All Forum Posts by: Robert Barnes

@Tim Kelly

Welcome to bigger pockets! You have found a great online resource. 

I'm still fairly new to the game, developing my niche, strategies and business plans. Working on getting my agent license as well. 

Take @Lisa Doud up on her offer to chat. I've met with her personally and she has a lot of great insight to offer. (Thanks again Lisa!)

Although I'm still new I would be glad to help you where I can so don't be afraid to reach out. Best of luck to you on your RE adventure!

@Richard Anthony @Brent Coombs @Tia Rubadeau

Thank you all for your feedback!

All the similar properties in the area for sale were listed around 30k so initially I got very excited about seeing one for 6k, and that can certainly be attributed partially to the newbie in me being excited about potentially picking up my first project. As far as the comps go I was thinking I would list at 95k, which would make it a much better deal than listing at 70k. The conservative side of me was also aiming to highball the repair cost a bit and see that return on the back end, or at the very least get used to cover some unknowns. The lower priced comps weren't rehabbed, just normal updates over the years nothing special. There was also a house built in 2006 on the same street that sold for 156k but I discounted that being it is a much newer home.

As an update I got in contact with the listing agent and was instructed to deal directly with the owner, which I thought was unusual. I was given a phone number and name. Called the number and left a voicemail, have not received a call back yet. Also the name (of the owner) the agent gave me was different in comparison to the name in the county tax records. Is this something fairly common? And or something to be weary of?

Also how should I proceed in dealing directly with the owner as opposed to going through the agent?

OK, so I'm messing around here on BP and my girlfriend is on her computer next to me browsing Zillow. She comes across a 3/1, about 1100 sqft circa 1929 in severe disrepair listed for $6000. Yes $6000, six thousand, three zeros. Im trying to get in contact with the listing agent to ensure that isnt a typo, and to go look at the property. Also its been on the market for 41 days.

Part of me wants to do whatever I have to do to get it under contract, a house for 6k?? how could one not buy it?? The other part of me see's too good to be true, there's obviously something major wrong. Hell for all I know the thing needs to be tore down, but I haven't seen it in person. Nor am I a pro at estimating repair costs, obviously.

Obviously from the pics its a full gut job, new everything. HVAC, electrical, plumbing, windows, roof, kitchen, bath, floors, you name it. Not to mention things like maybe water damage and mold or asbestos and structural problems. I'm assuming straight away I would take it down to the studs. Im guestimating about 60k to bring it back to life, assuming it doesnt need to be bulldozed and replaced. Recently sold comps in the neighborhood range from 70k to 120k.

I guess the point of this post is what would you do?? Go look at it and make an offer contingent upon a home inspection (if the seller will allow)? I would like to set myself up to have a contractor or someone come with me to look at it but if I cant work that out how could I achieve a small period of time for due diligence without worrying about someone else scooping it up? Put it under contract with pending circumstances? First time going through all of this and im a bit confused.

Any help or advice is GREATLY appreciated!! I will likely be in contact with the listing agent in the morning and will report back with more information.

@Shelby Robinson

Great work! I love seeing other local newbies make strides toward success, as I'm still a newbie myself just getting off the ground. Keep at it! That call back percentage is pretty good for a first run. Should increase with time and small marketing tweaks.

Do you have a sort of "script" to help you remember key points when on the phone?

@James Green

Welcome to BiggerPockets. Feel free to reach out to me with anything in the southeastern VA area if you extend this far. Thanks!

@Dottie W.

Welcome to BP! You have certainly found the best REI community online in my opinion! As mentioned earlier in the thread definitely listen to the podcasts, great stuff there with a ton of different guests, views on REI, and investment strategies.

Also the two books featured here on BiggerPockets by @J Scott are must reads if you're interested in rehabbing and or flipping houses. www.biggerpockets.com/flippingbook

One other thing you can learn a ton from are the free webinars that are usually every Thursday. www.biggerpockets.com/webinar

Best of luck to you!

@Shyreeta Cress

Do you know where I could find more information on the two REIAs you mentioned in VA Beach. I currently attend the REIA (PREIA) on the peninsula. Looking to expand my local network. Thanks!

Would this also be the case if your intent were the same but on a different timeline? Say 30 years? Example: someone's "intent" is to buy it, hold it to produce rental income until their 30 year mortgage were paid off then sell.

Hello @Darrell D., and welcome to BiggerPockets!

This is an amazing and extremely informative community! Almost everything I've learned about Real Estate has been from here. 

Don't hesitate to reach out, I'll be glad to help where I can. 

Welcome again!

Glad to have you here and best of luck to you! 

Seems to be pre recorded? A little after an hour and im hearing that it will start in 9 minutes.

Great question @Gary Alford, I'm also currently taking the course and will be looking for something similar. I'm planning on being a bit more active as an agent though, at least for a little while. 

To add to the question, do some (mostly larger firms I assume?) brokers typically require you to work under them for a period of time, sort of a contractual type situation? Require/provide additional training?

Looking forward to any input as well. Thanks!