All Forum Posts by: Account Closed

I am just starting out in real estate investing. I want to start with a STR. I found a property that has two small 2/1 homes on it. I was thinking I could split them up and have two separate STRs on the one property. I just realized that one of the homes does NOT have a space for a washer and dryer while the other one does. The property is also out in the country so taking all the dirty linens to the Suds Bucket is not the most efficient use of time. The property is also out of state so this would be the responsibility of the cleaners.

Any suggestions on what someone might do if they don't have a washer/dryer in a STR?

What if the Bank make an error and put in over $500,000 into your account by mistake. If I were to use some of that money, exactly what the bank could do about it? Would someone get into big trouble?

I'm familiarizing myself with the foreclosure market in Northern Virginia, specifically Fairfax County and I have a question on obtaining the cash for purchasing a foreclosure at auction.

This may not be unique to only Fairfax County, but cash is required for the purchase and conventional financing is not allowed. In Fairfax County, a bidder's deposit of 10% of sale price or 10% of original principal balance of subject deed of trust, whichever is lower, is required day of auction in the form of cash or certified funds payable to the Substitute Trustee present at sale. The bidder then has up to 15 days to close on the remaining balance in the form of cash (i.e., cash, cashier check, money order). 

I don't have hundreds of thousands of dollars in cash just sitting around that I can tap into for bidding on foreclosures. What are some means to obtaining cash when conventional financing can't be used? Thanks in advance!

I have been learning about real estate investing for about 4 months now from books, social media, and podcasts. One thing I have noticed hasn't been covered and stresses me out is the actual process of closing on a deal and the paperwork of everything. Is this something to worry about? Will the agent walk me through this once I am ready to start investing?

I’ve educated myself. I’ve watched countless hours of YouTube videos and listened to the same amount of podcasts. I just finished a webinar course and I’m ready to take the dive.  I’m so used to the rat race that I have an underlying fear of creating so much debt that I won’t be able to recover. what if I can’t resell? What happens when I can’t find tenants? Everyone makes it sound so easy and so lucrative but I can’t help with the “what-if’s”. Anyone else have these same thoughts in their beginning ? 

I didn’t how I could structure a deal to save the persons home and still get something out of the deal? In other words how can I help them as well how would the deal be structured?

It seems that its the same old dog and pony show. But if the debt ceiling isn't raised and Gov't defaults then interest rates will rise. Will that be Armageddon? Probably not but it might be possible to get some good deals if one is an astute investor. 

https://www.cnn.com/2021/09/29...

Hi all, 

Sorry for the odd title. Haha. Not sure what else to title it. 

I was browsing a tax map to look at a lot of raw land I will be purchasing from a family member for a personal residence. I decided to view the other undeveloped lots on the tax map as well. Intermittently, lots were purchased by a builder for $50,000 in July of 2021. The lots are only assessed at $3,500. Most of them were purchased for less than that between 10-20 years ago. Could this be a gold mine for wholesaling to a builder? 

Thanks! 

The property is in Grants Pass and yes I'd have time to manage it. If it went well I'd like to continue adding more properties to my STR portfolio. Or I could reinvest the $100k into other real estate opportunities.

I have a property in Oregon that I'm debating on selling. I'd make a little less than $100k tax free. Or I'm thinking about turning it into a STR.

Any advice or suggestions?

Thanks for the help!