All Forum Posts by: Jody Roussel

@Jonathan Greene comps in the area average between 149-210k for duplex homes in this particular area. i already secured a a hard money lender who is willing to finance the buy and hold or flip and fold for up to 3 years. if i get it for the right price i wouldnt put a dollar of my own money up unless for repairs. starting bid is 20k. i am working with an agent but they themselves seem skeptical to bid on a property without internal access. this could be a huge return or a huge flop

Im not sure how they find a loophole

as far as I know CT has a specific law regarding this

https://landlordlawfirm.com › ct-lan... CT landlords MUST participate in Section 8 voucher programs – even ... - Landlord Law Firm

be careful to check to local regulations, for example; in Connecticut where I am you are not allowed to refuse occupancy to potential tenant based on section 8 usage. If this is the case in the state of purchase and you aquire the property in occupied status review the current lease. 

if you do not want to go through all the extra inspections and avoid sec8 you'll have to give a good reason to ask current tenant to leave, since they have rights and option to furlough rent due to covid its a risk. its all about your flexibility as an owner and landlord.

Best of luck :)

Hello fellow BP people 

I am getting ready to put in a bid on a foreclosed property that is currently occupied, according to realtor/ zillow current home value estimate is just shy of 144k. 

it is a 2 unit property with estimated rental income of 1250-1350 per unit

whats the highest bid you would offer without access to inside?

Thanks!!

maybe creative financing? mls shows pre forclosures, certains states have laws revolving this but some dont. If your not an agent and not shy maybe find some pre foreclosure homes and talk directly to the owner and see if they would consider sub2?

ive been reaching out to alot of older people in my community lately to discuss options that real estate agents do not even present to them and it incredibly frustating!

also not conventional; title 1 insured is the loan!

id get information about the current lease of the land, if it runs 5-10 years beyond expected maturity of your loan you should be golden :) just provide a copy of this to your prospected lender

congrats looks like a great property to get your feet wet with!!

hi austin!! 

im new to the game to and have about 30k to put into something, its all about networking! this past week ive connected with so many rei enthusiast who if you ask the right question with the right appeal will take the time to introduce you into like minded individuals! have you joined Connected investors? you can find area specific forums with people looking to find the same! 

just vet your potential partner very carefully and remember dont limit partnership to financial contribution, i have had sweat equity contribute an offer from physical contractor and it means the world to me! they will keep things basic to get the most return as possible.

if you get any leads feel free to connect, id love to hear all about your 2020 success :)

hi there! i love finding fellow woman as interested and enthusiastic about real estate as me! the brrrr method and house hacking seem to be the choice of many. You might want to check out connected investors as well

wishing you all of the success :)

the way to get around that rule is to find an alternative lender and continue to shop around, otherwise unfortunately the 6 month rule applies. 

Are you holding on to the current properties to rent out or were you planning on selling? Were you waiting the 2 years to avoid capitol gains ?

if you were planning to sell in the future maybe consider some creative financing options by offering seller carried financing with 20-30% down on each property. That would continue to give you skin in the game and the needed cash to get into your next project maybe?. 

what the worse that can happen, they dont make payments? you foreclose keeping all of thier payments including down payment!