All Forum Posts by: Dan B.

I forgot about gutters. Pictures here too.

DYI - depends on what tools are needed for the sections needing addressed. You may also be able to go to a gutter supplier and have them run a trough for you. Downspouts are sold in 10' sections and elbows can be connected with screws.

Does anything exhaust out the chimney (is it being used or future use with existing fireplace)? If no, remove chimney just below decking and redeck (have to get to rafters (so will have to cut bigger hole)). Install felt and shingles. No more issues or future leaking. If yes, use Bill's suggestions of mortar, stucco or framing and save the money. Home Depot can show you how to install the metal flashing to replace the old and protect your hard work.

Do you have pictures you can share? I have a roofing company and can share my opinions from 1300 miles away.

Bill is also correct on prices of shingles. Most manufacturers will increase prices just before the building season (March time frame for KC). Often we see 7-10%. Some local suppliers will discount at the end of season to get rid of inventory - odd lots, not as popular colors.

I have also been on customers roofs that look old and shingles are old, but don't need to be replaced (even though other roofing companies told them it had to be immediate). Pics would help.

Thanks for sharing the story and your literary talent. Great reading

We need to figure out how to get you in "control" of the deal (or a little more control anyway). Sounds like the owner may be throwing his hands up because it's not worth the fight with the foreclosure coming soon.

So you could 1) offer to help him with the second lien situation. Have him give you written authorization to discuss the loan with the two lenders. First, check on time frame with the foreclosing lender (so you don't waste your time) and verify $ amounts. Second, contact second lender to see if the loan # story is true and help clean mess up for owner. (All of this work is only done after you have the owner under contract for your desired purchase price (so you obviously don't do this work and he pats you on the back and says thanks.)) Third, owner still has to convince second lien holder to remove/transfer/work out second lien if it doesn't work with your purchase price.

2) Buy property at auction or after first lien takes it back. It may bid pretty high if the area is as desirable as you say. Would also want to know what type of redemption periods are in Illinois (how soon you would own the property without anybody coming to try and reverse the foreclosure).

I am sure there other suggestions from the forum, but these are just the thoughts that first came to my mind.

Good luck and have fun!

Originally posted by Laurence Mex:

The only reason I am now expanding my buyers list, is to start getting more buyers interested to incite a bidding war.

Maybe a word of caution (obviously you can run your business as you want) - put yourself in your buyers shoes and consider how this may hurt your business. You may try and squeeze and extra couple $ out of a deal, but now your buyers may not take you as serious because you're possibly wasting their time and they know your bidding them up. May turn them off rather than "incite" them.

Interesting you ask the question of remembering your first deal. When I read the question I immediately saw the house and knew the numbers even though it was several years ago.

I came across this short sale with Homecomings Financial. Worked the ss, listed with an agent and made a quick $15K and was disappointed. I was disappointed because my offer was accepted immediately by Homecomings and then I fretted over how much I just left on the table. This was my very first ss and then the learning came in - I had many failed deals after this and learned a lot. But this was the very first and was quite easy.

If I might...You said you wanted to wholesale properties and if you shorted these properties you could create the spread for yourself when sold.

If you want to get real detailed about "not spending capital" you could market to the debtors needing your help with an investment of your time rather than capital. Research county records for notice of defaults, knock on debtor doors, start your short sales and wholesale them off.

There are other means of marketing that can generate you leads without capital outlay found on BP forum.

Good Luck and Have Fun!

Originally posted by motiv8td:

The local newspaper even contacted my realtor about doing a story in the paper about the investigation. They never got what they wanted because we quickly won.

Maybe you could offer a "better" story than before because it will actually be a benefit to the community of the issues out in the industry, except of course with your company who will be quoted on things individuals need to be aware of.

Great to hear you are breaking in with your first deal. Welcome!

The day I think I know it all is the day I get schooled for sure.