All Forum Posts by: Teresa Keith

@Rachel Leonard...

Hi, I do plan to start attending REI meetings. But, I have been getting good responses here. I already met with an investor earlier this week, and spoke to another today who set me up to do bird dog work. He said that will be the best way to get my feet wet and to get a feel for what the process is like.

Thanks!

Hi, Chennelle...

I love your introduction: "Brand Spanking New"...LOL! I am the same just started on BP 2 months ago, and have been working on a business/project plan for 3 months now. I want to get into buying and renovating homes (with a concept). I have an original scope that distinguishes me from an average flipper.

Well, enough about me. I just want to tell you that the resources (under resource tab) here are pretty good, but nothing like doing something hands-on. I posted in the "starting out" forum a need for a mentor, and have gotten responses. I actually went out with an investor earlier this week who showed me several properties that he has in progress and was giving me a little information about the ins and outs of the process. So, maybe that can be an option for you.

See you around!

Hi, BP Investors...

I am new to this and would like to get a seasoned investor in the Atlanta, GA area to show me the ropes in real estate investing. My plan is to rehabilitate properties and then resell them. I know you investors have different niches and it may not be flipping, but I am willing to learn about any type of investing hands-on. Thus, the process is what I would like to captivate.

I have met with one investor who flips and rents/sells properties and learned his perspective on how to approach investment strategies. But, why stop there, right? LOL.

I have looked into the resources here on BP, and have listened to pod casts. But, I think having face-to-face interaction is a plus.

Hope to hear from you all soon....thanks!

@Just Don:

I am a firm believer in sustainability, so my opinion would be to refinish the pine floors. From what I understand there are different types of pine floors that are just as durable as oak. Your potential renters may be more appreciative that the original flooring is there rather than worrying about how durable it is.

I would find out what kind of pine floors you have, and then check with a professional on the best way to refinish them for durability if needed.

@Nick Wing:

But, when are the fees due? I see from your company's website that there is a 10-15% down payment due up-front and 4-10 points + fees just to open the loan; so that's a lot of money right there (if the loan is over 50k). Then you all are charging a $150 fee per inspection. I do not live in CA, but just for the sake of knowing: when do you expect all these fees to be paid? Thanks.

Great discussion for newbies like me. I would like to chime in and ask if anyone is familiar with any of the hard money lenders listed here on BP under "resources"? Do any of them on that list let one wait until the home sells before you have to pay all those fees. I am also concerned about the closing costs up front. Also, if anyone has experience from any of those lenders on that list; does any of them provide you with the money to go ahead and do the work without holding partial in escrow? Thanks.

@Nick Keesee:

Sorry to hear about the convoluted actions of your lender. But, I am just curious: Could you have ased for a contingent upon clause to state that the property will be changed in the agreement to a rental property? I personally would have never closed with this lender, and would have taken action immediately. No telling how many times he as scammed people with his sneaky ways. My question to him is what's in it for him? He would have gotten his commission one way or the other.

@Justin Williams:

I was reading your reply to @Tasha Mckoy, and I appreciate the straight-forward answer. I too was wondering how I should approach a deal without having the funds up-front, and was also thinking I cannot start negotiations without it. Now, from your answers, I feel a little more confident that I can start getting my feet wet.

We need more people like you to give more detail to the newbies rather than referring us to pod casts and other links that are not as detailed as you are being on here...so, if nothing else comes out of your posts, at least you are a BIG help to us newbies, and Thanks

BTW: Thank you @Tasha Mckoy for asking the questions; many newbies will find this helpful.

@ Jae Yi:

I posted a need for a mentor under the "Starting Out" forum and got an immediate response. This resulted in an investor driving me around today a showing me his properties in rehab. He was telling me the ins-and-outs as we went through the properties, and will get back with me to discuss my doing some bird dog work for him.

So, I guess it depends on where you post a request like this to get the answer you are looking for. You do not want people to refer you to pod casts, blogs and other links, you want somesome to say: "Hey, message me or call me to discuss".

@Kimberly Martin:

Just to clear up my last post: I meant that since the rent per property is low, that may be an indicator that your seller might have paid a very low price for the properties, and the market value that you came up with in the comps could be a very good profit for the seller. So, that's why I was saying to look up what they last sold for.

If that scenario is not true, it may be the case that your seller has no equity and trying to drive the price up for a profit instead of a loss.