All Forum Posts by: Scot Howat

I totally agree with @Crystal Smith.  Invest in your own backyard first (or another area that you know just as well).  Become a big fish in a small pond before finding a new pond to fish in.

There's more than enough deals here for us all.

I was an underwriter for 14 years, and I can safely say that robots won't be able to replace underwriters.  They can automate certain aspects of it, but there's so much that they couldn't do.  

I've been the buyer (borrower) on tons of mortgages lately since I've become a full time investor, and I still experience problems.  Every underwriter is totally different, and every company is totally different.  

The best advice I can give is to get whatever they ask you as quickly and easily as you can.  If you're unsure why they asked for a particular document then get clarification.  It's all about documentation.  Document, document, document.

It's harder to change the minds of your friends/family once you've got your license.  When they think of you, they don't think REALTOR.  They think of the "old you". 

It'll be easier to start fresh with new clients who only know you as a realtor.  That's been my experience.

No degree

I bought this at the auction, so I had to pay cash for it.  Once I had the deed, and recorded it, then I went to my hard money lender and had him cash me out so that I take those funds and try to buy another deal before this one was done.

Make sense?

Investment Info:

Single-family residence fix & flip investment.

Purchase price: $140,000
Cash invested: $200,000
Sale price: $277,000

Bought at the sheriff's sale.

How did you finance this deal?

Cash, then did a cash out refi with our hard money lender.

What was the outcome?

Made $$$

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Scot Howat (realtor)
Jeff Howat (home inspector)

Nice to meet you!  BUY BUY BUY!

Check on meetup.com for REI groups.

I volunteer with CAREIA.org (Chicago Area Real Estate Investors Association).  It's a non profit group, and there's no sales or pitching of any kind.  

Welcome! Make sure to check out our local REI clubs (CAREIA.org is the one I volunteer at)

I've only done one flip in Summit, it was a single family.  I'm a flipper, landlord, and realtor but that's not really my area.