All Forum Posts by: Nick C.

The good news is there is no right or wrong way to invest in RE (as long as you're making money). Regardless of your risk tolerance, there is a strategy that can work. 

Personally I quit my job and went full time. Having bills to pay and no paycheck coming is very motivating. 

1. The FHA may not back a loan without repairs being done, but they won't be addressing them. That's between you and the seller. You can try to get the seller to pay or credit you for any repair requests.

2. Unrepaired sinkhole, major structural damage, functional obsolescence (but this should be observable to the untrained eye).

3. Yes, that's what inspection periods are for. 

Having more than 1 post on RE forums like Biggerpockets is a good start. Also beef up your profile with your services, success stories, and a picture of yourself. 

That one step you’re stuck on isn’t just a step; it’s the entire business of wholesaling. If you can source leads you have a chance. If you can’t source leads it’s hopeless. Everything else a wholesaler does and everything else a guru will try to teach you is fluff. 
Your best bet is to go work for a wholesaler, learn how to do it, and then go off on your own when you’re ready. 

I hate to be the voice of reason here but $300-500 per month is not enough to invest. And you have no time to invest either. You would have to be extremely lucky to land a deal with that budget, but more likely you'd be throwing it away. For comparisons sake the larger wholesalers are spending tens of thousands of dollars a month in marketing to land properties. They sell them by having large sales teams calling investors jamming them into properties. Even if you get a property under contact how will you sell it with no time? 

You'd be better off saving up that $300-500 per month for a down payment on a property. 

Put an amount of money that matters to them in escrow with the title company. For example, if the house is purchased for $500k, they get $450k the day of closing and the other $50k when they move out. 

Skip the big brokerages and hang your license at an investor friendly brokerage. 

How big is the yard? Is it in a place that gets lot of rain and sunshine? 

You'll have better luck analyzing a few properties a month from investors, wholesalers and realtors that can find you off market deals. Anything you find on market is going to be overpriced, and you're wasting a lot of time analyzing a lot of properties. 

That might be a good thing. If it's a desirable neighborhood and there's never any new listings, scarcity will help you resell it. Estimating a value will be more difficult; you may have to go back a few years for comps and make adjustments based on how the market has changed.