All Forum Posts by: Kevin Paulk

@Neal Johnson Congrats on your first deal! Hopefully many more to come.

Cheers!

@Jazzteena F. I don't think your in the position to buy right now but you are in a great position to continue learning. You have three things going against you right now. Not so good credit, very little money and no deal. One of those things you are working on right now which is the credit, You just now have to come up with a strategy to accomplish the other two. One way to do that is really learn your market. How much does a single family house sell for all fixed up. What are the good areas to invest and etc.... Bottom line is know what a good deal in your area if it hit you in the face. Then go out and look for one. When your not babysitting or maybe when you are babysitting.Learn to look up property owners, look for vacant properties, properties in bad shape, look at for sale by owner properties, properties in foreclosure. Next learn how get in front of these people and how to talk to them.

While you learn your market and look for a deal, find and network with investors who are flipping in your area, ask where and what they are buying. So that helps with your search. Once you find the deal the money will follow through partnering up, or collecting a fee for finding the deal.

Good luck

@Stephen Chatto hit it right on the head. Pay for your own home inspection and get another opinion. If you do not know of one, jump in the Trenton NJ forums and ask for a few referrals. 

Good Luck!

@Account Closed Your putting the cart before the horse. Find the deal and the cash buyers will follow. Especially with inventory being so low in a lot of markets. 

Good Luck!

@Nicholas Morgan First thing I would do is make sure I'm good with the city converting that storage area into a unit. If so, I would do a little homework on zillow, trulia, realtor, and see what studio's and one's are going for. That should give you an idea. I would also take it one step further and reach out to a couple of  property managers and ask for advice. 

Good Luck,

@Oddmund T. Keep the house, and in addition to exploring a hard money lender. Carve a day out  and try and call as many local, regional and state banks in FL as possible. Discuss what you are looking for, sit back and listen. Now! It won't be easy. You are going to get a ton of rejections but one bank will play ball. 

Also explore private money, you mentioned sisters. See if everybody is onboard with keeping the  house and if so discuss how everybody can contribute a certain amount to cover the repairs. Follow that discuss with how everybody would recoup there money and get it in writing. 

@Joe S. Bottom line is there not motivated enough to do something right now. I would shift my focus to sellers who have a real estate problem now and need solutions like yesterday.

~Good Luck

@Yu Cao As a New Yorker investing in Philly, I definitely feel your pain. Especially trying to do it alone.It can be really frustrating. A few of us thought it would be a great idea to form a community group of NYC investors investing in Philly to help support each other any way we can.  That means sharing our resources ( realtors, lenders, contractors, property MgT... etc) Discussing new real estate laws that pass and what that looks like for landlords. Discussing New Development as well. The group would be something that is not formal but something that kinda grows organically. 

@Basit Siddiqi Did an amazing job of putting together a virtual happy hour that will be happening at the end of the month. Your welcome to join!

Cheers!

@Paris Scroggins  You're missing a lot of key information to help determine a strategy for this particular property.  But I think your putting the cart before the horse in this situation. When dealing directly with sellers you always want to start with finding out as much information about  them, there situation and the property before arriving at any strategy. The information you extract will help shape what you can possible do with this property.

Here are a few questions you need answered : Why is he/she looking to sell? what's there motivation to sell? Do they have a mortgage? How much do they owe ? Are they behind ? What is the condition of the property? How much would it cost to rehab? How many people own the home? What are there monthly payments if they have any? How soon are they looking to sell or move? What is the ARV? What are rents in the area?

Good Luck 

A few tips to help find probate leads 

1. 1.Read the Obituaries.
2. 2.Visit the Probate Courts.
3. 3.Newspaper Probate Listings. 
4. 4.Buy Leads Online. 
5. 5.Power Partnerships with Estate Planning Attorneys.

Good Luck