All Forum Posts by: Dustin Johns

The price of the home is irrelevant. A full service agent does nothing different on a 500k vs. a 1m house. The hard cost of the listing agent is the same. Therefore, a % commission is not justified. 6% or higher commission models have been around since before the 1960's. Why has this antiquated model not evolved? Greed. Lack of willingness to change. Who knows but if you are paying anything near a 6% commission, you are being fooled and lied to by an ancient model broker who doesn't adapt to marketing efficiencies. A flat screen tv cost 5000 20 years ago. That same, but better tv is now less than 500. Why? Technology evolves and becomes more efficient. Placing a percentage on a home's sales price is asinine. Listing side should be fee based. 

Assuming someone in real estate accepted a max $150,000 eidl loan, what type of spending is allowed? Can you expand income opportunities such as using the money for downpayments on rental property? How can REI's benefit? The rate is obviously great, and deferred for 12 months.

I'm seeing a nice 200 unit class b complex asking a 5 cap. What are you guys seeing 200+ unit complex trade for? Does the acceptable cap rate decrease as unit count increases? Making sure I'm not crazy to think this is way too expensive. $675,000 Net. Asking $13,500,000. 

Welcome! Looking forward to you helping and surfacing some deals....

Hello All,

I may be asking in the wrong place but I have a very strong team in place with $85m in assets. We are seeking apartment properties nationwide. Class B preferred with a minimum of 50 units. Value add with a 10% ARV cap.

Most of these deals will be off market. If you know of a property, a potential seller, and any other source for locating properties please send message me on BP and we can move forward.

Tired landlords, tax depreciated properties, estate owned, re-fi struggles, etc. are all reasons why properties may be available.

Attorney is the first answer.

In my state,SC, deficiency is clearly stated. Maybe the big 3 have not reported yet?

We don't bid DF demanded cases until the 2nd sale. When the plaintiff/bank cannot raise their bid.

btw;

there are 12 properties under 20k on this month's sales roster. hate that you spent that on that class. wonder why we never see the "gurus" on these forums?

i get so many "guru" solicitations including this guy. don"t do it. only hard work and market knowledge have worked for me. whoever sent you that email link is getting a commission from you if you purchase. if they could sell houses then why are they wasting time touting the next new program/software.

go to the courthouse and grind. wholesale deals and build investors.

check the county records. thats a slow process though. most don't update their sites too fast.

Quick example on one of my reo listings;

List price $324,900
10 DOM= offer of 285k cash, close in 5 days. Bank rejected.

10-58 DOM= 12 more offer between 250-278k with financing contingencies. None accepted.

61 Day= After 3 rounds of countering, bank accepts 285.5k offer with 4k in closing closing cost concessions, 35 day close.

Now the bank wishes they listened to me on the initial cash offer that nets them more and would have closed months ago. Their theory; lets wait on a higher offer! Now its cost them 2 more months holding costs and a lower net. By the way, my BPO was 275k!

As an REO agent, I pride myself on responding to any offers, especially in dual agency. It's also a legal requirement for me to submit ALL offers in a timely fashion.