyone

I have been looking at a few duplex’s in my area, and I have seen a couple that are interesting but when I analyze them the cash flow is not good. I want to give an offer but for a price that works.

From your experience when offering is there a certain % below offering that you typically will offer?

What if the home has been on the market for 9 months? Are there any tips you recommend?

I saw a property on red fin that I was interested in getting more info on, and I am agent from red fin reached out and is sending me info on properties as they come up.

I met a different local real estate agent through a friend that specializes in fixer upper homes I asked him to send me listings as they come up.

I am still early on and looking and analyzing deals trying to find something and making sure I know how to analyze and look at a deal.

My question is .... can I use 2 different agents or so I have to pick only one and stick to that person? What’s the norm/acceptable behavior in this situation?

Thanks