All Forum Posts by: Marvin Eason

That's currently the situation I am in, I feel really lost even though I've read so much on real estate investing. The house I am living in is up for a short sale and I am dealing with the owner's agent, but I am not sure if that's the best way to go?

Any advice? Should I just have a property inspector and appraiser come by and take a look at the property then once I get an estimate just submit my own offer to the owner, I guess through his agent since he's working with one.

So many questionsss

And if I am doing a deal that requires money down, wouldn't I just have to use an earnest money deposit?

business? I am not talking about getting incorporated. But in terms of going from a newbie investor learning the ropes to a person executing their first deal.

I am learning more about setting up systems to get things rolling more efficiently, so I can reach the point of me not having to do everything, but what I am unfamiliar with is the cost. I feel lost in the sauce.

Wow! Thanks Kathy for going that extra mile, that's a lot of information lol, I am still trying to digest everything you wrote. So I may have to reply several times lol, it's still too early in the morning.

But the house doesn't need many repairs on the outside, on the inside I would say the house needs new steps, when you step on them they feel like they could give at any moment, the kitchen is nice, it has granite countertops, nice cabinets, appliances etc.

The walls need painting and the ceiling upstairs could use work, and the bathrooms needs a plug and that thing you put in the wall to put your toliet paper roll on lol..

The little roof on the back attached to the house needs repairing, but the house is bigger than 800+ sq ft. Again, you posted a lot of info, and I am trying to remember all that you wrote lol. His "agent" will be calling me back today, he told me 3 days ago to contact the lady I contacted, so that I could place an offer with her.

Well I called her and barely got a word in, but she is checking my credit , etc etc and will let me know today, what I can and can't do. I know I shouldn't base everything off of having tenants in the home, but I've been in the home for a year and that entire year we had roommates.

Great thing about this area and only being 10 mins from DC, lots of people would rather rent out a room while they are attending a school here (George Mason, Georgetown etc) or while they are working than rent an apartment that will cost them 1200 on average.

Anyhow, I had to pause and do a few other things in between this message, so I will respond with more later. But I really do want to thank you Kathy and the others for your information, God I love this site!

Kathy, how did you pull up all that information? Or where rather did you get gather it?

Thanks,

M

Thats the step I am taking as we speak, I do know I have a VA loan because of my prior military service, so hopefully if all else fail that can help me get approved? Then with my SO income and my own we should be fine on the payments, but I still want to rent the upstairs out.

I am not sure, but the owner said the house is up as a short sale.
http://www.drodio.com/virginia-real-estate/alexandria/8019-imperial-st-alexandria-va-22309-fx6639972.php

I just got off the phone with his realtor and she's starting the process for me on the house, I still feel lost in that I know what I am trying to do with the home, but I am not sure what the numbers need to be for this to be a rental property for me. :oops:

Welcome, this site is the NUMBER 1 source for all things REI!! Enjoy!

Marv

:superman:

Ok, so I live in a house that the owner is doing a short sale, he was asking for 350k, and is now asking 325k. I am currently renting a room and will become the "landlord" of the home come 4/1.

The owner does not live there, it is I, my SO and our daughter, the landlord who stiffed him on all of our rent is being evicted and him and I struck a deal for me to stay, plus our other roommate.

Once she leaves we will have another roommate coming back that she originally kicked out (he did work around the house, installing a new wall to make the 4th bedroom she's staying in and then she kicked him out).

So once he moves back in, we will only have 1 room vacant. Ok, now to my question, I am trying to figure out how I can turn this into my first investment. I don't know really all that much about short sales, I've been reading this forum but the picture is still kinda hazy.

The plan in my head is to buy the house, but I am not sure if with a short sale I can get it at a discount to make it profitable? The owner has shown heightened interest to sale it to me, and he was giving examples of me putting in an offer, he mentioned 290k lol even though he's asking 325k, so he sounds motivated to me.

But I want to make the house a rental property, with me living downstairs and 3 roomates upstairs, can someone help me sort this out in my head, get me thinking down the right path?

:beer:

Hello,

I am known on here as Marvin-The-Student, but am a new investor just starting out. I am looking for others who are looking to make their first deal and would like to team up, so that we can all tackle the first deal together.

What I envision is a team that will branch out and start gathering possible deals, where we can help each other out along the way. With that said, what I personally want out of REI, is to wholesale properties, starting out, then move into landlording, and owning rental properties.

If this sounds like you and you would like to team up, email me or PM me.

Thanks!

:superman:

Hi Dan, I am a new investor, hungry to get out there and get my first deal done. I live in Nova, and perhaps we can get together and network!

Marvin