All Forum Posts by: Eric Tinsley

Well I was looking for FSBO's in my area and I found "www.housinglist.com" which seems to have some really good deals, but I have to pay to see them; which I don't mind doing. My only question is, is this something ya'll do or have you found it to be a waste of time and money? I'm just afraid I'm going to end up spending hundreds of dollars just to end up with the same listings I find on Zillow for free.

Thanks, I'll probably talk to my Realtor later today.

Hey I'm still new to this. I found a house I like. It's a foreclosure I've been watching. I've already determined the most I should spend would be 160K. It was listed at 150K; looking at the pics I thought I could put 10K into it and sell it. After doing an actual inspection; it's going to need about 60K in work. The price dropped down to 140K. I know it's going to keep dropping. I want to offer them 90K, should I wait until it drops more? I know it'll probably sell for a little more than that if they really hold out, but not much more.

Ya, It's hard, but I think I'm going to walk away. If I'd been doing this longer, and could afford to lose a little money; I would definitely take a gamble on this one. It's one of the few ones that could actually make me around 100k orrrr I could lose 10 - 15k; I just can't afford to take that kind of chance right now.

Ya, you'd think so, but I've read a lot of reviews on them. Most of the negative ones come down to the borrower thinking they found the perfect deal; then DHM saying they can't finance it because the inspectors did agreed.

I'm talking to them now. They seem expensive, but willing to lend when others won't. They are pretty specific of what properties they'll work with. She said she'd give me a proof of funds letter, but she will have 2 inspections done. As long as the property meets their criteria they will fund you. She said it was up to us to be as honest and realistic as possible when evaluating the property. Basically if it's a good enough deal they will lend us the money; they just won't take our word for it if that makes any sense.

Well I found a really good deal on a Foreclosure. Everyone's having trouble getting financed because it was in the middle of a remodel so like some walls are ripped out, a bathroom is completely gutted. There's a tarp on a spot on the roof and minor water damage to the drywall inside. All drywall removed from living room; so you can't get FHA or USDA loans on it. I got approved for 50K to purchase, and up to 60k to rehab. It's a huge 5,000 square ft brick home on 10 Acres. I've been watching it for about 3 months. When if first foreclosed it was listed at 80k, and it's been under contract two times each time dropping a couple grand. I think the bank just wants to get rid of it. It needs a lot of work, but it's doable. The problem is there's no real comp houses to go by. In my mind with just the size it'd have to at least go for 200k, but I'm still a little nervous about it. What do you guys think?