All Forum Posts by: Jevon Smith

I would to to hear from others. In today's market, is it getting harder to find those wholesale deals?

@Zachary C.

Thanks for your input

@Geordy Rostad

Thank you so much for your input. I really appreciate it.

First, let me introduce myself. My name is Jevon Smith. I am a deputy for the Sheriff Department in Texas. I am a beginner real estate investor. I have done some reach search in buying property at a discount rate.

This is my situation. My grandmother is 80 years old. She told me that she wants to sell her house. She doesn't want to deal with it anymore. But she wants to keep it in the family, so she offered it to me. She told me she would sell it to me way below market value. All she wants out of the deal is $10,000.

This is the information about the house.

The home is located in Huntsville, Alabama, in a quiet suburb, and walking distance from Oakwood College. It is on a corner lot.

It was totally remodeled and upgraded inside.

It is [blank] square ft.

It has three bedrooms, 2 baths. The garage has been converted to a studio with full operating kitchen and shower.

It has been appraised at $122k. It was appraised this month.

My grandmother owes $83k on it. She is willing to sell it at $80k.

The comps in the area are [blank].

She wants $10k if I can make this deal go through.

Please tell me if I am worn with this.
She wants to sell it for $80k; the house is valued at $122k. If I get it for $80k, there is $42k of equity in the home.
That falls into the 70% rule, right?

The way I see this working is to purchase this property at $80k pull the $42k, give my grandmother 10k and pocket the $32k for another property. Then use it as a rental property.

Now if I am on track about this. How can I go about doing this deal with no money down?

How do I deal with the bank and get it under contract?

Do I need to bring a realtor into the picture?

Can I do the paperwork myself?

Bottom line how do I get this ball rolling to make this deal go through?

I believe this is a good deal, and I am helping my grandmother. I believe it's a win-win situation.

Any input would be helpful.

Thank You

I would be looking at single family homes, duplex and fourplex, no commercial for now.

@Eddie Werner tha Thank you for the input I will look up some meetings in my area.

My name is jevon Smith I am in Killeen Tx, I would to get some input about I would need to bring to the bank when I want buy a investment propertie. I do t want to walk in looking like a fool or I dont know what I am talking about. So for example do I need a business plan if so what would what need to be in the business plan? Who would I need to talk to at the bank, do I need to go to small banks, big banks or credit unions? And how should I dress when I meet with these banks? What do I need to have in place before I meet with the banks. Those are my questions, I would appreciate any feed back, thank you.

My name is Jevon Smith, I am located in Killeen TX, I am new to this game. I would like to get some input. I am trying to build up my team to start buying investment properties, both house flipping and to build a portfolio. I would like to know how and where to look to find a good realtor who knows how to find investment properties, and who knows how to deal with investors, and good general contractor who also knows how to work with investors and have there business in order. And do I need anybody else on my speed dial. Thank you all.