All Forum Posts by: Lee Scarlett

@Gino Barbaro

Hi Gino, thank you for the added suggestion and yes, let me know when you will be here, would love to have a meet n greet with you.  Looking forward to that.

@Jyotin Gautam

Welcome to Bigger Pockets, its a wonderful place to come for resources and networking!

@David Dachtera

Extremely helpful... Thank you!

@David Dachtera

Thank you so much. Yes, I do some of those things you mentioned but in this instance I am not looking to buy and hold, so I need to verify a true ARV of $80k which he suggested. My research suggested ARV of about $55k. So, even if I offered and got accepted on $27k it would not be a good deal with a $12-$15k rehab bill.

 Troy, 

Yes, as I understand it Riverside is a good area.  If you find anything there you prefer to sell, I may be able to suggest a buyer for you.  I wish you luck in everything!

 Hey Adam,

In your first few months, or your first year, could you share what was your biggest challenge and how you overcame it? If learning REI was part of your greatest challenge then include that too, thanks!

 Hi Brandon,

That was amazingly helpful... However, he tells me he will get a commission from whatever properties he brings to me of if I suggest one we should look at.  The minimum that you're referring to, would this be an amount I pay him?  For example, if he brings me a property offered by another realtor and he gets a split commission on the sale of that property to me, how do you suggest I get him that minimum if the amount he earned on the split was less than $1000.00?

@Jeff Sprunger

@Russell Brazil

He's the one choosing what type or what price point properties we look at and I understand the commission issue. Should he not be offering information on how he arrives at the ARV he mentions? Secondly, shouldn't an agent provide a CMA in this circumstance? Lastly, for myself and other newer investors that may be reading this post, can you both elaborate on what due diligence you would suggest I do?

I have been hoping to find a good agent since I started in REI back in last November. I found 2 that did not work out well. A few weeks ago I met this gentleman and found out he dabbles in investing. We started out good, we went to look at several properties and he offered ideas on how much to offer and reasons to offer much less than asking price etc. At this point I felt like this guy was really good to work with.

He has shown me some properties and suggested ARV that I have no way of substantiating the numbers he tells me. One property (HUD) was $27k asking. It's in a mix area, (B surrounded by C). He told me the ARV is $85k. I let him know I need more information so I can be confident about the ARV. He sent me an email saying he would look into it, this was last week Tuesday. What is normal to ask for or to expect is this situation so we could move forward buying some of these properties, or should I just walk?

@Rodney Watson

Some HML won't lend past about 6 months or so. Going past 6 months is also expensive using HM. Refinancing in 6 months is a goal you can definitely pursue. You should consider getting your credit up withing about 6 months so you can qualify for traditional financing (If that is your only hiccup).