All Forum Posts by: Eric Clayton

It’s a private price reduction. Pay commission on the price after concessions because that’s the “real” sales price.

Referring that seller to a realtor will be good for you because you will be building a relationship with that Realtor.  Now, he or she knows that you are a wholesaler and will bring you good wholesale deals when they come across them. Now, if the realtor hangs around, you have yourself an investor friendly realtor. Priceless to the investor that for whatever reason doesn't have a real estate license. I invest too but offer to my investor clients first, best practices. Most investors want fixer uppers. I stay clear of them! This seller is not motivated, so you would be doing yourself a favor by referring it to a realtor. Don't waste your time on sellers that aren't motivated, although, money can be made in every real estate market and no matter what it's doing. You make money when you buy, not when you sell! (I suppose I should expect a host of arguments to that.) But stay true to yourself, get a license or not, but always make sure you have an exit strategy with every deal you do.

HI Pablo, 

Email me. Contact info in my profile, and we'll take it from there. I can help.

@Luka Milicevic

OUCH! Can't even count how many times I've seen that!

Right now you're not in bad shape with DOM seeing you're a $1M home, but much longer and you WILL have an issue selling it. I agree with most of the posts. Listing the property must be strategic.  If it sits for too long before a price reduction, most of YOUR buyers have already seen and passed on your home. New buyers coming in will see how long it's been on the market and try to lowball you. DOM is a great bargaining tool! 

Contact me if it doesn't sell, or if you need more comps, or advice,  as I work in that area as well.

@chris may

That is only my opinion.

There are nice areas in Oakland and everywhere else. Problem is to get to them you have to get through some sketchy neighborhoods. To each his/her own. Only my opinion, not advice. I should have specified that. Me personally, I will buy in Oakland for wholesale deals. The prices are great and can get a fixer anywhere there for 65 to 70 ARV, as long as I can dump the contract to another investor.

He is renting that is why I suggested he at least look into it, but you are 100% correct.

@albert bui

Unless your job is in the East Bay and you need to be in or around Oakland, I would avoid that all together. You're in SF and paying 1800 is great, but I know how you feel about throwing it all away on rent.

Loan: If you really do qualify for Conventional, inquire about the Conventional Home Ready Loan. Will buy down your PMI and land you a conventional loan with 3% down. Otherwise go with FHA if the property qualifies. You can also look into a rehab loan as a way to get into distressed properties that won't qualify for for traditional financing FHA 203k etc..

Yes, BIG difference in buying at an auction where you need to have cash ready along with a deposit. There are different stages of foreclosure. I will not get into that, but the auction/trustee sale is taking it all the way to the end of the process. Best to try and get the property before it gets to that point unless you have all cash to purchase in your pockets. Check on Notice of Defaults and contact the owner to see if they are able to get it out of default, if not, they might be willing to short sale, or you may be able to work out something creative with them to control the property without them having to leave for example. There's no right or wrong way to buy and sell, just good and not so good ways. You will figure all that out soon.

Again, avoid ALL areas in Oakland if possible. Home values are not about the actual structure, but the value is in the land. Your house depreciates, but your land "Appreciates". You want to buy where the land is worth more if you want to see growth that makes sense.

I work in the bay area, California. 

@Nathan Klettlingerundefined