All Forum Posts by: Scott Slocum

When looking in markets where the prices of homes sold is private and not provided , how are you running your comps?  I am looking at what they were listed for but it seems to be open ended and not very reliable when trying to figure out what I can offer. 

Hey Kris,  did you ever find a contract resource?  I'm in the same boat . Looking for wholesale, assignment , owner finance and sub to contracts. I've been on multiple forums and group post and the only answer I got was " sqaud up, contracts are only available to subto students". 

Be patient finish school.  Then go apply for an apprenticeship.  My son graduated last year and I got him into the same apprenticeship I went through.  He makes really good money for an 18 year old.  He is saving to buy and house hack a duplex or triplex.  He has to establish his credit over the next year and by then he will be ready.  He has a huge head start and so will you if you are patient.  I wish I had someone to guide me when I was your age. I dropped out and have worked construction since.  I did go back and get my GED and got into an apprenticeship now I make  decent money and hopefully will get my first deal soon. I made a lot of bad decisions and it has cost me. Now I'm almost 40 and barely catching up. If I would have had this advice I'd be retired already. 

 I was wondering the same thing.  Maybe would rather have the cash flow.  For a first deal I'd like to cash out as much as possible for the next deal.  Either way congratulations. 

Now that I have researched the difference between a "special " and a "general " warranty deed I have another question. Being it is I want to BRRRR this house, will getting a "special warranty deed " affect my ability to cash out the equity when I'm ready to do so? And I'm assuming the bank will want to do another title search and require title insurance?

 I have been talking to an agent about the house but she doesn't seem to be super helpful.  I'm guessing because there's not a lot of commission in it. Which is understandable.  Was thinking about offering a bonus after the deal closes to get her to be a little more useful.  That or just contacting the seller agent. 

This topic seems to be a topic that doesn't seem to get a lot of feedback.  I've seen quite a few forum posts but not much for feedback.  I've combed through 5 or 6 pages of forum post related to REOs and haven't come across a whole lot of useful information.  Or least not pertaining to the questions I have.

I am really interested in a REO I found. I have cash and I am ready to make an offer. I want to make sure it has a clear title and being that I will be buying with cash, how does it change the offer process? Do I do a title search on my own, before or after I make the offer? Do I put contingencies in for a title search and inspection? I know the likelihood of getting my offer accepted is better without contingencies but those two seem to be pretty important. This will be my first deal and potentially after cashing out equity will fund my next two or three deals. Then the sky is the limit.

Haha didn't even pay attention to how old this post was.

I personally probably wouldn't pull a permit unless there were some other plumbing issues that needed to be taken care of to properly install it.  Some jurisdiction are requiring expansion tanks to be installed as extra precautions. 

 Not expecting to make 100k on deals. I'm really only interested in buy and hold investing.  I used to want to flip not so much any more.