All Forum Posts by: David Tipton

Thanks @Jay Hinrichs.  Great story, seems like he really had it figured out. I like the concept of exchanging legal work for a portion of the deal as well. Maybe I'll get there one day. 

Good luck @Sam Choi! I hope you find something great. 

It sounds like you have a pretty short deadline. It may be difficult to find a really great deal in the hottest area of one of the hottest markets in the country at one of the hottest times to buy. If you are absolutely committed to finding a place in that area, you will probably either need to pay a premium or take your time and market/network for the right deal. If you are serious about investing, I would suggest renting something in the neighborhood as you work to get an off market deal. Educate yourself using the resources on BP ( check out the Ultimate Beginners Guide and the podcasts). Definitely see if you can find agents who may help, but do your own research and investigation. That said, if you have the money and are going to hold it forever then maybe price right now is not so important.  I would recommend aggressively educating yourself before aggressively offering on property.

@Eric Dowling is right that you want to get preapproved, not just prequalified. A bank or mortgage broker can help with that. If you have a substantial down payment it is no guarantee your offer will be accepted. This market has been so crazy that all cash offers over asking price have been rejected. Anyway, having your financing lined up is the first step as your offers won't even be considered without it. 

Happy new year and best of luck!

Welcome @Chikeluba Azubuogu.  

Welcome @Sean Abrams.  Personally, I am looking locally first (I'm in LA, but it's also an expensive market).  There should be places driving distance from you that are somewhat more affordable.  If you're really set on looking out of state, some of the popular markets are Memphis, Kansas City, and Indianapolis.  I'm sure if you post over in the city-specific forums about those places you will have a ton of folks who can tell you/sell you about the specific market.  Be careful though and do your own independent research on a particular market.

How about a lawyer who is also a realtor?

Welcome @Kory Clark.  I would recommend the podcasts if you haven't listened yet.

Welcome @Paul MacInnis.  I would recommend the podcasts if you haven't listened yet.

Welcome @Cory Biscaha.  I can't recommend the podcasts highly enough, if you haven't listened to those yet.

Welcome @Elizabeth Woolf.  It looks like either choice would be great!  If you can find more than one of the lower priced homes, you will leverage your money more and can expect higher return on investment, theoretically.  It really depends on the purchase price for each.  It sounds like the lower priced property will actually give you a higher % return, so that would seem to make sense.  I would go with the "bird in the hand" for returns over speculative appreciation, especially if it's only slight.  Good luck.

Welcome @Keitha Lovett.  I would recommend the podcasts if you haven't listened yet.  Great info there.