All Forum Posts by: Adam Gollatz

Ive utilized multiple agents before without any issue. The key is set specific areas with each one that dont overlap. It'll help with agent fatigue as well as making sure two agents dont send you a lead and both expect a commission on it. Try to network with wholesalers and people bringing off market deals as well. 

To be honest, the hardest part is not really analyzing the deal, its finding it. Thats what people are paying for. 

Not entirely sure what you are looking to do. Were you going to go out and find the deals, either direct marketing or combing the mls or were you expecting someone to send you an address and say analyze this? The former is wholesaling, the latter is VA work which is thousands of dollars per lead vs an hourly pay thats usually contracted out.

To answer your questions:

1 - yes

2 - Comp analysis sheet and a scope of work

3 - commission- flat fee per deal under contract

Yea but once you buy and rehab it you’re going to be out 30k unless that 60k place jumps up to 90k in value somehow.

If in 10 years you sold the place you would have 60- 6k (closing costs) + 48k (120mo x 400/mo cash flow) + appreciation (if you're lucky maybe enough to beat inflation). That's 12k on a 90k investment in 10 years? Not a great ROI.

@Juan Alvarez  I’m not saying avoid things marketed as cash deals as much as I’m saying avoid the Craigslist, Facebook, etc sites. Yes there are deals out there (you’ll likely need all cash for them) but it’s also where scammers like to hang out. 

“Cash buyers” is usually code for experienced investor. Someone that can close quick and write an offer without a ton of contingencies.

PM me if you want to chat more.

Easiest way is to look on the MLS. The process is no different than buying any other home. Most of the time people say "cash buyers" is the house has issues and wont qualify for conventional financing. If the house looks good you could always reach out the the seller and let them know what you want to do. they might be open to it. My advice is avoid those deals for your first time.

Youre purchasing something for 39k, putting in 50k, and its ARV is 60k? Its rental income is 1300? Unless Im reading something wrong, that sounds like a hard pass.

Zillow is notoriously inaccurate on foreclosure information, and county records often lag as well. Zillow does do a relatively good job of pulling data from the local MLS's in most markets, so if its actively going through price drops, that is likely true. What Im getting at is they may not have been holding it as long as you think.

All that aside, there are a lot of reasons they could be holding it longer and it will be caused by internal bank processes specific to that bank. Real estate is a numbers game and when you got bank money (literally) you can operate differently. They could see the potential for getting an extra 10k outweigh the relatively low holding costs.

@Tashina Taylor where are you getting your foreclosure information from? Zillow? That information is usually very outdated/inaccurate.

absolutely terrible. I dont need to know anything else. All I have to read is its a house and 350/mo rent. Paying taxes and setting aside reserves for repairs will consume most all of that. 

If you got the money, hardwood. Carpet needs to be cleaned regularly and replaced in high traffic areas every few years which on the cheap (emphasis on cheap) will be 1.50/sf. Hardwood can last forever and can be resurfaced indefinitely every few years for ~.75/sf.