All Forum Posts by: Christina R.

Is that 25-30% of ARV for a finished, ready-to-develop lot or a completely raw lot?

Networking, networking, networking.  Put it on your calendar for the BWI Meetup the 2nd Weds of the month... next one will be November 11th.

http://www.meetup.com/bwimeetup

I have clients looking for deals in PG as well as investors looking for rehabs.  If you come across anything let me know; be conservative in your numbers.  Us wholesellers can't get blood from a stone :-)

If you need anything in Baltimore, let me know.  I'm a licensed MD Realtor, have rentals myself in the city and know some really reputable wholesalers that work in the city and county, as well as property management and tenant placement people.  Feel free to PM me and I"ll give you all my social media and contact info.

Happy investing!

Christina

Lian Shi - if you do a search here on Wendall deGuzman, playing around with HUD and various keywords, you should find information from one who does this regularly about how to wholesale a HUD home. Also, if you are wholesaling you are not acting in the capacity of an agent, you are a principal in the transaction, and therefore you are not providing brokerage services on the behalf of anyone. Of course, make sure this is properly disclosed and signed off by all parties.

disclaimer-  I'm not a lawyer; seek legal advice from qualified professionals in that arena.

I have a listing that is for a vacant SFH that is (in my humble opinion) a great starter house or down-sizing house for someone. It sits down the hillside of the street address..... and the driveway is the major hiccup in this listing (again, in my humble opinion).

It's at the point where there have been close to a 100 showings on this house since it was listed almost a year ago and we've been in contract twice (to have financial issues crop up on the buyer's end) and lots of positive feedback... except for the driveway.  

It's steep, no doubt about it, and it's the number one complaint in the agent feedback.

It would be cost prohibitive to regrade the driveway (if that's even possible given the lot).. I'm appealing to the greater intelligence here on BP - what can possibly be done to move this listing other than reduce the price, which we have and agent feedback is the the price is a fair reflection of the property as is.    

We have relisted it to give it a fresh set of eyes about  a month and a half ago. 

Any suggestions are appreciated.  Thank you!

Being sold 20K under bank appraisal for quick sale -motivated seller  ... would make a good starter home with potential for future rental use or a LL looking to expand the portfolio could add this house into it.

There is great potential here if you can think outside the box.  The house sits down from the street address so there is a driveway to negotiate.  Don't make the mistake that many others did and overlook built-in equity..... this is a good solid home in need of a cosmetic upgrade.  

http://cramirez.godouglasrealty.com/details.php?mls=27&mlsid=CR8747911

Wow, so much to write and I planned to do it bit by bit as things went along but it was just too much to keep up with. Let's just say that the rehab took twice as long and did go over budget (by about 20%). I had anticipated extra costs and I actually ended up purposefully spending more to make the unit lead-free (lead a huge issue in B'more city), but somehow thought that it just couldn't and wouldn't take as long as it did. I was clearly in denial. There was a huge learning curve. The refi is taking place now as I had to wait a minimum of 6 months to do the delayed refinancing on the ARV value. Because of the way my private lending is structured I could afford to wait slightly longer. The tenant placement process is an eye-opener on timelines as well. Actually if you want to ask me specific questions that would be helpful as my general reply to about everything with this first project is "eye-opening," lol.

That being said,  even though there were several times I wanted to have a nervous breakdown, the BIGGEST take-away from all this is I realized that I absolutely LOVE real estate.  Taking a piece of nothing and making it into something that will provide shelter for someone is really a great feeling.  A lot of the skills I use in special ed teaching come into play with real estate and that's by no means a negative statement.  Those who are in teaching know what I mean by juggling many things at once, dealing with different personalities and timelines and data driven aspects of the field while crafting a finished product.  It just happens to be on a piece of land instead of in a classroom setting.  

And I'm eyeballing the next project as we speak so I can start applying those lessons-learned...

This is what I dream of.  Congratulations!!

Welcome to BP!  Update your profile with a pix so we can put a face to the name.  Great free meetup coming on October 14th.  Lots of local BP members attend it.

http://www.meetup.com/bwimeetup

Great place to network and start your REI journey.

Welcome - come to the BWI meetup the 2nd Weds of the month and you will meet many people that frequent this website.  Great place to network and get started on your real estate  goals.  http://www.meetup.com/bwimeetup