It's April 1 and I won the mega millions lottery

Buying & Selling Real Estate
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It's April 1 and I won the mega millions lottery

Thomas Handy
Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes

April fools.

Seriously, what did you do last month? I can't believe it's April already. Time flies.

I've been studying other ways to secure money for my real estate deals. I haven't directly asked anyone but that will be one day in the future.

I did secured a loan through Lending Club for my next deal. The terms were pretty good, better than what any bank would lend me.

Friday I took a look at a fourplex I recently wrote about. The area was ok. The cashflow was good but not the type of neighborhood I would want to live in. I was looking to place an offer but my better half told me I was crazy and reminded me about what our plan was - to buy decent homes that could use some minor cosmetic touch ups. Discouraged but I knew she was right.

Within a day I found a SFH home and plan to place an offer. Area comps are $90,000 and higher for the $45,000 I found.

Before I forget I did place an offer earlier last month that was rejected by Fannie Mae. If you ask me I think FM is getting greedy. The home was listed for $98,000 and I offered $75,000. They countered for $98,000. I told my realtor I'll pass. Now FM dropped the price to $83,000. I'll keep my eye on this one.

Not related to real estate but tomorrow I start coaching teeball for 5 and 6 year olds. I look forward to the season.

So what did yo do last month?

Tom

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  • Thomas Handy
    OP
    Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    I guess no one liked my April fool's joke by the lack of responses. ;)

    0Reply
  • Lynn Harrison
    Garberville, CA · Member since 2011 · 184 posts · 6 votes
    14y

    congratulations! I had the other winning ticket. Not.

    But congrats on finding a good investment.

    Nothing. We've been waiting on $$. It's getting very competitive in California -some very large buyers I believe. Just hoping prices stay low for another 3 months.

    "The home was listed for $98,000 and I offered $75,000. They countered for $98,000. I told my realtor I'll pass. Now FM dropped the price to $83,000. I'll keep my eye on this "

    Sounds like you have a good chance. Homes here had been listing at 120 and selling for 70 after being on the market for 4 to 6 months. They generally seem to take 70 when the listing price is 80 to 84..

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  • Tod R.
    Investor · Southlake, TX · Member since 2009 · 950 posts · 338 votes
    14y

    Thomas Handy I was getting ready to PM you for a loan request when I saw your title, but then I read the thread...oh well.

    You've definitely been busy. Way to go.

    I'm working on my better half to buy more property. She's a little nervous with the debt we have now. I think she'll come around, as long as I don't push it.

    Tball, that brings back memories. My son is a little old for that now...he's 18! Good luck this season.

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  • Thomas Handy
    OP
    Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    Thx Lynn Harrison. I can't understand what Fannie and Freddie are thinking. They're not in the real estate business and I would have thought they would have accepted the offer I made.

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  • Thomas Handy
    OP
    Investor · El Paso, TX · Member since 2009 · 163 posts · 20 votes
    14y

    Tod R. I just looked at another foreclosure yesterday and put in an offer. It'll mostly need some cosmetic repairs and hope to hear back soon.

    I'm looking to make two deals before I move this summer and my realtor is really helpful. Sometimes it's hard to find a good real estate agent.

    1Reply
  • John Tiffany
    South Bend/ Mishawaka, IN · Member since 2009 · 86 posts · 12 votes
    14y

    I won also! Not the millions but I guess $2 will do

    0Reply
  • Mike Andrews
    Real Estate Investor · Los Angeles · Member since 2011 · 55 posts · 11 votes
    14y

    Lynn Harrison, what part of California are they offering properties for 70? I'm near LA and I haven't seen anything South of 100 in years.

    0Reply
  • Lynn Harrison
    Garberville, CA · Member since 2011 · 184 posts · 6 votes
    14y

    Thomas, I'm sorry to say this but they are trying to get all cash- not loans. I know what they say but most of it is a farce. They do take some loans but very few I think. Maybe you can find a RE agent who knows the ins and outs of loan acceptance with REOs. Maybe that will change.

    Mike, Clearlake or Hoopa. . Very rural or war zones. The low priced areas up here are high maintenance and not very many skilled workers. We live up here and will do our own. Some from out of the area have invested but I think they charge higher rents and so have higher vacancies. You can get a shell of a house in Clearlake for 35K (copper piping and tiles torn out, windows smashed etc) or one needing major repairs for 70K, however, you might have to have someone staying there all night while repairs were going on or the windows would probably be smashed. Think Detroit. Everything is relative.. Eureka is a little more but a much safer investment. Probley around 120K for something needing TLC.

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  • Lynn Harrison
    Garberville, CA · Member since 2011 · 184 posts · 6 votes
    14y

    Mike, took a quick look at SoCal. What's with Hemet, Hesperia, Palmdale, Perrit, Pasedena, Riverside etc? Are they war zones? I'm tempted...

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