All Forum Posts by: Dustin Phillips

Drive by them, and compare the homes and the streets.

For my market those comps are too far from the subject home. See here pricing can vary street to street (At least in center township-close to downtown Indianapolis) Now it may be different there, but I would question why you can't find comps closer to your property.

try going back a little further to see if anything has sold around the house (Under .5 miles). Again this may not fit your market, so take a trip out and see how they compare, and find out if houses are selling there...

I agree with Jon...

I have just jumped back into the fix and retail flip model and we are using 65-70% of the ARV minus repairs if its above $150k arv. If its below the $150k mark we are taking out quiet cost, renovations, and a NET profit of $30k. I'm working on putting two deals together now, one that is below $150k ($140k ARV) needs $55k in renovation, the other has an ARV of $325k needs $150k in renovation. I'm getting them both very cheap so the potential profit is very good.

I would just say study the MLS closely and make sure you feel confident about the end sale price, and what the market is doing, right now... Good luck

Just something I will add... I'm my opinion its not enough, in most cases, to just bring the house up to "average" neighborhood standards. In order to sell in this market its important to make your home stand out. I also think staging is important in this market, to help showcase a home. In the end its all about moving property quickly and every little bit helps...

I don't know what the fuss is about regarding BoA! I love them and this is my, well, love story!!!

I just lost a BoA deal. I've had this deal for 7 months.

Here is what happened...

When I got the file we submitted it through Equator, and we waited and waited,(we did call and follow up) but then one day I got an email saying it was declined. I called and asked why, and they said that it was because I did not reply to another email they sent through equator (I checked there was no email).

So I resubmitted it and things went really quick this time. After submitting it, the BPO was ordered the next week. BPO was done (It came in way too high) but I showed why I had offered what I did (Comps and renovation bids), and I begain negotiating with BoA.

However, I knew that the sheriff sale was coming up in a month so I requested that they freeze that until we could get the short sale done.

I was told we would have it done before then and not to worry. Long story short, I followed up every week about the sherrif sale and BoA just stopped replying to my emails, couldn't get answers when I called. I even escalated it to the VP, and right after I did that, I got an email declining the request for more time to do the short sale.

The reason? They stated my request was not placed in a timely manner to the date of the sheriff sale. So they basically stalled me out, and foreclosed on the property anyway... The equator system is nice in my opinion, but BoA is crap and I will be turning them down in the future... The End...

Here are is the WSJ link that also puts Texas in a favorable light... It also shows Indiana (my home state) as leading the nation in percentage of job growth.

Good post Rich as these are good indicators of where to invest...

http://online.wsj.com/article/SB10001424052748703438604575315021978987414.html

If you can get a mentor, or at least talk with a successful investor in your area and pick their brain over coffee-do it.

Having someone to lean on is going to be important in the beginning and even as you gain experience (each day will be a new lesson).

Going it alone is fine, but it is going to be a long battle (Depending on your resources and experience level).

If you have no money (or little money) no credit- etc. you will want someone who can help you along the way (start birddoging)...

Anyway-why blaze a trail when you can walk down a worn path.

And FYI I did not have a mentor and started with very little money-bad credit and it took a long, long time to get rolling. It can be done- but how much do you want to put yourself through?

Audley- Thanks...

I had a R.E. agent call me this morning "conserned" they were going to lose their license... I sent your "letter" and all is right with the world again!

Hi Joe,

Tell us more about yourself and what you plan to do? Don't be shy, ask lots of questions and give feedback in areas you have knowledge.

If your new to investing this is a great site. Just obey the rules, and be able to take some honest, sometimes harsh (for your own good) feedback...

Good luck and I look forward to your posts!

If you have not yet, click here

http://www.biggerpockets.com/forums/48/topics/33557-title-companies-willing-to-do-back-to-back-closings-in-md

BTW- By the way

PI- Principle and Interest

LOL- Laugh out loud

I would just google these if you are not HTTG-

Hip to the game (Yeah I just made that one up)>

Type in "Maryland title compnies" in the search bar there is plenty of info...