All Forum Posts by: Elliot Smith

I have been using them for years! They are fantastic!

Scott it is possible. We bought one the week of. Just need to have it contracted 10 days before sale usually.

 You miss read it. 235k was the number that was fair. When the first guys offered 235k it was a verbal the guy tried to get a little more from them and they came back at 216k with a written offer because they knew the guy was in a corner. 

Had a great example today that helps in this situation. Seller calls me off my letters and said he needs to sell his house. When I look at the property I see it's going to auction next Friday. Now this guy has been in and out of foreclosure 3 or 4 times but this time it's going to go. Now we dont market to foreclosures, this guy was on my d4d list. This guy had about 120k of equity and the house needed work. Now I know this guy has been bombarded by agents and wholesalers. 1st the "agent" that was trying to "help" him had his cash buyer make an offer, they offered 235k now the guy countered them at $275k hoping they would meet in the middle well the agents buyer got mad and since they knew he was in a corner they came back at $216k just out of spite. #2 this guy got contacted all the time on Facebook by "wholesalers" that said they could get him $5k and he could just walk away. Both the "agents" buyers and the "wholesalers" tried to screw this guy. We inked it up at $235k and will close on Tuesday which is basically where it should be. There is good and bad on both sides of the aisle. 

I started as a wholesaler and now I am just a buyer most houses we buy are not suitable for the MLS or a "Realtor" and when we go on appointments if the house is better for the MLS we tell them what they could realistically get going that direction. A lot of times they still go with us. People think we are in the house business when I am actually in the people business, and with that just be a good person and treat people right and it all works out.

Brock, so I can't speak to your market but I can speak to OPLM. We have been using Justin for over 18 months now and we couldn't be happier with the service. Last year we closed out 22 deals basically working part time. This year were already on track to double it. 95% of all our deals start with OPLM. I would highly recommend. 

8-9.5 hours plus maybe a hour nap depending what's going on. 

I tend to agree with Jay on this one but here would be the questions I ask myself.

1. Am I getting a good deal or am I buying at market price? If market price then no deal.

2. Can I force more appreciation with updating the property. 

3. Duplexes are different than most 5+ multi. When you go to sell you will get a a lot more retail buyers that want to live in one side and rent the other. 

4. Do I have a good savings account for any unexpected repairs. Where in the life cycle are the major parts of the house ie roof, windows, heat and cooling, siding. Also if you loose a couple hundred a month does it matter to you? 

5. Is this property in the path of progress. 

Start there and then you should have a good answer

This is why we do not market to pre-forelosures. If we happen to mail one and are looking to put a deal together we never let them "rent back" we never offer to take over payments. We most of the time refer them to an agent unless the home is a disaster.