All Forum Posts by: Greg Behan

it would be for a rehab

Yeah there's always a little wiggle room but nothing crazy..  I have noticed a few of them have been on and off the market...  I wouldn't say I'm offering crazy low... Just my ideal number and if I can make the counter offer work or something in between that great.

HI all, and thanks for the help ahead of time! I was driving for dollars the other day when a house really caught my eye. Turned out to be an reo, sign right on the line. I would really like to give the realtor a call and give the house a look but I haven't looked at an REO yet, only private sales. This REO got me thinking a bit so I did some research on BiggerPockets about REO's and feel that although banks are tough to negotiate with if you approach it the right way you have basically the same shot you do with a private sale. Also I feel that I have much more confidence and firm negotiating stance going against a bank compared sweet ol betty going to the nursing home. So I have a few questions before I really give it a shot!

Here is the process I planned out based on what I've read.

I was planning on calling the individual listing agent per house to schedule and appointment.  

I am a general contractor and rehabber so I was planning on going to these houses and just looking them up down and sideways to insure that I feel safe without an inspection contingency.

IF interested in the house submit an offer for cash, no contingencies, and offer to close within a 7-10 days.

1.  Do I have to meet the realtor there or will they give me the lockbox code?

2.  Am I under any obligation to make an offer after looking the house over?

3.  How long do you normally have to submit an offer?  I know it'd be great to just know it off the top of your head but, I'm a numbers guy I'd rather take the time to run my numbers...

3.   If using a private investor for funds, I assume I will have to have the investor show proof of funds?  Or do I need the money in my name to submit these offers?

4.   I feel that some of these reo's are listed at some rather ridiculous prices all things considered..   Am I wasting my time offering that much below list price?  Are these list prices ever paid?

What year is the house?  How big are the units?  Have you considered looking into ductless?

welcome to bp!  I can't think of a book that could teach you all that.  Especially when it comes to good deals and bad deals because it is so situational.  There are text books that could teach you the process and laws (to a degree) more or less that are used for real estate education courses.  The courses themselves might be worth your time for the knowledge and you could work towards a real estate license if your interested in going that route.

Hi John,  

    Which areas are you looking to invest in?  I am a general contractor in the Philadelphia suburbs.  

Salvatore I'd be very interested in working with you!  Good to hear the positive words about DIG I'm really looking forward to getting to a meeting!

Northern liberties is a great place to invest in my opinion.  Personally I'm not the biggest fan of working in Philadelphia proper (as a contractor) but that is one of the few areas I'd make exception for.  Working strictly as an investor with the budget to afford to make moves in the area I'd be happy to focus on Northern Liberties.

thanks all! I plan on joining DIG it's the local reia to try and expand my network. I am working on transitioning from working as a residential contractor to an investor specialist. Does anyone else have any other good ideas to "get in" with some more investors? I would like to do full remodels for flips (sub out certain work) and I also don't really have a problem with handyman repairs for landlords.

I've had success in the past with carpets and then priming and painting the walls. One coat prime two coat paint. I don't know that the situations were "extreme" are there nicotine stains on the walls and ceiling?