All Forum Posts by: Stefon Bostick

I see what you are saying, that sounds like where im headed right now.  Do you know of anyone who does this type of work for a living or any resources i can follow up on to learn more? The more i ask around the more im starting to see that this is a taboo topic.

Mark,

thanks for the reply.  You are correct, that is what i am looking to do however i know realistically finding foreclosures that "no one" can find may not be the case but i know in our area there is more foreclosures that banks can keep up with.  Also, im sure there are several terms used by different people as i myself never heard of "phantom" foreclosures and ive done quite a bit of research in the real estate field.  Anyhow, again you are correct.  I honestly do not want to deal with foreclosures held by big banks until i get some experience under my belt which is why im aiming for the small banks who cannot afford to hold on to those properties.  Im willing to do my due diligence to research and get started, i just need some good leads in my area as mentioned above.

Good Morning All,

i've recently received some abbreviated information concerning the foreclosure market that i was previously unaware of and it has set me on fire with interest as it sounds right up my alley. I do not know how to properly ask the question so im just going to try my best and be as straight forward as possible. Im looking to find a group(s) of investors that can assist me in obtaining phantom foreclosures, shadow inventory, or REO properties held by second tier banks. From there i would like to start assigning and wholesaling properties for that team(s) to turn a profit and keep some agreed upon percentage for myself and my team. Im also looking for any applicable real estate training suggested in this area of the business preferably or some good contacts on the subject to do some networking. If anyone could lend some advice or ways forward on this i would greatly appreciate it. Thanks for your time.

Stefon

Thanks guys, im still a beginner so i have to get the dumb questions out of the way.  

Hello All,

need a little help on an idea i am kicking around with little experience to fall back on so i'll jump right to it.  This may or may not make any sense at all to the more experienced so bare with me.  As of the beginning of this year i have finally been able to start saving money(because of a lower than desirable credit score) to put a down payment on my first rental property, a goal that has eluded me for years now due to the fact that something always pops up which stops me from saving the full amount.  I am now over half way there to having the money to put down and as of this year that "something" happened to be knee surgery im paying for.  My question is:  Is borrowing money from your bank to cover a down payment even a real option in this case?  If not, can anyone advise on some other options that may assist me the rest of the way in purchasing my first investment property?  Please advise with any thoughts.

Thanks Brie. I've read some recently and like you said, there are some ups and downs with creating an LLC im just trying to see if one would fit me and my situation. Thanks for the info, i'll look up some more discussions as suggested.

Ive been kicking this idea around in my head alot but wanted to know the advantages of setting up an LLC before i purchase my first property. Ive heard mixed reviews on LLC's themselves in regards to having multiple properties but i was wondering what the advantages, if any, would be if i set this up before purchasing a rental property? Any ideas guys?

@Anthony

We are both still renting apartments so we do not have a primary home as of yet.  We are both in the same boat in that aspect.  As for the rest of the advice, i can't show enough appreciation for that man, thanks alot and will do.  I will definitely start doing my due diligence on the properties we are scoping out at the moment and your tips are very helpful.  Thanks Man!

Thanks for the input guys!

@Nick 

Do you and your partner have w2 jobs?  Yes we both work for the same company and both have the real estate itch which is how we got linked up.

Are you a first time home buyer?  Yes i am a first time buyer looking to change that immediately.

We're either of you in the military?  No we were not.

I will definitely look into more purchase options as recommended.  I have already begun to research and just wanted a couple of streamlined suggestions from some of the pros on here and i appreciate it man.

Good Afternoon BP community and excuse me for such basic questions but i figured i had to start somewhere.  Me and my partner have spent the last few months looking at property and daydreaming of all of the possibilities and getting into property ownership.  Only catch is that we just recently decided to stop the daydreaming and make this a real go and start preparing financially to purchase our first property.  I have a 680+ credit score while he has a 700+ credit score so any advise on who to go to for loans, or getting the process started to purchase.  Again, i apologize for such a basic question for people much more advanced but any help in the right direction is much appreciated.