All Forum Posts by: Alsee Mccray

then you dont need to buy in a land trust you can just buy it in an llc or private person using transactional funding

The first time I got Zillow I paid $1300 a month and  got about 5 leads a day, closed about 1 buyer a month . not really a good return on my money but hey i stey out of the red. But this year I tried them for 2 months a $1700 a month and got diddly squat as far as closing the leads were total garbage. I went to the site to cancel, and they still took the money out of my account. they said i didnt follow through with the process, that i had to ctually go into my cart and cancel. so now i have to call my bank. zillow is a rip off.

thanks for your input you guys.  I think the trend is for any and everybody to become involved in real estate. and investors are just over paying the banks for these properties, they throw a little money into it like a new kitchen and bathroom and then a first time home buyer is willing to pay any amount for it.

I'm in the North East Bridgeport Connecticut to be exact. Is it me or does anyone else find that banks are not giving up deals Hud properties, Fannie Mae  and Freddie Mac,  all seem to be over priced or at market value.  it seems like the real estate market is flooded with cash buyers Everybody and there mother brother and uncle is investing in real estate.  does any body have any tips?

Michael the Property is 1163 East Main Street  Bridgeport Connecticut, it is between Shelton St. and Jane St. they are asking $299,500 There are 3 tenants 1, Dentist $1600   2, Liberty Tax Office $1200  3. Residential $1600.  there also a spot in that back that can be rented for $900  Expense water and Sewer $2000 yr Insurance $1662 yr. taxes $1158 yr. Let me know if you would like to see it.

sure Michael I will gather that information from my partner

This is a mixed use properties located in a heavily trafficked area. It consist of 2 offices. 1 a dental office, the other a tax preparation office with 4 bedroom   residential property in situated in t rear.  The property offers an 11% cap rate, and cash flows nicely.  The properties are located in Bridgeport Connecticut,  50 miles  North of New York City, smack dap in the middle of a developing location. Call me 203 449 7897 to schedule a showing .

On second thought I am wrong. The best way to even begin to figureing out how much to offer is to consider Hud's net first. If they have a house listed for $100,000  and its been on the market for 30 days and you think they will let it go for 88 percent  then first firgure out what there net is , if they are only paying out a 6% commission then there net is 94000. if they want their net to be 88% of the asking price then they must net 88,000. we cant offer 88,000 because there net has to be 88000 . in this secerio if we offer 88k then we are 5280 dollars too short so our offer has to be 93280

Yes Greg I see that HUD is mainly concern about what they will net, I just made a bid on a hud property. They were asking $125000 this property has been on the market for almost 90 days. So I figured I would offer 70% 87500 for the property. But that was only going to net Hud roughly $82,250 If 82,250 is an acceptable net for hud then the 70% formular off the offer price after 90 days works. This is the point I'm trying to make As far as the math is concern it doesn't matter if one choose to work from the offer price to come up with a system, as long as that system gets hud what they want to net. Now if we know that hud will accept a net of 66% of the offer price. 82,250/125000 then we can offer $87500 which is 70% of 125000. The point I'm making is it doesn't matter weather you choose the offer price to work from because their net price will always be a percentage of the offer price.

I agree with the guy who uses percentage of offer price as opposed to percentage of net price to hud. The hud site just tells us what the property is being offered for, so our starting point is to figure out how much hud will back down off there offer price.  we dont need to know how much they will net . Hud will figure that out them selves.