All Forum Posts by: Eric H.

Great morning @Joshua Smith,

Hud Homes can be found here -

https://www.hudhomestore.com/Home/Index.aspx

Great morning @Savvy King,

The HUD 1 (settlement sheet) will contain several fees - some will be paid directly to the title company while others will be cost of buying/selling a property. Some of those include but are not limited to:

1. Title search
2. ordering lien sheet
3. title insurance
4. transfer and recordation charges
5. postal fee
6. processing fee
7. property taxes/municipal fees

As the wholesaler you need to factor all of these fees into your analysis to make a solid offer as your end buyer will be assuming most if not all of these fees. Do some research on your local jurisdiction's website to get some of the answers. Call and speak to several local title companies to get the rest.

Happy investing!!

Peace!!

@Robin Ferguson

Greetings

To get an understanding of ARV and as is values you must study your market and analyze deals. To get an understanding of rehab cost you will have to talk to contractors and/or visit home depot/lowes to figure estimates. You can also search the forums and/or ask questions here on the forums.

Here are the questions I ask prospects, in no particular order

What are your plans if you don’t sell the house?

Beds/Baths:

Sq footage:

Asking Price:

Why are you selling?

History of house

Current condition of:

• Roof:
• Plumbing:
• Electrical:
• Foundation:
• HVAC: 

Citations/Fines:

Mortgage: owe, mthly pmt, interest rate,

Greetings @Account Closed,

I am a firm believer that experience is the best teacher. Bottom line. Trainings, seminars, coaching has its place. I do think one should invest in himself or herself. But it aint nothing like real word experience. I have done both and I can assert that plunging my funds into real estate directly versus giving my money to a coach has brought greater returns on investment.

Happy investing!!

Peace!!

Greetings @Khemaro N.

Welcome to BP!! There is plenty of information here to get you started in the right direction - from the forums to the podcasts to the blogs. You've stumbled upon a goldmine. I would also recommend picking up @Brandon Turner's book on rental property investing.

Use the search bar, engage here in the forums, and most importantly take action -- experience is the best teacher.

Happy investing!!

Peace!!

Greetings @Jeffery Norton. Welcome to BP!!

I would say learning the tax sale law in your jurisdiction is the most important. Hopefully you can find those laws and statutes online but if not don't hesitate to go down to the local courthouse or identify an attorney that handles tax foreclosures and take he or she out to lunch, on your dime.

Happy investing!

Peace!

Great day @Seth Thompson,

I think that buyers will come if you have a GREAT deal - keyword being great. To answer your question though check out this thread.

https://www.biggerpockets.com/forums/93/topics/54108-buyer-s-list-how-to-

Additionally, REIAs/meetups are a good starting point. Network with people that attend the meetings regularly and they will be able to tell you who is seriously buying. At networking events my favorite statement is "Tell me about your most recent deal" Most people love to talk about themselves. You can make a modest assessment of someone's buying power from this conversation. If he/she says, "Well I don't like to discuss my deals with other folks" FRAUD ALERT!! But if someone is willing to give you the details, the good and bad, and tell you how many deals that have closed in the past 6-12 months, then you might have a winner. The ultimate test will be when you have a property that needs to be bought. Whoever comes through and closes at that point are your true buyers.

Happy investing!!

Peace!!

Great evening @Leo Gonzalez,

Congratulations!! I like the way you are affirming your goals and taking action. Keep on keeping on. The next learning curve will be landlording/property management. I highly recommend The Book on Managing Rental Properties. The most important aspect of management in my opinion is tenant screening. Do not take this step for granted. In your case of a multifamily you will also have to consider tenant cohesiveness - i.e. don't rent to college kids if you have an elderly tenant in the same residence.

I'm proud of you and wish you much success!!

Peace!!

Great day @Seth Liebert,

You are going to assign the contract to the buyer before closing and submit assignment contract to title company/closing attorney to ensure you get paid. YOU really don't need to be at closing.

Great day @David Gonzalez,

Happy to hear that you are taking action!! I wish you the best!!

Peace!!