All Forum Posts by: Amiris Brown

True, but it had been sitting on the websites longer than it was on the MLS. I tried to explain this to both my Realtor and my fiance, as they all thought it was 19 days. Ha, it was on Trulia alone for nearly 150 days prior to this past Saturday. It is totally possible that someone finally gave a decent offer on it that the Bank accepted ... but at $200K for a Homepath property the numbers don't add up unless it goes down to $180K.

I hear that Banks still consider offers even when properties get under contract, is that true? If so, I want to know how to get my offer seen.

It isn't worth the price, my fiance withdrew his speculation after he drove by it in-person with me lol. Guess I should have dragged him out there first, instead of showing him the bad deal numbers, so he could better face reality lol.

We've moved on from this stray bullet death house lol.

My fiance seems hell bent on sending me to chase MLS listed properties. This past weekend I got us to look at the REO he found on Zillow, of which I figured might be a deal. We went out there with a contractor who is also an inspector for 203K loan properties, exactly who we needed. The REO was horribly neglected, sitting vacant at least since 2013 or longer ... which meant it needs a lot of work, $150K worth of work to be exact. The listed price was currently for $200K, but we still wanted to get 10% bellow that.

Since I am a newbie, I had to run my numbers with everything known, and finally I spent half the day getting quotes from the various types of insiurence coverages for what I'd need to rehab it, rent half of it, and live in the other half all while fully covered. By the time I got back to my agent and he contacted the listing agent, now we're told it is under contract by someone else as of earlier today. Yet, I do not see any sign of it "pending" on any public records, and wonder if the listing agent is playing games and/or will not do business with me due to currently being a tenant who is in litigation of suing that company and my landlord. What do I do to find out if it really is under contract? I'm seriously thinking about calling the bank and just asking, but is that unwise? I do not trust the listing agent nor the company they represent, as that company has proven time and time again they are crooked, especially when it comes to property management landlording. I really think they are in the business of ruining landlords so to then make even more money off of their poorly managed properties by selling, but that's just my personal bias hunch.

Also, check out my pic of us suited up in this mold infested REO lol :-) (I'm the one throwing up a peace sign).

Shoot, now they're asking for $50K not $25K. You were lucky to get that opprotunity at that price. I am one day left attending this 3 day workshop. My newbie broke *** wish they could have warned earlier about every step having a proce tag, so I could have planned to go through. BP was supper upfront more so than FB lol, which is probebly why FB loaths BP haha (I am finding that out). I am still considering the FB program myself, this baiting is getting old. In fact, I am sure they will charge another fee even after forking out $50K lol. I would prefer to know all this on day one all upfront, that's my only gripe thus far. Other than that, I have found even the 3 day workshop to be highly valuable, but that's because I know nearly nothing in REI lol so I am easily impressed. I am not too impressed nor dissapointed in their business structuring, though it could be better than the typical 20th century style lol it is not horrible either. I use to have a business, and while they say they are ethical they could be better in that sector they claim to uphold. Oh well ~

Yes, it can be a rental property that cash flows at $160,000 or even $170,000 (I would still not pay $174,900 price) if it can sustain no more than a 10% vacancy rate (which I am skeptical about, as I originally set a 25% vacancy rate in previous calculations), so it will almost meet the 2% rule. As a newbie, I could have a 50% margin of error though, so it may only barely qualify as a 1% rule if I'm mistaken or at best may meet above and beyond 2%.

As for living there, after we literally drove through there during daylight hours ... my fiancé finally realized he didn't want to live there lol. I tried to tell him it didn't meet his standards, from what I could make out online via Google Maps. Guess he had to see it for real himself to have it dawn on him, instead of Google Street View lol. It is slapped right up against a Church, with nearly no backyard ha the listing obviously lies lol but I knew that from Street Veiw already lol.

Hmmmm actually, I just thought of a great way to make this cashflow beyond dreams even given its location plight ... Hmmmm ... brb

@Sean Morrison thank you for your wise insight, means a lot to me. :-) 

@David DuCille that sounds too much like gambling still. I want a sound investment that doesn't rely on guessing the area of growth and/or gentrification wave — especially since all of it will be funded with OPM. I must secure a solidly sound ROI and my own cashflow.

ugh this iPad messed up my edit and turned it into another post when I corrected "that" to "than" darn this autocomplete ... I need to get my laptop fixed ASAP lol ...