All Forum Posts by: Jeffrey Edwards

Not familiar with Indiana law but I'm sure someone out there is.  If you don't find an answer in the post, maybe post in the State specific forum.  

There is some good starting off points in the book "Finding & Funding Great Deals" by Anson Young.  He goes over some basic strategies wholesalers use.  You can grab a copy in the BP store. 

Which state is the property located in?  Each state has it's own rules on how properties are assessed. 

Bigger Pockets Insights has some great data for Pro Members.  I would highly recommend that as a way to analyze different markets.  Also check out some of the BP blogs.  They lately have had some good info on different markets.  

A couple of conflicting things here.  If they are truly "clear to close" then all lending conditions have been met but it doesn't sound like it from what you said about the appraisal.  Do you know if they received a closing disclosure yet regarding the loan?  If not then the loan will not be closing tomorrow.  

There is a great book on BP by David Greene: Long-Distance Real Estate Investing.  This is such a great book and goes over a lot of things start to finish.  I highly recommend it!

Any of those sound like good ideas!  I would encourage him to network with other local investors and keep learning through any means: youtube, podcasts, books, mentors, etc.. He's got a good start, sky's the limit. 

Nice job!  Always a bonus when you can save some money as the agent and property manager.  What are your plans going forward? 

Hard to answer that question because it's a individual decision.  Lenders like to see 2-4 months but could require up to 6 months.  I've also heard that people just set aside a flat amount per property.  I think 4-6 months is a conservative number but that's just my opinion. 

If you don't have the funds, I would work on solving that problem first before partnering with someone else.  When you partner with someone else you usually end up costing yourself money in the long run.  In my area, if the deal is good enough, you will have no problem finding funding for it privately.  Network with other investors and they can point you in the right direction.