All Forum Posts by: Adam Drummond

@Ronnie Boyd 

you are in the wrong area of the state to like the tiger paw.  :)

@Ronnie Boyd 

 @Joel Owens 

Thanks for the response guys. What you both stated is kinda what I was assuming.  I am on the mls everyday, and there aren't nearly as many deals (in my area) as there were a yr ago.  From what I am seeing most of the foreclosures are starting out overpriced, and some are very slow to lower the price even after 45 days on market.  I was thinking that maybe I needed to check into other options other than reo properties.   I sold my last flip a few months ago, and am looking to put my money back to work, but taking a little longer to find the right deal.  Staying patient though, and i'm sure something will pop up.     

@Bryan C. 

 I am a realtor/investor in south Carolina, and I have kept an eye on quite a few properties on auction.com, but have never bought anything.  To even be able to bid on a property you have to create an acct, and give them your cc information so they can put a $2,500 hold on your card as a binder.  I have also noticed that most of these properties that I have kept an eye on have a reserve.  The reserve is usually not met on the properties, and therefore the auction ends just to have it reappear in a week or so.  I also know that on some of these online auction companies (hubzu included), that they can bid the price up higher on behalf of the seller.  Also, many of the properties that I have seen in my area on auction.com are occupied, and they do not allow (legally) you to disturb the "tenant" to inspect the property.  Last, from what I have noticed many of the properties (even if they are in good condition) are cash only offers.  So far, I am not really impressed with the site.  Maybe other people will comment with a success story.  I have purchased properties on Hubzu.com, and the process was terrible, but I did end up getting a great deal.  Best of luck.

Adam

Hi Everybody,

I'm an investor/Realtor in upstate South Carolina.  I was on craigslist yesterday and noticed several ads from wholesalers with properties that needed investors to purchase these properties.  Before I contact these wholesales, does anyone have any tips or advice.  I have flipped several homes, and know my market extremely well.  Have any of you investors had much luck building a relationship with a certain wholesaler?  I have never heard much about wholesaling (or really knew what it was) until I became a member of bp.   My original mindset was if these properties are such good deals then why aren't the wholesalers buying them?  Thanks for the help.

Adam

@Steven Velez 

if the other comps are in similar or the same subdivision as yours then can go by price per sqft as well as condition of properties.  i would also see what is currently available that would be competing with your property.  for instance if i am seeing a lot of 4br homes in my subdivision for 100k for sale... then i need to price my 3br underneath that price accordingly to make sure i attract buyers.  good luck.

adam drummond

in my area you see many people venting the duct into the overhang (soffit), and having it facing down.  much easier to do than venting through the roof.

@Jiri Vetyska 

I agree with the previous comment.  if the numbers work for you then go for it.  in s. Carolina where i'm from, the numbers do not work for new construction for me.  I would much rather buy a house pennies on the dollar and have to renovate, instead of paying a premium up front and of course not having instant equity.  just my two cents.

adam drummond

@Sean Pincus 

I personally do not see a problem with using osb.  would plywood be a better option? yes, but I see osb used  for roof sheathing as well as on exterior walls of new construction all the time.  when I have replaced subfloor in the past I use nails instead of screws, and I use construction adhesive on the new subfloor.  hope this helps.

adam drummond

@Bo Johnson 

as a realtor myself and a flipper... I think one of the best tools is to find a realtor that you trust and will help you.  I worked with many investors over the years, and the last thing I wanted was for them to come back to me to list a property that I sold them to rehab, and it not make them money.  I took pride in trying to find good deals for my clients.  anyhow, hope that helps some.  also, Zillow is a good starting point, but def do not assume the their "zestimate" is accurate.  im not sure if you're allowed to put websites on here, but here are two that I've bought foreclosures from in the past:  hudhomestore.com     homepath.com 

also.... I never buy a property that doesn't have recent (sales within last 12-18 months) sales to back up what it will be worth when done.  again, a good realtor will help you find the right property.  sorry for the long response.  best of luck!

Adam

@Patrick Rowe 

sounds like a pretty fair deal.  in s. Carolina the property taxes double when it's not your primary residence.  make sure that the property tax numbers you are going by are based on it being a rental property.  best of luck!

Adam