All Forum Posts by: Aaron Britt

@Humphrey Afari

You can check this out on Bp as well.

http://www.biggerpockets.com/hardmoneylenders/penn...

@ chukwudi ... 

http://www.biggerpockets.com/store

J Scott's book on Flipping Houses. It also comes with an additional book on estimating rehab costs. Extremely informative. I've learned a ton just reading it.

@Daniel Moore. My thoughts are: seeing as the property has been on the market for 8 months, that I could make an offer of 55-60K. My fear is that could be considered too low an offer.

@Curt Davis. 

Understood. So the reality is I need to look for the long term at least until my credit and/or my cash flow increases. Thanks for the response.

Greetings all,

I believe I have found a solid deal just waiting to be made but I am unsure how to approach this.

The stats:

SFH 3bd/1.5bth 1200 sq ft ranch

Listed for $74K

CMA's between $80k-$90K

The listing price has dropped to almost half its original in the last 8 months.

The property has 200+ days on the market. I have approx. $30k in the bank. I have not been inside but I have grew up in this city and know this are backwards and forwards. This house is in a very good neighborhood and the exterior and what I could see of the inside appears to be good. The home just appears to be neglected. I believe it will definitely pay off. My credit isn't even close to being in solid shape so my initial thoughts are to go with HML's. My exit strategy is to buy and hold. Refinance 6-9 months after acquisition and rent out during the entire process.

Some suggestions on how to structure this deal would be highly appreciated.

Thx Jon...  I appreciate the info....

Thanks to everyone that responded. This alone gives me the motivation to continue to press forward. I am especially happy to hear from those around the area, you already make me feel as if I am part of the biggerpockets family.

When dealing with hard money lenders;

My questions are -

While making monthly payments to your hard money lenders;

1) Do you still pay insurance and taxes? If so to whom?

2) If using an agent, is their commission paid out of the private money or is that separately paid by the buyer?

3) Is it standard practice to pay a monthly fee for a POF letter or a pre-qualification POF letter in order to have it consistently available?

Greetings BP. I am Aaron from Portsmouth, Va. I am active duty military coming up on retirement and have been sporadically learning about real estate investing over the last 5 years, especially REO's. I bought and rented property in 2000. I have since realized my mistakes in not taking full advantage of the opportunities at that time and I'm now back to go "all in". I enjoy meeting people with fresh ideas and different perspectives in order to continue to grow personally and professionally. I believe if I had been aware of this level of networking back in 2000 I would have already been successful. I am truly happy to have found this site and I look forward to working with anyone and everyone for mutual benefits.