All Forum Posts by: Nicholas Smith

@Briyana Hawkins Buying with the hope that an area appreciates is always a gamble. Sometimes you win and sometimes you lose. Is this a deal you're looking to finance? Or are you paying cash? If you're getting a loan, whoever is lending you the money will probably not go through with it if they know of the ARV problem.

@Dentric Vance Pleasure to make your acquaintance!  I'm realtor/ investor in the Northwest Indiana & Chicagoland area.  Always a pleasure connecting with a fellow Hoosier. 

@Omar Butler Congrats on getting into the game! Your first flip generally will cost more and take longer than anticipated. So be prepared. Make sure to get accurate comps for the ARV. Inflated ARV comps can kill you! And hopefully, you aren't taking on a gut rehab or a property that needs massive renovation? Keep it simple on your first few rounds.

What investment strategy are you focusing on?  Are you looking for good fix and flip or rental markets?  Good rental markets are not always good fix and flip markets and vice versa.  I really think you need to narrow down the information that you are trying to get.  If you are contacting "top" agents, than I would try to be as concise and exact as possible as it relates to the information you want.  

@Corey Depuy Nothing wrong with asking the agent if he or she is aware of any major issues with the property condition.  But "most" agents will only answer this with absolute known facts.  So at the end of the day, the due diligence is ultimately your responsibility.  And if it's a single family home (which is anything 1 to 4 units), the seller might also complete a seller's disclosure.  But don't overthink the conversation.  Some agents are going to be a joy to speak with and some won't.   

@Jamiey Mercer No you don't need a real estate license, but it definitely has it's benefits.  Bigger Pockets podcast is definitely a great resource.  Network like crazy with your local investor community.  Real estate is a people business.  And you'll be surprised who you'll run into when networking.  You might even think about partnering with someone a little more experienced than you on your first few flips.  Wish you the best!!

Nothing wrong with asking why the seller is getting rid of the property.  Once you've done your analysis, you can even let the agent know what price you're thinking and see how they respond.  Most agents will outright tell you if you are way off base or not.  

@Roman Rida Hi and welcome to BP!!  BP has a wealth of information and tons of connections to be made.  So be sure to take full advantage.  Also, I am a realtor and investor in Northwest Indiana.  Feel free to let me know if I can ever be of assistance.  Wish you the best!!

Hi @Tiffany Archer!  I'm a realtor and investor in NWI.  Different areas are better for different objectives.  Some areas are better for flips and some are better for cash flow.  So your ultimate goals play a big factor in what areas you want to invest in.  I'm going to PM you. 

@Esther Ghebremichael Maybe you should consider renting it out and getting a HELOC or home equity loan to invest in other properties. And since this has been your home for the last several years, would you be able to stand walking into the property and not seeing it in the condition you left it in? Maybe the tenant wrecks the place. If this wouldn't bother you, then rent it out for the solid cash flow. But if this will bother you, sell it and use the proceeds to make some moves.. Wish you all the best!!