All Forum Posts by: John Rogers

I can recommend a lender... 

They lend on the property and the borrowers ability to pay, usually tied to your credit score for the first one.

Target rich means lots to choose from...

One of the investors we work with usually rents better houses as-is without repairs and his tenants move in the day after closing.

The property itself will dictate the amount of work needed.

To establish rapport with lenders, I would flip a couple of lower dollar ones first, then... you have a track record of borrow, sell, and pay back, that will make them want to lend again. By the way, that same lender I mentioned also does private money mortgages if needed because you are not an owner occupant.

Christina...

Just a quick personal note.

I have known Chris for years as we belong to the same REIA... I can tell you this.

• He is very good at what he does in his own investing business
• He is an excellent teacher with great "courseware"
• In a sea of sharks, he is unusual in that he is an honest man with a true interest in helping you become successful.

Two thoughts...

I posted an ad in CraigsList looking for military veterans who would work hourly, or were unemployed and in need of work. I now have a list of good workers that I can call upon to do the demo side.

For good contractors, join the local REIA near where the property is and ask them for recommendations.

Good luck...

Welcome to the neighborhood.

Our Brokerage is living proof that there are still great deals available from HUD. We work with a network of investors from as far away as Norway that regularly purchase from HUD and then either wholesale or rehab.

We have automated the process for them and supply a weekly spreadsheet of listed properties.

If we can help... just contact me.

@Wendy Payne has a good point.

One of the Team Members you should have is a good Title Company. They will typically have access to a service provider that does lien searches and title searches. It is an upfront expense prior to buying, but one worth the money to see if the Property Appraisers information matches the actual property. I have bumped into this with a 10 year old pole barn that wasn't ever an issue until my tenant gave the code enforcement guy a hard time, then... lo and behold, I got dinged for building it without a permit even though it was there when I bought the property.

I had to get a contractor to do drawings, pull the permit and get it approved, then could move on, but always remember Murphy's Law.

As a general comment to your game plan, consider this... There are two strategies you can follow as you start out.

• Bear the financial responsibility yourself
• Use OPM to get started, which works well if you flip homes

The first one may put you at risk if the first investment property doesn't go well. The second may be more viable if you have good credit.

Currently (as an example) HUD has 10 homes for sale in Brevard that range from $ 35,000 to over $ 200,000. Basically, you live in a "target rich" environment.

If you need some help, just ask... I was where you are and got through it with help from my peers. Things like god title companies, private lenders, etc. are things you will need, and I have already vetted a list.

An alternative is www.rentometer.com...

All you need to do is disclose... (check your State).

Set up an entity to take title in like an LLC, and you are off to the races.

Work on your Rolodex and build your Team...

No, NO, No!

The check does NOT go to HUD (read that as PEMCO, HomeTelos, etc.)

The EMD check goes to the LISTING BROKER!!!!

In the contract package you were instructed to send the EMD check to them, and how it should be made out... Example: "Florida Trust Realty, LLC OR Central Florida Title, LLC".

They are typically made out to the listing agent AND the title company with the word "OR" between them.

You will get a notice about non-compliance and have a day to drop off the EMD check.

Good luck...