All Forum Posts by: Dennis Williams

Great read. This is something that most agents do not realize is happening in FL. I am still passing the word but they still think we are in a sellers market.

@Mark to elaborate on the first deal. The bank has not posted the new pictures on the MLS yet. All the old pictures are still up. If I were doing the flip on my own I would place tile down in the kitchen, a little outside mesh, an update the appliances (1,674sqft). Conservatively $8k to $10k. The second deal will need a bit more. I would do a laminate floor on the 1st floor, update kitchen counter tops and appliances, new carpet upstairs, and paint the entire inside (2,900 sqft home). Conservatively $25,000. I would paint the place.

@Mark I do not know how to guess the rehab cost. ARV on the first $158K and $269K on the second after kitchen/bathroom remodel.

@J The bank just painted the inside and outside and replaced the carpet. Before they did that it needed work and was listed at the $114K. There was another REO with a similar plan that just sold for $143k in August (was listed for $139k

One of these would have been my first flip but, I do not have the capital at this time. I'm hoping I can team up with an investor and do all the hard running for you in order to start building my own capital. First deal is a REO on the market past 200 days. Listing price $114K Comps support $139K - $160K in its current condition. Second deal (across the street), REO on the market over 180 days. Listing price $194K comps support $205K-$285K. Both are painted well on the outside and have no structural damage on the inside. The second deal needs painting and some updating on the inside (3.5 baths,kitchen). PM or call me if you think this is something you would be interested in.

Mark, o you do more Short Sales or REO purchases?

I stand corrected for investment it is 20%. For a home buyer looking to make it their primary residence it is 3% to 5%.

In Orlando FL. A lot of lenders are offering that. Heck some are even offering 3% down just to take business from FHA.

So I am about to go out and find my first flip. I'm thinking about buying a REO and financing it with a 5% down conventional loan. Another option I was considering was getting hard money and buying from the court house steps. Can anyone give me some advise on which one might be a better choice? Maybe even share scenarios or your own experience?

This is what it says on the website.

YES – FINANCING CONTINGENCY AVAILABLE
WITH PRE-APPROVAL! Send pre-approval to
[email protected]

And since I'm new here, could you tell me what OO means? The listing also shows "Previously Valued at $180,000" Is this a clue to what was offered on the property?

Hey guys I am looking for a private, hard money, or investor that is willing to go in on a deal with me. It's a bank approved short sale auction home, starting Oct 16th ARV is $279,000 to $319,000. Owner occupied, and the auction ends on the 19th. Can anyone help me?