All Forum Posts by: N/A N/A

Good luck, let me know how it goes

Hey stalker! Thank you so much. I appreciate all of your input. I did find a buyers agent who is putting in all of the offers for me. I really like your option idea. I was told it was standard $10 a day but I'm cool with $1 a day. :lol: Thank you very much for your input. I can't speak for anyone else, but I love the different ideas ad experiences. It can only help me and others to improve.

It did. Thanks again for the great advice

Thanks Gate. I guess that's my fear (desperately trying to overcome). I think I may be aiming too high, but frankly, I don't know any other way to aim. Maybe it gives me a little wiggle room to offer more if needed. I guess I'm trying to determine what would be flip worthy. I don't want to go into contract on something that I don't feel another investor would consider even worth their time. Do you have a general percentage of profit on each deal that you cut off? Like if the property can't make at least a 20% profit after repair then you won't bother?

Jim,

thank you for your advice. I think I agree with the one letter deal. I'm in the Houston area and with you being in Texas as well, one letter is all we really have time for since I only find out about the preforeclosures once an NOD has been filed. When I say big bucks, I mean $25,000 or more. Maybe that's aiming too high?

Yesterday I had a call from a homeowner who said they wanted nothing but $500 to aid in their moving costs. I had done a little due diligence before sending the letter and estimated they had about $60,000 in equity. That was only based on the foreclosing lender's balance. I have no idea if there were any other liens. The problem was, she called me at 11:00am and the sale was yesterday. It wastoo late for me to do anything for her.

Hi Camo,

I agree with the poster above. I'm a new investor myself but I've made 15 offers in the last 2 days I'm waiting to hear back on and my intention is to flip some of them for cash. What I have done is found the properties that need minor cosmetic work, pulled comps, backed out the seller commission, an estimate of holding and closing costs and offer based on the profit I am looking for. Usually 70% of after repair value. I plan on getting a lot of no's but I know that every one of these deals has a TON of profit in them and when the deals are that good, the money will appear. I don't know why or how but it will.

Say one of these deals I have calculated nets me $60,000. I would provide all the info to the investor I am going to sell the contract to. I will have the comps, I will take photos, and probably have an inspection done so the investor knows if it's a good deal. They will also do their due diligence if they are smart and not rely completely on you. For a $60,000 profit, I would hope to sell the contract for $20,000. That's a profit to the investor of $40,000 with basically no work.

I haven't done this, so maybe someone can tell me if I'm way off, but I've spent thousands on education and this seems to be the general concensus for these types of deals. I have even considered actually having some sort of clause in there that if there's a loss (which is very unlikely if you negotiate well), I would split that with the investor simply because I'm not out to rip anybody off and I plan on being around for a while so I wouldn't want to alienate anyone. The first deal is going to be the scariest, because if it goes bad, it could ruin things for you for a long time because investors talk to other investors who could be your money.

Those are my thoughts, good luck. I would say do not hesitate in going under contract. I actually think a few of these will go through, many won't but I have put a 10 day option period in the deals to give myself time to review title and order a property inspection for $100 so I can back out if need be. Just keep telling yourself, if it's a great deal, the money will appear.

Thanks for that cash. Excellent

Excellent ideas Gateruner. I'll contact the homeowner and see if she's interested. Thank you!

What do we do when the realtors ask fir verification of funds or prequal letter up front? I don't want to send financial statements on every single deal nor do I want to get prequalified on every offer. These aren't even confirmed deals. In addition, most of us will sign the contract before the money. We get the money based on the deal. I'm stuck

THANKS!!!!