All Forum Posts by: Shannon Elam

Hello BP,

My fiance and I are working on our first flip deal and things seem to be going well, but something came up that we have no idea what it is. When we had a village inspection, they wrote '$1000 Cash Bond' on the top. When I looked it up I found that a bond, applied to different circumstances, was a promise to comply of sorts, and that it may or may not be refundable.

I am going to contact the Village to clarify, but has anyone heard of this? Do other cities, towns, or villages do this?

Shannon

Hello,

I have posted responses to blogs and forum posts before when I was signed and my profile pic was posted with my post. Today I posted a comment and was asked to make a Gravatar to have my photo posted. Is this something new? Will I no longer have my picture posted with my posts unless I sign up for a Gravatar.

Shannon

Hi Cody,

Welcome to BiggerPockets. I am a new investor and looking to do some investing in the Chicago Suburbs. I actually was curious about some of the ins and outs of sdIRAs for real estate investing. Great to see that's what you specialize in. I'll be in touch.

Shannon

Thanks guys. That doesnt sound bad at all.

Hello BP. Has anyone ever finished a basement. I am looking at a house with an unfinished basement and I am thinking that I could add to the square footage by finishing the basement.

About how much does it cost to finish a basement? I know it depends on several factors and I will eventually get an estimate from a contractor, but I just want the gist right now. The basement is ~250 sq.ft.

I haven't experienced anything like that, but a few dead mice would not have deterred me. It may have taken me a few minutes to calm down, but for $50K and they are already dead...I'm going to the next cabinet.

That's what I thought and I have Google searched them. Thats why I couldnt understand why such a seemingly savy professional would say that. It made me think that maybe Realtors have some aversion to HMLs. When I evaluate a deal, I always consider the high interest rates and points of the HMLs. If its so high that it leaves me nothing in the end, I know its not a deal. Thanks for the response, Derek.

Hello BP community,

I am just starting out and have yet to get my first deal. I call two realtors in areas that I an interested in investing in. One realtor who was very knowledgeable on the area was tell me about my financing options- which after two weeks on BP she was like preaching to the choir- but she didn't mention Hard Money lenders. When I brought it up, she said that Hard Money Lenders are virtually non-existent now. I was a little take aback, especially since I JUST listened to Podcast 9 before I called her. Is it possible that this agent is that out of touch with what's going on with the REI community, or am I delusional to thinking that HMLs would be a good tool for a new investor? I guess what I'm asking is, have any new investors had problems getting HMLs because of your experience level?

Hello BP Community,

My partner and I have put in an inquiry on a property that seems like a good deal and we want to go see it this weekend. We have been gathering a lot of information on the REI processes but we do not have any experience. Should we or could we have the Title company check the title before we have a purchase and sell agreement?

The seller lives out of state and gave us access to the lock box to check it out. We also want to take a couple of contractors out with us to get an estimate on repairs and updates needed. Our plans for the property is to fix-and-flip it, with some guidance, or at the very least, wholesale it.

I guess I want to ask if we are taking the right steps and going in the correct order.

I hope someone can help us. Thanks in advance!

Shannon

Hello all. I am new to BP and to real estate. I am learning so much just from the week or so I have been reading around this website and listening to the podcasts. (I'm a talk radio enthusiast, so having this on my iPod is heaven!) I started off by going to a 3-day summit on real estate investment, and while I was not prepared to fork over my last year's salary, I learned a wealth of information and am very happy that I went. I also realized that I can really do this business. What's better is that I found BiggerPockets.com.

This year is going to be a BIG year for me. I am getting my Master's degree, getting married, and starting a business. I so look forward to connecting with others in the real estate community to learn and share.

By getting into real estate investments, I know that I will not only make a better and more fulfilling life for myself and my family, but I will also be a role model and possibly have a positive impact on the neighborhoods that I grew up in (war zones-we'll see).

Right now I am so excited, maybe too excited, to jump right in. My partner/fiancé is interested in doing wholesales and I want to do flips and some buy-and-holds. In our first year of business, I think we can do at least 1 flip and acquire at least one multi-family buy-and-hold for rentals. At least! With the support of this community and each other, I know we can do it.

Thank you guys for this website. It is invaluable.