All Forum Posts by: Account Closed

This is an interesting thread because I came upon this company online looking for investors to buy the short sales. The rest of this is news to me.

My husband finished our 1800 sq ft basement with this. It looks beautiful, isn't noisy like laminate, is indestructible and comes up easily. We love it. Wish I had it everywhere.

I agree with Jeffrey that a SFR would be better and also that there are a lot of expenses for this type of property. There are always HOA fees and they can range from $75/month to $600 (look at Reunion and Celebration - you almost can't GIVE away a nice house there because of the HOA fees and the fact that it's like a ghost town in Reunion.. Also, the house will have to be managed, cleaned, pool serviced (have to have a pool). I am no expert but have wanted to do the same thing you want to do but cannot bring myself to do it because of the expenses and also the declining values in the Kissimmee area. There is a very good website that is specifically designed for people interested in this market that I refer to often. I am in no way related to the site and they don't sell anything - just an informational site about buying and selling Kissimmee area vacation properties. Best of luck to you. Here's the site - http://www.thepinkflamingo.info/

Thanks Will. I agree with you on this. REOs and short sales are where I have looked. I am primarily focusing on Commercial Real estate at this time but am also looking for a few good flips to bring in some money NOW. Thanks all for your detailed responses. I appreciate it very much.

Thanks Shaun. I like your site. I'm bookmarking it and reading it all!

Will -

Thanks. I think you just answered this for me. Not enough money here to mess with hard money & the unknown. Even though the bidding on the house starts at $52K, I know the seller has $90K into it and he has lots of interest in the house. A cash buyer would work better in this deal. I will keep your formula and use it in the future. Thanks again.

Lisa

Thanks Scott for your input. I need to see some real comps. I would hope to get $30K or more out of it or it's not worth it. Seller says end buyer is pre-approved but he only wants it after rehab - so he's not interested in buying and doing the work himself.

Thanks for your responses. Eppraisal.com shows a range of $172-232K. So just for the sake of example, let's go conservative and say the house is worth the $168K I used before. Let's also discount selling price below market for a quicker sale in case in place end buyer flakes. So let's sell it for $155K. Now what do you think?

Looking at buying a property in Jackson, MS as a cosmetic rehab and quick flip. I have a very detailed quote for the work that needs to be done in the amount of $15K - 3 weeks time max. Tax records for 2009 show true value of $168K. End buyer already in place once rehab is complete. How much should I expect to pay for closing costs on each end - purchase and then subsequent sale? Auction site wants 10% of final bid price. Applied for hard money. Any other costs I may have missed - please advise.
Link to the ad:
[http://www.biggerpockets.com/properties/4475-jackson-ms-589-hanging-moss]

Thank you Ted. It had never even occured to me before but when it did, I figured there had to be a reason no one did this. I appreciate the honest direct answer. Would you mind if I emailed you directly with questions when they come up?