All Forum Posts by: Darrell Lee

Your right @Greg H. I used 30yr instead of 360 payments... should be $101.92... will correct, thanks...

Wow, that's affordable...

After I close the deal, I think I'd be willing to sell it for say $18k (or whatever the market is) with $1k down and I'll OWC $17k at 6% 30yr and receive $611.64/mo for 30 years... lol ~ NO QUALIFYING ~ Taxes are about $20/mo. So that should be an affordable payment and if the place is in terrible condition, I'd waive the mortgage payments for up to 6 months, if they show me their repair progress and if they are honestly working on the house and not squatting I'll continue to waive the payments so they can spend the money on repairs of my house.

If they can qualify for a loan, cool I'll take the cash and give a discount. Maybe a BP'er might be interest in this creative finance deal... What do you think?

@Marcia Maynard

 Meth Lab? I want a percentage! lol, Stripped... very possible, I'm in Los Angeles and I had 15 min. to research it, no time to get a local broker to run over and assess it prior to my bid. Hazardous waste? Unlikely as it backs up to a heavily wooded park.

I have a local broker going over there to assess it for me. I called him 15 min after winning the bid as I want to be rid of it asap. If it surprises me and is worth a lot more than I expect, I may fly over there to try out the famed Memphis BBQ and maybe look at the house.

Actually I already spent my forecasted profits and bought a new camera! lol

Well, I picked a young guy with only a few sales under his belt. I was a broker for 30 years so I know a hot shot broker wouldn't be bothered...

I don't own the property yet, I called him 15 min after I won the auction. He might have to break into the property as the seller has no keys, but I can't have him do that until I close the deal...

There was no sign on the property and no listing broker or broker co-op so the locals probably  didn't know about it. But it is possible I made a bad buy... but how can it sell for less than $550? Also there was a $54k loan on it that was the foreclosing lender...

I was farting around on Auction.com placing some low ball bids on properties that had super low starting bids with reserves... So a 2/1 in Memphis TN has a 1/4 acre lot, nice homes all around cul de sac but house had no inside pics, no broker coop and with 15 minutes to go It started at $100 and was up to $250 so I bid $350, reserve not met, 5 min remain, I'm overbid and it is now $450 reserve not met, so I figure I stick in one more bid just for fun, it probably won't hit the reserve, so I bid $550 and of course the Reserve is Met and I win the auction!

But I'm buying in Vermont/NH no TN!!! Oh well, I called a broker told him I want to sell it and will pay him a 10% commission... I'll make money on it... but buying RE online is just soooo easy... It's almost as easy as ebay...

Anyone else accidentally buy a property this way?

I am in the buying mode at the moment, so I prefer knowledgeable brokers with lots of experience, but... they are extremely busy right now... I asked one of them to write a full price all cash offer for me, no contingencies... and it took her 5 days to get me the offer to sign before submittal... I had to threaten to fire her and work with another broker... Even then it took her 6 hours to get the offer to me...

I retired as a broker 18 years ago... sheesh... if I wanted to be a broker again, I think I'd make a ton of money... however, I make more as an investor...

You will lose money on that deal...

I walked away from a deal that would have cost me $22k spend $2k repairs and sell for about $47-49k

Not worth my time... NH

I want to net at least $40k per deal... Under contract:

$38k $20-30k rehab, value $110-115k

Is your goal to Net $1mil for yourself, of gross $1mil in gross profit?

Thank you all for your info.

I'm a life long SoCal investor buying property in Vermont. In Cali, fireplaces are a huge plus, in the NorEast they are rarely mentioned. From reading the forums I guess 100 yr old homes the fireplaces are a negative?

I get they may be a negative from a landlord's POV but what about home buyers?

Are they usually so much a heat loss during harsh winters that owners block them up or what?

Please help me understand... TIA