All Forum Posts by: Luz Pagan

@Jason Palmer,

I currently buying properties and came across a wholesaler who omitted information about a property he was selling to me. That information cost me some extra money that was not calculated in the whole transaction. Since then, i stopped all deals with the person. I am looking for a new wholesaler, so if you know anyone in my area, please let me know.

@Eric Adobo

No problem. Most of the house are sold for 150k with no repairs and only 2 rooms and 2 baths. I bought the property from a Wholeseller for 89K, so I am expecting to get at lease 20k back. My finger crossed. The extra room will place the house at a higher value after completed. That is my expectation. However, I was just wondering what strategy will be the best. Realtors usually will give you a more accurate value of the property and bring clients. I am not sure that an open house for customers....

@Eric Adobo

That is the reason I am looking for the BP advise. I am not looking to shoot myself on the foot. I will interview 3-4 in my area and see the general consensus and then go with the one with the highest sales.

@Ned Carey at this moment my property value in around websites is $110 (no repairs). Houses are sold in my area for no more than $150 2 beds and baths. I am adding an additional room.  

Also,

Should I hire my realtor in an open house ?or should I hire a realtor to complete the Open House?

Research the areas before you decide to invest. Very important you identify the crime rates, neighborhood prices and other things. Educate yourself about the market before you invest. Good luck!

Hi Everyone,

I need help from the Experts on this idea>>>>>>>

I would like your advise!!! I am almost done with one of the 3 properties I currently owned. I want to know which one of these two options will be more effective? Host an Open House for Realtors or Host and Open House for interested buyers. I am really afraid about hiring a realtor who is not truthful about my home value after repair. Any suggestions????

If I were you, I wont do it. It will say more of you as a landlord than about your tenant. It is important that we maintain our professionalism at all times. Any negative tactic might scare future tenants and attrack those who are not afraind of public shame. Just a thought. 

Hi @Jason S.,

I am a new investor and the reality is that there is no free money that comes from the sky. My husband and I tried for many years without money. Thank God out finances improve greatly this year and we were able to invest in two properties. 

Now, I will suggest the following:

Create a financial plan that includes the following:

One year goal: reduce your expenses, including credit cards. Do not use what you do not have. It is fine to pay your bills with it, but as soon as you received your pay-check pay. Do not wait for the 30 days.

A couple of options to raise money: 

If you receive at any given time a return during tax season. SAVE IT for your first investment.

Save any little money you can during that year $20 a month or more. Basically whatever you can. 

I made cash only payments and use envelops to measure my expenses. 

When you do not have the financial support this is the best way to start. 

Ask yourself within  a year how much can I raise? and how well my credit score will be?

Your next goal will start on the following year:

1. Look at your credit and if it has improved applied for a loan on  a muti-family home, so you can collect the rent and pay the loan, if unable to sell. 

2. Ask for a loan in your retirement plan

3. Keep all the money you collected from the previous year for emergency only and repeat the process. 

Last resort and the most difficult-find a hard money lender, but come with a plan on how you are planning to make him/her obtain a profit. They will not look at your credit or income, but the value of the property as a guarantee. 

Disclaimer: I am not a lawyer, financial advisor or Realtor. LOL, but I have learn a lot on this website.

Hi BP fellows,

Now I have one of my houses under construction with a contractor, who is excellent. My husband is working in the not permitted required areas. Now,  I am looking for more contractors to come to give me an estimate for the second home we purchased. It has been horrible!!! One contractor came and said  that he was going to be sending me an estimate within 3 days and I am still waiting (2 weeks ago). Another one told me that he does not work for less than $100,000. 

Can anyone help me to find a contractor in my area or close enough to where I am. My location is Highland County.

Thanks,