Very Newbie Questions - Posted by Rob IL.

Posted by PBoone on April 29, 2000 at 09:16:48:

In a few cases here in Portland Or the FMV and the RMV on tax statements come real close. The FMV I work from is based on what sold within the neighborhood in the last 3 -6 mos.

Very Newbie Questions - Posted by Rob IL.

Posted by Rob IL. on April 28, 2000 at 12:46:17:

I’m looking at doing some buying, fixing, and selling of houses in my area and was wondering if anyone had any good ideas of how to go about doing it and/or getting information on how to do it? I already have a real estate agent lined up who will get me houses before they get listed but I don’t know what the first step should be? How do I get the house with very little or no money down? I’ve seen people talk about having the owner take back a second mortgage. Does this cover the cost of the down payment to satisfy the bank or what? Also once the property is bought do I take over the payments of the second or do I payoff the owner once the house sells? Sorry to be so green to this but I was hoping that I could get some help from the pro’s. Thank you in advance for your help.

Re: Very Newbie Questions - Posted by eric

Posted by eric on April 28, 2000 at 15:35:35:

Yikes, those are very new questions indeed. At least you know that, though. Start off with a basic, introductory book - my favorite for this is “investing in real estate” by Mclean. Costs around 15 bucks, will provide basic discussions of leverage, appraisal, financing, repair, resale, etc. Get some professional advice until you know what you are doing - a strong buyer’s agent, and/or an attorney, join your local REI club, go to the meetings, soak up as much knowledge as you can. Then go buy something, don’t get so overeducated and keep waiting for a “perfect deal”, there is no such thing.

Some Mistakes to avoid - Posted by PBoone

Posted by PBoone on April 28, 2000 at 13:17:26:

Good luck in your venture…Here are a couple of mistakes I believe most people make (including myself)
1 - Paying more than 70% of FMV minus repairs.
2 - Underestimating repair values
3 - Saving money by “doing it yourself” (its a myth)
4 - Buying ugly homes in bad neighborhoods
5 - allowing “REO, Foreclosure and Bank Owned” to be the determining factor in considering a good deal.
Those are just a few

Re: Some Mistakes to avoid - Posted by Joel David

Posted by Joel David on April 28, 2000 at 22:45:43:

When you say 70% FMV - are you talking about the fair market value per the tax statement?