All Forum Posts by: Joshua Dees

Mmmm, noted @James Evertson, thanks for the view!

How do you convince a seller that their home is overpriced?

I've been on the phone with a lady who is out of state. She is also an Agent. She had posted an ad on for a home for rent, so I figured I'd give her a call and see if she's interested in selling. 

Right off the bat, she seemed surprised by my call. She began to talk about how her husband wants to be done with it. They have listed it, starting in 2013 at $770,000. A year and a half later, dropped the price 50k.  (720)

8 months later dropped the price another 20k (700), waited 6 months, then took it off the market.

Picked up where they left off a year and a half later (700) -- Waited 6 months, took it off the market. 

2 months later, raised the price 30k, and put it back on the market at 730k.

Took it back off market in February of this year.

I've seen the pictures. Its a beautiful  5 bedroom, 5 bath, corner lot, huge yard, almost like having land.  Close to Lake Lavon. Gorgeous Master-Planned Neighborhood

However, I am very familiar with Collin County taxes, and how they love to go UP. Last year the bill was 13k, I cant imgine it going down anytime soon.

Upon closer insection, I've found that the property has virtually no storage, or built-ins

small rooms for such a large home

awkward kitchen with  kind of a dated color scheme (green marble tile on top of wood counters, yikes!)

My daydream is to wholesale this property, the woman said she wants to get the house appraised, then go with something close to that.

last years tax values were 

Improvement	568787
Land	105210

also, if she cant sell it ( I have a strong feeling that the main reason is because its over-priced) then that means I have to get it cheap enough to be able to maybe do some light remodel in the kitchen, then turn it over for a profit...

Thoughts?

You can use LoopNet, (app or website) to find BROKERS, you can use it to find property as well, but you're just going to be seeing MLS listings. But there is no shortage of brokers, Call 'em up, if you can get a hold of them, ask them questions, pick their brain. See if they know of anything off-market or have heard of any lots or properties that you can get for a discounted price compared to "post-MLS list price"

A man once told me "Closed hand never gets fed"

F that, man. Thank you for sharing your experience. I feel bad that someone so passionate about making our city better has had to go through something like that. I hope all works out in some form or fashion for you.

@Joe Funari BP App won't let me PM you until we are colleagues, ACCEPT please :)

@Scott L. will do @Phil G. thanks

Hey guys, I'm looking for an Investor-Friendly Brokerage Firm, with reasonable Dues and Fees that I can join once I get my Real Estate License, preferably in the Collin County Area of Dallas, as I am in Wylie. I am getting the license so that I can have it. I am a firm believer that you should not practice any form of Real Estate or Construction, or ANY SPECIFIC Service that can be BOUGHT, without having a LICENSE in that service. Just helps, I'm not interested in the "You're wasting your time blerr Bee Blah blah blah" Everyone has their opinions on the topic. I'm getting mine. Just looking for a Firm to hang the license, and a board of Realtors to pay dues to, so I can get my MLS login info, and start searching. Anything helps THANK YOU

Hello, we are getting into flipping I'm Dallas, Collin County, Plano, Murphy, Allen, North Dallas, Park Cities, Richardson, and some more Suburbs of Dallas. Looking to connect with some good, mid-level contractors, (no HUGE projects in our scope as of yet )but I'd like to deal with contractors that do good work, if anybody has a good reference, we'd really appreciate it, and we would refer to others if everything checks out. THANKS

bump

Hi, 27 years old, Dallas, TX. My wife and I want to get into REI, I would like to achieve the same 2,000/ month I make now, to start out with, just to make it FROM HOME, so I can help my wife with homeschooling 3 kids. Starting out, I heard from someone else on another forum talking about "taking the equity out of your home, it will be based on what your house is worth, minus what you owe in your mortgage) So here's the deal. My wife and I got married, and together we have 3 children. Shortly after we got married, we got the most amazing gift. A house. Paid for, in cash 100%. All we have to do is pay HOA Dues, which has a yearly option, and pay the taxes. We just completed our VERY FIRST Property Tax Protestant Hearing with the Collins County Appraisal Review Board. Apparently, the fact that the house was bought for 234K, makes no difference whatsoever, and the house is now worth $247,000. Fine. I tried, and hey! At least I got them to come down from $264,000, (Thank you Hail Storm of 2016) I digress, Does the fact that I OWN my home, and it's paid for, put me in ANY KIND of Power-Position (in the sense of Me vs. Life)? If my goal is to own a few Multi-family Properties and receive the Passive Income from those properties as our $$ that we live on, basically substituting the money I make at my Hourly Job now, with passive income from rental properties, can I take out a HELOC and use it to buy a multi family property? And how much will it be? Since I don't have a mortgage, I don't owe anything, so if the house was bought for 234k, can I get like 200K, here's another, Since the house was APPRAISED at 247K, can I get close to THAT NUMBER? How does the bank/lender base the value on the properties for the line of credit? To recap: -Can I get a HELOC to fund my first deal? -Should I ? (making 2k/month now with 20k saved up in bank) -How do they determine the value of the house?