All Forum Posts by: Jacob Reel

Thanks for the advice Casey!

Do most realtors charge a fee for the MLS info?

Ok, my slightly updated plan is going to focus on networking.

I'm still going to view some houses...but I'm going to make sure I emphasize the fact that I'm not making offers. I'm just going to check these places out tell them the highest my "possible offer" might be....if I made an offer.

I'm definitely going to start finding some investors in my area I can actually talk to. But I don't want to just show up without having taken any action. That's just lame.

You guys have any recommendations about networking? I'm pretty charismatic so I should be ok =)

So you guys think I should talk to an attorney first?

I mean...I'm not planning on signing anything when I view these houses. I was just going to see how far I could haggle their price down. If I can get somebody down to a price that seems like a good deal, I'll add that property to a list of properties which I'll take with me to REI-organization meetings and other networking parties and try to see if somebody might be interested.

As far as owner financing goes: It kinda sounds like I need to find somebody who's having a hard time selling their house. Basically, I tell these people, "Hey, let me take the reigns and sell your house.. we'll split the profits!"

Is that close?

I'll make sure to check out the forums and learn some more about owner financing.

I haven't started marketing yet. I don't want to..ya know...break any laws when I start out.

Hey Patrick

Yes, I just recently started renting with a roommate. The lease lasts for a year so my first property bought will probably be an investment property.

Why would I have lower interest rates if I was buying a house for myself to live in rather than as an investment?

Gilbert:

Could you explain owner financed homes to me a little?

Rob: Thanks =) Good to hear a success story

Oh, and to add to this:

When I check out the houses, I'm going to be making offers as well. I'll tell the sellers that I'm working with a private lender. I just want to sharpen my negotiation skills. I'll try to get my 60% of ARV price. If they agree to sell...I guess I'll just have to bust their bubble and say that my lender backed out or something.

I know...it's lying. But I can't exactly walk in and tell them I'm broke! (I wouldn't think it is...but none of that would be illegal, right? Offering to buy and then backing out?)

I'm a brand new hopeful investor with no money of my own besides what I bring in with a 28k/year job.

My plan was to start marketing right away. I'm going to put out signs, craigslist ads, and generally drive around trying to find possible investment opportunities. If and when I get calls, I'll go check the place out despite not having any money to buy. I want to get used to talking to sellers and get off the couch!

I'm not exactly sure how to go about calculating ARV. But! I figure I can use free resources to get a rough idea of ARV. I might call up a few realtors and appraisers and ask to pick their mind about how they appraise real estate.

After I've been through the paces a few times, I'm going to bumrush every real estate investor meeting and association within a 50 mile radius! I'm going to talk to as many investors as I can, show them the houses I've scrounged up and ask for advice and $. Hopefully I won't come off as a waste of time and I can find an experienced investor to show me the ropes and (MAYBE) even finance my first deal.

Does this seem like a realistic way to get my foot in the door?

Any advice you can give me about determining ARV?

Thanks!

Thanks for the advice guys.

So I'm looking around for a property. But I'm not entirely sure what to do when I find one? I have a vague idea (go find a realtor, talk to a bank?).

I can scrounge up around $5k at the moment for a down payment, and probably a little more as I get some more paychecks in. Is that enough?

Hypothetically, let's say I find a house tomorrow. It's priced below market value, it's got a couple renters already.... what should I do to begin the buying process?

Hi

I'm 24 years old and a year out of college. I've been working for a year now grossing around 27-30k annually.

I've been wanting to move out of my parents house for a while, and I've been thinking that maybe it would be a good idea to buy a house and bring in a couple renters.

I would probably go into it with my parents helping me out financially as co-signers on the loan. What I need is some advice. I've never bought a house before and this would be my biggest investment up until this point in my life.

I'll take any advice: Where can I find information on taxes? Where can I find a mentor? Where can I go for information?

Am I making a huge mistake? I understand that the market is volatile right now...but surely the housing market can't sink any lower than it already has. I'm planning on living in the house for a couple years and then renting it out after that.

What do you think? What should I know?