All Forum Posts by: Jamal Atwell

From what I've learned Short sales, REO properties, and Foreclosures can be a potential gold mine when it comes to flipping homes, but is there anything to be scared of?

I'm looking to find my first home to flip and through research of heard of the possible scenarios where that could turn out bad. Is it true that you could potentially assume the responsibility of someones loan or some other disaster scenarios?

Well thanks everyone for the input on this. It's getting a little opinionated here so I just thought I'd say thanks for posting and helping out!

When most of you stage a home how do you go about obtaining the furniture?

Do you have a set you always use and put it in storage when you're in between homes?

Do you buy new furniture or scavenge craigslist?

I figure when you flip a home it should most definitely have furniture in it but I'm curious the strategies some of you have used to get and store your furniture.

So let me preface this by saying I'm still new to the forum and learning the in's and out's of flipping. With that being said...

If you look at a real estate assessment website I see the land value, improvement value, and total value. I take this as meaning... the land value, the improvement value is the value of the home, and the total value is the value of the home on the land combined. Hopefully I understand that right...

Now when I look at redfin, trulia, zillow, ect. and I see a home selling for lower or higher that the total value is that good or bad? I typically see a lot of homes selling for higher than the total value. Is that an inflated price due to value... What should I look out for?

Thanks to anyone who can help. I really appreciate it.

Thanks for that analysis Roger. That's the rough conclusion that I was coming too without doing the actual math.

I think that's the internal battle that they're going through is that it will chew through money and most likely not be cash flowing, but on the other hand Kingstowne is on a great growth incline with great opportunities to hit $900K in a few years.

I think they should sell and find multiple less expensive cash flowing properties... but that's a real struggle in this area!

@Ophelia Nicholson I understand your point, but my second question wasn't actually answered. Which is why I asked it. I'm not from the area I'm originally from Germany and I've heard negative things outsisde of REI of PGC. Which led me to have negative opinions about it. So I asked is it a good area to invest in because I DONT know. You're statement of "I'm a rehabber and I'm located only about 10 minutes from DC in PG County so as @Ned Carey mentioned there are tons of stuff to pick up that's in the under 200k bracket just outside of DC before you get to Bmore and Richmond." Doesn't really answer if PGC is a good county to invest in or not... Either way I appreciate your input in my growing experience.

@Ned Carey @J Scott Thanks for the advice. I'll be looking to start investing if PGC or PWC if I find the right opportunity.

@Roger Lin You did let me know about the group and I will be waiting for that evite so I can make it to the next event!

@Ned Carey and @Ophelia Nicholson

Thanks everyone for giving some tips!

@Christina R.@Christina R. I'm gonna take a look at those REI groups and try to join one! Do you happen to know the ones that meet in NOVA? Thanks!

@Ned Carey and @Ophelia Nicholson I'm a little of apprehensive of investing in areas like PG county and SE DC. Do you know if these are good areas to invest in ?

So if you're using HML to increase your portfolio or using HML to obtain a home you don't have the money for how does the refinancing exit strategy work?

If you weren't able to qualify for the loan in the beginning why would the bank qualify you for the loan after you own it through a HML? Do they use the home as collateral to the loan or something ?

Thanks for any insight

Thanks for responding guys.

@Nathan W.

The decision is for someone else who is getting stationed overseas. I think it's not a good idea to hold because it's betting on appreciation which is like betting on the stock market. They feel confident based on neighborhood activity t we appreciate and it probably will but I feel there may be better investments. This house doesn't nearly satisfy the 50% rule. They're in the home for just the purchase price.

@Jon Klaus

I completely agree. I think from a business standpoint it's not a good investment to pursue.