All Forum Posts by: Daniel OKeeffe

Does anyone know if the cash only requirements at Hubzu allow for a Hard money loan or is it truly cold hard cash?

Yeah its more involved than paint and new flooring. I am looking for probably about 30k worth of work over in Temple Hills at this point. I need someone to visit with me tomorrow or Thursday actually to finalize my numbers.

Anyone have recommendations for PG county contractors?

Hi All

I talked to a wholesaler who basically told me he was raising the price 15k when he found out the original owner on the foreclosure property was no longer in the property just as I was about to make my offer. I had no way of verifying this one way or the other. It ruined my numbers for out of pocket expenses so I walked. He still has the property listed on his website after a few days at the original price. He also tried to get me to get him a 16k EMD when normal EMDs for properties like this aren't more than 5k. I would like to hear if anyone has had similar experiences. I am about ready to just start ignoring him and his listings. Would you work with such a person? He has a lot of listings but his behavior seems shady to me.

It was an old rambler. I was not making the offer directly to the seller's agent but through my agent. I am now re-examining whether I want a working relationship with them or not.

I talked to a MD agent who told me if I wanted to get my offer taken seriously, that I should use the standard NAR contract and not one of the "funny" investor contracts or else the seller's agent would probably just throw it out. He said the NAR contract does not allow any assignable language. Can anybody address this from their experiences?

Sekelle,

Did you hear anything about a different rule of thumb for higher priced areas like ours in DC? I heard somebody throwing around 75 instead of 65/70.

Its in Montgomery county. Does the rehab costs really get influenced that heavily by where the property is from county to county or from one part of the metro area to the other? I can understand a difference between two large cities like Baltimore and DC.

Ya, I was thinking of getting the inspector. I want to find one with good contracting experience as well but I realize that may be a bit of a long shot as I am trying to both form my team and make offers on the fly. I am trying to do the opposite of everyone else and not sit on the sidelines but to start making offers. I was also thinking $15 was a bit low for this property as a general rule. Maybe makes more sense for cosmetic stuff. I will definitely try to get that book. Thanks man. Please dont stop the advice. I appreciate it.

So, I am working on an offer that will have to be submitted tomorrow if I am going to offer. The asking is 199k on a Rambler w/ 3/2 but the 3rd bedroom and 2nd bathroom are in the basement and a little over 1k sq ft above ground. They are asking about 198 per sq foot but I dont think it will sell more than 265k once its finished up. The problem is I dont know the costs yet for the rehab but have been told to expect as a general rule about $15/ sq ft. Its also "cash only" which to the RE agent means cash but to me means no finance contingency. Am I wrong? Should I offer around 135k if I am gonna follow the 70% rule and put in a contingency for inspection with assignment language to give myself the option to wholesale? Any help is appreciated.