All Forum Posts by: Sherri Abrams

I just looked at a home that was completely trashed. Some of the rooms needed a new ceiling. Not sure if the hardwoods can be salvaged and the kitchen and bath need a complete overhaul. I have been told several different ways to estimate rehab costs. But the one that I was told is the easiest and quickest way to estimate is to multiply the square footage by $20 or $25. That answer would be a rough estimate of the costs for a full rehab. Then the person said that if it needed a new roof add a couple of thousand dollares and landscaping another 2 thousand. Is that a good way to estimate to determine whether or not I want to even make an offer?

If there are other ways to estimate please tell me. I would like to be able to get a quick and rough idea of the costs when I go canvassing properties before I do the due diligence.

Thanks guys, I have a few attorneys in mind

I have been calling around for a title company in ma to do back to back closings and I found out that only Attorneys do closings in Ma. How will that affect my double closing on an REO if I am using transactional funding? Can I still use the same approach or are there any differences?

Thanks to all you guys for your input. I will definitely start off by calling the small banks in my area. As far as agents I do have one, so I'll be continuing with him as well.

A lot of listings of REOs come from RE agents or companies that send a list of them to you for a nominal fee. My question is if I call a local bank and ask for a list of their REOs, do they or will they furnish me with a copy of that list? Or will I have to pay an agent or a company for the same information? I ask. not because of the fee but because I would like to get first dibs on these properties before agents list them and or they go out on cyberspace. I would like to eliminate the competion.

Way to go Rohan. Your testimony is such an encouragement to me because I was researching various transactional lenders and making sure I knew what I was getting into. I will now embark on my first deal with an added fervor and flash cash.

I have been looking up and researching transactional funding and it looks like something I would be interested in pursuing for some of my deals. I have a couple of questions though. First, who has used transactional funding on this site? Can you share your experience please? What are the risks if any? If the deal falls through do these companies require any fees? And if so are there any ways to make sure that I as the "B" buyer don't have to incur the fees if I was not the cause for killing the deal?

Looking for lots of advice from you guys : :lol:

Rich, I'm a newbie and I agree "cash is king". I would take the money and run. Run and start on some more investments. It's a sure thing and it allows me to move on to other investments.

Thanks Vikram for the info. I will be trying my county records to see if I can find that info asap. I love the networking on this site. Some of you guys are mentoring us newbies without even knowing it.

Steve and Brooks thanks for your knowledge and sharing it with people like myself. You guys have definitely helped me to broaden my search scope. BTW obtaining an MLS listing of cash buyers was something I was thinking of but I either have to have my RE license or know someone that does and would be willing to supply this list, right?