All Forum Posts by: Phillip Joo

Hello all,

I have found a house that is a short sale and my intentions were to rent it out to college tenants. What are the serious downsides and upsides for a short sale. How do I make sure that the bank will approve my initial offer? What can I do to negotiate a better price? If the house is empty or has a crapload of crap laying around the house, how do I negotiate a lower price?

Hello all,

I havent been on here for a while due to the overhaul of work college has so gratefully planted on me, but I think its time to start focusing on what makes me happy again. So it has been One full quarter since I started college, and am very open to time, however I have not had the chance to send out yellow cards or driving around and network. During my winter break, I drove around my university looking for absentee homes with work that needs to be done. I finally found the perfect opportunity, a 3 bedroom 2 bath house and is in a mediocrely safe neighborhood. I have talked to most if not all of the residences in that neighborhood asking about the house, and they knew nothing about it. After leaving a handwritten letter, I later got a call saying if we could meet. It was the neighbors who had called me. We were talking and he said that he would think the owner would sell. He didnt want to give me the phone number, I understood and went on my way. Later in that week, I got the call saying that he didnt want to sell. The house belonged to the current owners mother who had passed away, god bless her, and they are still paying around 1600 a month just for the upkeep. I would have loved to take the home from their hands to save them alot of money and as it would be a place for me to live next year. This benefits the both of us. I have some ideas on what to do and say, but I think the words of others would help too!

Thank you!

Hi BP Forum, 

I was driving along the roads of Corona, CA looking for homes to buy. I came across this home, and the owner was outside when I asked, "Hi there, are you or anybody you know looking to sell their home that hasn't put it up on the market yet?". He shouted YES!, and told me where to park, to show me his home. His home very clean, open, and "redone". He had moved in to that home 3 months before when the home was junk, then renovated it. He is not a REI, hes an accountant that works in Downtown LA. (Around 2 hours away).

He then showed me his cozy home, it was very clean, new lights, new AC unit, New Paint, Tile, you name it. We then talked outside about pricing. He said that he bought it for $325,000, and put $25,000 into it. He wants what he paid for basically, in order to find a new home near his work. This will be an opportunity to help him, his wife, and their children. 

There is also a house 200ft away that is selling for $380,000. Its in good condition, but it has 1044sqrft w/ 2 bedrooms, 1 bathroom. A detached garage, (Not permitted) 

The home that I am looking at is 1650 Sqft 4 bedroom, 2 bathroom, and has two driveways, as does the comp. 

What should I do? How should I handle this? Its definitely a wholesale, but how should I find a buyer? Investor or a first time home buyer? 

P.S. As I promised myself, A portion of any transaction will go to Charity Water.org. 

Im not sure how to start a yellow campaign, but I have been looking into that idea for quite some time now. @Account Closed

@Account Closed  In my case, you would have to drive out further to see more potential properties. I would say that the markets out their are fairly good

Hey BP, 

I've been getting desperate looking for properties that want to be sold by owners. I've wasted lots of money and time driving around the places where homes need improvement, and have been asking people if they were interested or knew someone interested in selling their home. Many of them said they did not, kindly, but there were few that did point out some potential flips. I knocked on the door, nobody answered, I went to the neighbor's door, asked who lived their and if they had any contact info, they didn't.

Things got so desperate, that I have been walking several miles, going from house to house, knocking on every door, asking if they were interested in selling their home "as is". i didn't ask this for all the homes, but this is where things got a little scary and traumatizing. 

I knocked on about 15 homes, politely introducing myself, and out came these very annoyed, pissed off, and creepy people who instantaneously started shouting at me. They were yelling, cursing, and one actually tried to throw something at me, but missed. MY POINT IS: what have I been doing wrong? I have been in this deep stage for a while and am looking for ways to improve. What should I say? Should I start sending yellow cards? Who should I call? 

I am, at this point, willing to do anything and everything to work towards improving my communication and locating skills. 

Please leave any and all feedback, Thank you!

How do I successfully network and expose myself to Investors, Agents, Brokers, Etc.? I've been looking for different ways to show people that I am passionate about what I want to do, but this is my first time actually attending an REIA in North San Diego. Although I am excited to actually meet new people, I am concerned that I might say the wrong thing at the wrong time. I intern for a local REE, but I also want to make my own connections and stay connected! What is the best and most effective way to make myself stand out?

Thanks

Phillip Joo

 I am definitely not a person who makes excuses, but that bio of myself was made when I first discovered the BP website. After being exposed to bigger and open world of Real Estate, my ideas and goals have changed. Thank you for pointing that out! 

Deciding to give a 4 year University a try, I realized that I can do Real Estate in college. Personally, I STRONGLY believe that college will be the worst investment; in terms of financial debt, I will do. Its not that I have something against getting an education, but there is no degree that I find will translate into a future I can live with. I've grown out of the mindset that Real Estate is all about money. Meeting people who have the same passion as I learned is A LOT better than meeting people I don't share much with. But back to the point;

During my freshman year of college, I want to purchase a duplex near my University. I found that I can gain passive income, and can get the first hand experience I need. and During my second year. MY ONLY PROBLEM is finding someone with the capital to pay the downpayment. Should I find an investor? a family member?

How can I make both parties happy and more money? 

How difficult is it to manage a duplex?

 Yes, I car about making both parties wealthier and happier. I ABSOLUTELY HATE regret. and I know that Ill regret the actions i didn't take in college later in life. I care about real estate with a burning passion and I am ready for the real world.