All Forum Posts by: Dell Schlabach

Had another Josh Cantwell email today where he used 907 School St in Cuyahoga Falls as his "Case Study" for his 30k flip program.  Said they sold the property, so I checked the mls and still shows active, 183 days after listing. The entire video talks about how much money they ARE going to make on the house, that video was produced over six month ago. 

He also has a lot of training videos that teach you how to uses his proprietory marketing program where they teach you how they sell their houses at lightning speed, typically the first day with multiple offers but always within a week according to a recent training video to sell you his mentoring program. 

Here is part of the sales pitch for a conference in Texas he is trying to sell.....

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We are currently taking reservations for our Flip and Fund Mastermind Summit in Dallas, TX on August 28-30. Register now to make sure your spot is locked down and use promo code “FFPROMO” to save 75% off the regular cost. Daniel Wiafe will be our special keynote guest speaker on Sunday, August 30. This event is an exclusive opportunity to mastermind with me and the rest of my expert team to leave you armed and dangerous with all the most up-to-date real estate investing education out there.

If you’re still not convinced, let’s take a quick walk through a property we sold, 907 School Drive in Cuyahoga Falls, Ohio. I’ll explain the rehab process and talk you through more about our funding program.

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Heres the mls information, note the Status at the top, Active, and the DOM, Days on market at the bottom 183 days. 

@Jen Shrock

Couple links to before and after pictures of our latest rehab, gives you an idea of what we do.

Before

http://www.estately.com/sold/2555-ranfield

After

http://www.zillow.com/homedetails/2555-Ranfield-Rd...

@Jen Shrock we look at, analyze and crunch numbers on about 30-40 potential deals in a typical week. We are looking for properties that meet our net  profit criteria. I don't pay much attention to discount amount or %, except in a sense of; considering what we are willing to pay, is that discount an amount that the odds of acceptance are high enough to make it worth writing an offer. 

Our average home sells for around 150,000-175,000 we do an occasional one in the low 100s and we have two right now in 250-350,000 range, roughly 30% are above 250,000.

There are plenty of properties we offer 10-30 below list, there are also ones we offer significantly above list when they first come on. We lost three last week in multiple offer situations two we offered significantly above list.  We bought one that we offered about 20k below list and ended up buying 12k below list yesterday. 

See above for my experience,,its not uncommon to wait 60-120 days after offer is accepted in my limited experience. 

@mike berry

We purchased three short sales in the last year, one we got for about 5,000 below list price, it was on the market for about 90 days before we offered, had a couple price drops before we offered. 

One our realtor called, a deal fell through with buyer at last minute, we picked it up for about 6k less then previous accepted offer, because we had cash and could close right away, within 5 days, fastest short sale I ever saw. 

One we offered 79,900 list price a day after it came on the market, two weeks later they countered offered at 85,000, I had never heard that the list an "teaser price" but apparently its common in some areas. We said no. Two weeks layer they accepted our offer price...almost four month later we finally closed last week.

Also had one that was listed on the market for about a year,  they accepted 10k below list, we had it under contract for about four month with extension after extension, we finally walked from that one. 

@Jen Shrock

You had the house under contract with 500.00 credit for the condition. 

Then you negotiated them down again after inspection.

Is it possible the seller thought that your renegotiated price after inspections is the price they agreed to to reflect "the conditions"  snd not a reduction,plus 500?

From the limited information provided here, I would be coming down on the side of the seller, if you renegotiate the price of the house for problems you found during inspections, unless that was clarified at some point. 

Do you have the changes in writing.

Sounds like this is just a misunderstanding, and they are doing this on principle as well?

So two people are willing to lose a deal on principle ...or over a misunderstanding 

We have two lenders local that will do cash out refinance loans up to 80% of appraised value,  as soon as a property is completed.

Doesn't seem to be the norm from reading the forums so as @Jon Holdman mentioned , its important to clarify any seasoning requirements with your lender. 

If you have a track record with a local bank, a call to your loan officer should be able to get you question answered pretty quick. 

Couple good ones I listen to but not real estate specific ...

10xtalk.com   Dan Sullivan  and Joe Polish always interesting.

Davidco.com has some good ones by David Allen on Getting Things Done. 

IloveMarketing.com by Dean Jackson and Joe Polish

@Tammy Parsons welcome to BP, we are based in Canton, but do most of our rehabs in Summit county. Did three in Hudson last year and one on Twinsburg, the next burp North. 

Great area, market is hot!

We have one in Hudson and two in Bath going on right now. We tend to focus on the burps and stay out of the cities for the most part, its worked well for us. 

Flip Side, Hudson.  Smokey Burgers, Gotta try them, Absolutely Awesome! :- )

Interesting, my accountant mentioned that he is encouraging most of his investors to let his staff do all the data entry into quickbooks. Said it would take less time then it does to keep fixing the incorrect entries. Many of his rehab and investor clients, drop all reciepts once a week and they do the quickbooks entries for them. 

I have a good admin person, who does all the entries and  we  email our accountant an "accountants copy" and review quarterly with our accountant and make any needed adjustments.