All Forum Posts by: Dawn White

I know Wholesaling can be done in NC, it's just a matter of how its done. Ask at your Charlotte REIA for an attorney that specializes in working with investors. I'm sure they have one. If you can't locate anyone, let me know, there's a popular one in Winston-Salem.

YW, hope to see you around soon Terrance!

Thanks.  Your info is helpful.  I will repost with the results!

Thanks for the info...the numbers will work the way I want if under 105K.  I'm planning my exit as a lease-option but want to make sure I can resell it after an update for profit as well...just in case.  I'm looking for more rental #s in the area now.

You 2 crack me up...you really need to call a truce!  There is room for both of the big boys in the market!  LOL

Thanks Greg H! Does it ever matter if they are not getting any other bids? Like I said, its been at this price since March and the realtor I spoke with said its been stagnant...not much activity...and that everyone looking at it is looking as an owner/occupant and don't want to have to renovate. Do HUD homes ever get reduced after the 2nd time? and would the foreclosed amount ever make a difference?

Gordon, Help! This is my first HUD transaction if I decide to do it. I am scheduled to look at the inside of a HUD house tomorrow in my area that has comps 142K-160K. The foreclosed amount was $100,700. The first listing was put out at $149.9K in Jan, in Feb they reduced it to $134K, & in Mar they reduced it again to $119.2K, which is where it remains. I'm familiar with the house & the area and am pretty sure its clean & just needs to be updated (wallpaper/carpet/new cab doors/etc)...not a lot of expense needed. I'd love to offer under 100K. I've seen many postings on BP...some say my offer shouldn't be under 108K. Since HUD has reduced this 2x, do you think I can bid at 70% of $119,200 which is $83,440. Is that realistic?

Brian Elam is a good RE atty. All he does is work with investors. Check out his site on at InnovativeClosingSolutions.com. I've met him at the REIA meetings in GSO. I've got an appointment to meet with him myself as I too am a new investor, with little money, so am wanting to do wholesaling, lease-options and subject-to transactions. I'm in the Elkin, NC area and may be stretching my market close to W-S. Have you gone to the W-S REIA meetings yet? They are extremely helpful. Lots of contacts to make! I'm sure Brian can help you out...give him a try! Good luck.

Thanks for the advice but as I mentioned above, there are no REIA club meetings in my area. I go to one pretty far away and from what I can tell by talking to the RE agents there, no one wants to cover my distant market. I actually got a call back from the listing broker (not the specific listing agent) and am going to see the house tomorrow. I have another (non-hud) in that same area that I am also looking at, and am hoping this agent will agree to show me that one as well. Hopefully I will find a comfort level with him...we'll see. My husband grew up around here and knows most everyone or at least a relative of theirs...I'm going to take him with me...he may be better at socializing with the locals. Although I've lived here for 20+ years, I grew up in NY State and sometimes am not as welcome in small circles of this small town as a local is. My husband wants to be part of my investing business but he works 2 jobs & never has time...this may be his contribution! LOL Whatever works!

Since the property price has been reduced 3 times since January, I'm thinking the investor pool must be open by now.  Unless the o-o round renews after each reduction?  Does it?  Should I not disclose to the listing agent that I am an investor, just so they'll let me see the house and place a offer?  I've got a call into the listing broker to get back with me...

Greg S, I can't say I've worked hundreds of numbers, but I have worked at least a few dozen and have been studying since March.  I'm familiar with the area, which I'm hoping makes up somewhat for a lack in experience.  I've watched several opportunities blow by while I've been working numbers and know I just need to jump in.  I'd like to use a lease/option exit strategy but am making sure it is something I can sell at a profit too...just in case.  Thanks for the warnings!

Greg S, kinda glad to hear that. I've called 2 brokers in my town and both have suggested for this property to talk to the listing agent, especially since it is a HUD. When I explained, as an investor, I would be wanting to look at other properties as well, neither had any interest in talking to me further, and just suggested I call the listing agent. Guess I'm going to have to build a rapport with this listing agent when I meet her in hopes of getting info on the area's RE network. I get the feeling they are not investor friendly!