All Forum Posts by: Account Closed

Carla, you rock. That kind of information is invaluable to the investor. Thank you so much for sharing. This week just happens to be in the middle of the month. I guess I will be making a bunch of offers with 2 wk closings!

I heard someone mention the other day that listing agents for Fannie, Freddie, and HUD properties will not be very helpful with offers that are less than 85% of the list price because it may loose them their contracts. Is this a pretty definite number?

I know, I know... nothing is DEFINITE in this business. I just want to know if I am wasting my time on low ball offers on properties being negotiated by these entities.

Thanks for all the replies.

The advice stretches from "hold on to your money" to "jump into an auction" and everything in between. I suppose that just shows how many options we have and how those decisions are based on our personality and our past experiences.

I'm gonna stick with my current plan of looking for a SFR to rent and then go from there. I'd really like to rehab and flip a property since that is what I really love doing, but the perfect property will have to come along.

Again, thanks for all the advice.

It seems like most of the newbie questions here revolve around "finding buyers" and "building a buyers list". I suppose most people are breaking into the business as wholesalers of some sort.

How about this, though. What if you are someone with pretty good liquid assets, plenty of free time, and an overwhelming itch to make his first purchase? I've been in contact with some local wholesalers, but haven' seen much from them. They all seem to have "TONS" of properties when they are marketing, but then the phone doesn't ring and my inbox is empty.

Basically, the question is this: If you had perfect credit, about $75k in cash that was burning a hole in your pocket right now, what would you do?

Count me in on someone who has been waiting for an invite. I think I signed up about 3 months ago. Argh!

Can you buy them on Ebay? I haven't even looked.

So I've been using a Realtor to make purchase offers on properties. It is nice to have someone who knows the ins-and-outs of the process, etc...

However, I can't help but think I could knock out those contracts in a hurry and really be in charge of my negotiations with the selling agent. Where would be the best place to get the most recent offer to purchase contracts for my state (Missouri)? Also, what should be my main concerns with tackling this part of the negotiation alone?

I am doing mostly MLS listed properties that are REO's and pre-approved short sales.

Pretty much my thoughts, as well. I'd just not seen this product before and that struck me as odd. I pretty much lived at Lowe's for a few years while doing rehabs on my own homes.

Thanks for the feedback.

I ran across a product at Lowe's today. It is called Modern Masters Countertop Transformations. It is essentially a way to paint/epoxy old laminate countertops to give a "granite" look. It costs $250 to cover 50sf of countertop.

I was just curious if anyone has used this product. If it works, it seems like a GREAT way to save old countertops. If is sucks, then it seems like a GREAT way to waste $250 and a day's worth of labor.

Anyone used it?

Just a new guy here who hasn't actually done a deal yet, but I think your conservative approach is certainly best.

Purch Price 110K
ARV 130K
Potential Profit 20K

BUT WAIT!! What about all the holding costs? Even though you are all cash, you still have closing costs, repairs, insurance, taxes, opportunity cost of your 130K tied up for at least a couple months, possible realtor commissions, etc...

Looks like at best you could make a few grand off the deal. Even if you did make 10K on the deal (which is unlikely), that would only be a 7% return on your cash investment with substantial risk of that number being much lower.

Again, maybe I am a scared little chicken. I keep passing up deals based on my math. Perhaps I am wrong. Input from the pros would be appreciated.

I've been sifting through these for a couple months. They all seem to start listed at the "As Is" value. After it sits there for a while, they knock a bit off the price. This usually means one of two things:
1. The "As Is" value was a pipe dream
2. There is something about the property that makes it a really tough deal from which to profit

I've also noticed that once this price drop occurs, if the deal is anywhere near doable, the property goes under contract QUICKLY. So much so that by the time you have a couple replies on this thread, it will be gone. If it's not gone in on the first day of the price drop, the property has some inherent flaw that can't be easily remedied with our usual strategies.

Of course, all of this is in my small market. Your market may be completely different. Additionally, I've not yet been able to grab one of these up on the price drop day yet, so I might just be a sore loser.

Good luck, and keep me posted if you have any successes or failures with a HUD offer!