All Forum Posts by: Account Closed

@Jerry Ta I did comps as far back as 6 months and 3 months.

I also wanted to know if I should mention a Sellers Disclosure?

I've made an offer and it was accepted but contract has not been signed yet. The house did suffer some water damage during the recent Houston floods. I don't see much damage. About 17 inches of drywall has already been removed from the bottom from the entire house. The house is 1635sqft. I don't see any warping or damage to the cabinets or doors. Other than the drywall I didn't see anything else and owner didn't point out anything else. Tile though out the entire house. No inspection has been done yet. I'm guessing rehab cost of about $5k

So here was my offer: I offered $110k plus closing (no agent, not listed). ARV is $140k. Is this a good offer to start with? Can this be a good deal? Looking at possible flipping.

@Robert Lorenz Can you explain your comment a little more please.

I guess I should explain the $50k a little more. I don't need to borrow it from the seller but my thought is if they live in the house until they close on the purchase of their new house and now I own the deed, if something happens to the house I would be out my $50k. My plan is to sell it ASAP and pay off the balance, pay back they $50k plus the additional $10k after I close on the sale of the house. In this market and priced right I would expect an offer within days. They've been on the market almost 2 months. In this scenario they walk away with $60k and can move out ASAP and definitely before summer.

I sent out some mailers and one went to a house that is already listed with an agent. The seller called and just wanted to know what I was all about. They are not really a typical motivated seller. They would like to move before summer is over but can wait another year if needed. So here are the numbers...

They are listed at $265k and that is the lowest they will go. When I do my comps I feel they may still be about $10-$15K over priced. Could be less.

They owe $170k and would like to at least walk away with $50k.

I was thinking of offering them $50k for the deed (which I'll need to borrow). Their agent and I sign a new agreement to sell since I now have the deed, and we list for less to sell quickly. $250-$255k range.

I was also thinking I would borrow the $50k from them to purchase the deed (since they may have to live there till they close on there house), and pay them back $50k plus another $10k after closing. Is this too far fetched of an idea?

I just wanted to post about this and say I sent out my first 58 mailers (got another 500 or so I'm still working on) and I got my first response. It was a gentleman that wanted to let me know that this was his 3rd time telling me to take him off my list. He wasn't selling his house. Like I said these were from my first list. At least I know he opened and read it. It also lets me know that someone else is working the area but I wont let that discourage me. Persistence is what matters. I'll gladly take him off my list and move on. 

Good luck to you all.

@Trent Herbert Sorry you couldn't make it last night. It was a good meeting. Very informative. It was an ask the pros meeting. They had a private lender and a property manager answering questions as well as Steve (investor) and wife (realtor). I really like this meet up. They always have a lot of great information and never try to sell you anything. The best part is it's free, and sometimes with a meal. You should try to make it next time.

I would like to try to meet up with you and let you know how I search for leads and also find out how I may be able to help you get started and find your first deal. Let me know when you're available.

@Erick Harbert I would like to meet up with you also and maybe I can learn some tricks of the trade from you as well. What's your schedule like next week?

@Asim Iftikhar driving for dollars means driving through neighborhoods looking for distressed houses. You look up the owners and try to make contact with them.

@Trent Herbert I am going to the meeting near Bush tomorrow. Maybe I'll see you there. Would really like to meet you.

@Trent Herbert thanks for the welcome. I've also have been reading a ton of stuff everywhere. My book shelf and kindle were already full now they're overflowing. I've been to some networking events and met other investors. I'll be going to one tomorrow.

I haven't found my first deal yet but I'm looking every day. Been a lot of hit and misses (ok, misses). I have my website (moreproventures.com) now and I've posted in craigslist. For now I'm looking to wholesale and build some capital. I'm driving for dollars any chance I get.

Let me know if I can help you in any way. Maybe I can help find your first deal.