All Forum Posts by: Anne Morales

Have a potential HUD property in Lancaster SC and would like to find a reputable contractor to help me evaluate the repair value of the house. It is 837 square feet, so relatively small, but this is my first property and I do NOT want to go over my head with repairs. Any suggestions or referrals?

Thank you for the input, I plan to attend the auction just as an observer to see what goes on and possibly do some networking while I am there. I am currently applying for jobs in the real estate market and have one positive prospect in the works currently.  I value any advise I get on this site, and absorb as much learning as I can. 

House is really nice brick home, no recent property info, have left message with auction house, they require $5000 down pmt, which i can come up with, 6% buyers premium, and 30 days to come up with balance. This is my problem. Being currently unemployed, and not knowing what their bottom line is to begin with, let alone what my ARV and other costs are going to be, how can I determine if this will be a good deal? I have not officially bought any property for REI, other than the house I live in, so I am unsure how to approach or get further information to help me make a decision. Since I am unemployed, but with good credit, I am assuming conventional financing is out of the question. What do I do in this situation? Do I just wait until I find another job to have the security to get financing, or is there some other way to get financing in a hurry? other family members or friends with money is out of the question, as there are none.

Welcome! I am new at RE investing, haven't really made my first investment, but am researching, researching, researching!!  Doing my due diligence before I get tangled into something I need to wake up from!  Any insight to someone just starting out is always helpful

I didn't think of all the advantages of family business, i was shocked at the excitement and approval they gave!  I know there can be a lot of concern with family business, but they are my children, so I don't think there will be much concern going on here.  We are used to having to work together, we have done this in all aspects of our lives being a single parent raising my 3 boys.  We are all adults now, and the flexibility is a great asset for us.  Thank you for your encouragement and input!

I have gotten the approval from all family members to get into flipping homes, and even learned that one of my children have been thinking (and wanting) to do the same thing!  I was rather surprised at the eager approval from everyone, and am using this as my engine to get going and further delve into learning about this profession.  I am so excited!

I am new at this, and probably not qualified to buy the house i am looking at, but i want to get an idea of what steps i need to take.  The house will be auctioned on 3/12, and it is a nice brick house, i looked on zillow, there is no recent information about the house other than the original sale amount back in 2001.  i have personally looked at the house, looks in sound condition(looks can be deceiving, i know), some personal property is still in the house, like the xmas tree, some odds and ends decorating items, etc, so the people were living in the house at least up to december.  how do i get information on the condition or what the least amount the auction will accept for this property?  the auction listing does indicate no warranties other than clear title.

Thanks for the input guys, i will keep searching.

Richard,

What do you typically look for?  I am brand new at this, and need to get some experience.  I am looking for guidance right now.  There is a lot in my area.  I am learning how to narrow it down to the best deals.  Any input would be appreciated.

Thank you Larry!  i am learning a lot on this site already!  There is so much to know!