A free list of foreclosures, bank-owned property, HUD homes and other distressed properties can be faxed to you by calling 1-866-343-2889. Tell us what areas you are interested in and we will fax you an updated list with no obligation.
Buying & Holding
For investors who wish to own properties whose rent generates monthly cash flow and retires the mortgage, and which will also appreciate in value. There are many considerable tax benefits from this sector of the market, and you should consult a tax professional with real estate experience for an illustration.
Buying & Selling ("flipping")
Purchasing, restoring and reselling distressed properties & foreclosures can be tremendously lucrative. It is our view that the mark of a good Broker in this area is not only the properties they recommend, but also those they do not recommend with which they would otherwise have made a commission. That means they truly put your interests above a quick paycheck. Considerable money changes hands in these scenarios -- it is our job to make sure your margin is ensured to protect your investment.
New Investors
Where to start? Do you have enough money to begin? For what kind of loan can you qualify? Is a low or zero down payment program right for you? Are you able to make repairs yourself in a restoration and resell situation? What is it like to be landlord? Is this for you? We have extensive experience as Brokers for new investors, and our goal is not merely to sell you a house but to you help build a profitable and lucrative portfolio. Call us anytime or email us to help find answers that fit you.
Experienced Investors
Having a good Broker working for you can translate to making you more money. Conversely, we have had experience where it is in the investor's best interest to hold off on actively buying more property for the time being. You can count on our best judgment in addressing your individual needs. Investors who are actively seeking property can end up hundreds of thousands of dollars ahead by negotiating better deals and procuring better terms. We can help you do just that. Call or email us to find out how our Preferred Buyer Program can augment your portfolio faster and more solidly than "flying solo."
Q: How much money do I need to get started? A: The first step is to get prequalified, which is something easily done in our Preferred Buyer Program. That will tell you not only what purchase price you qualify for, but how much money you'll need for down payment and closing costs.
Q: Are there any books on investing that you can recommend? A: Yes, we have compiled a reading list we will be happy to share with you. A good start is Rich Dad, Poor Dad by Robert Kiyosaki.
Q: Should I get a real estate license? A: Many investors do, and there really isn't any downside. However, the main advantage of holding a license is becoming a REALTOR, which allows you to gain access to the Multiple Listing Service. A license alone will not allow that -- there are also expenses and dues you have to pay, but it may well be worth it. Short answer: It depends on your circumstances.
Q: Should I incorporate? A: This is another question that depends on your circumstances. The most compelling reason to incorporate is to minimize liability, but so can a good liability insurance policy. Lenders will often not make residential loans to corporations and can get "testy" should ownership of a property which they have a lien on be transferred from an individual to a corporate entity. Consult an attorney before taking this step. Also, see our disclaimer on the scope of our advice.
Q: If these properties you sell are so great, why don't you buy them? A: We do. We are investors too.
Q: If you are an investor too, aren't you taking all the good deals for yourself? A: There are too many good situations for us to buy them all, or even a fraction at that. Even if we could buy more than we do, our principal broker/owner/manager/marketing director/network administrator/webmaster is married with three children and two dogs, and he'd like to keep it that way.
Q: Our bankruptcy was discharged last month & we have $800. We found an apartment building we'd like to buy. What is the next step? A: We can't help you, but these people can.
Q: I have heard that being a landlord can be a big hassle. Is this true? A: Everything worthwhile comes with a price. We have heard all kinds of opinions on this, but suffice to say, screening tenants cuts down on future problems by an incredible amount. We highly recommend a sensible screening process. It is our experience that most people see the best road to success through running their own show rather than working for someone else. Compared to selling insurance, buying a franchise of some kind, or owning and operating a deli, restaurant, or retail store, we feel real estate is superior in terms of time, quality of life and investment. Real estate investing is not for everyone, though. It is not our intention to convince anyone that they should become a real estate investor vis-a-vis late night infomercials, only to offer our brokerage expertise to those who already do.
* It should be noted that FHA guidelines strictly forbid the resale of homes for inflated prices. Any home purchased and resold within a 12 month period of time may be subject to a review appraisal to ensure that it was in fact legitimately purchased below market value, rehabilitated or otherwise removed from distress, and resold at fair market value. That is how the term "flippping" or "to flip" is used for our purposes. Illegal "flipping" is the purchase of a home and quick resale at above market value, especially if the remedy to remove the property from distress is inadequate. Any individual or organization who solicits our services to aid in illegal activity is hereby informed that we will decline and report our findings to the proper authorities. Home ownership is too important to the American Way of Life to tolerate fraud. It is our belief that the free market can and should allow the investor to be able to buy and sell property for a profit, and we are happy to work within legislated guidelines to ensure the absence of fraud and observance of fair housing law in the pursuit of profitable investing.
The information contained on this website is not intended to, nor should be construed or inferred to provide any financial, legal, accounting, or tax advice, and must not be relied upon by you in that regard. This website should not be used, or relied upon by you, as a substitute for your independent research or consultation with your own financial, legal or tax advisors. Anyone who uses the opinions from this site as the sole source of their financial, legal, or tax decisions, especially without personal input from J. Philip Real Estate, LLC does so at their own risk. J. Philip Real Estate, LLC does not allow this material to be reproduced without permission.
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Frequently Asked Questions