All Forum Posts by: Eric Roloson

@Bob Okenwa the house is not even close to livable condition. The house is not too far out from a small town and near a major highway. ARV is around 200k. I have a pretty tight budget is the reason I'm offering on the low side.

Have you offered at 40% and had much success?

Obviously you would need the numbers to give accurate advice. I am talking more about what percentage margin you leave yourself to negotiate, like 10%. Also what is the maximum percentage you will offer below listing, as a general viewpoint, as each and every deal is different.

Thanks to all for your advice and perspective. I counted on sellers/agent may not respond or laugh off my offer. But I did not take into account they might flat out be offended! It makes sense it may convey a message that is not what I intend.

The house is in terrible condition and needs an extreme rehab. This is not an REO. Also, there is a well and septic on the property. This is my first potential deal that is rural. Should I inspect one or both at my expense and put that in the offer?

I do plan on increasing my offer some as it is a sellers market. Thoughts on a sensible number and terms that leaves room for repair? Obviously the septic can be a real issue. The well supposedly worked when it was lived in. Again, thank you for sharing your experience and knowledge!

If I was to put in a very low offer due to the fact that the listed property has had no written offers in 2 weeks how would I structure that?

Example: 100k property with an offer of 60k

I know that's a large spread of 67%

What kind of earnest money? No contingencies?

What types of strategies would you implement to make it most attractive?

Thanks! I'll do exactly that

@Kevin D. how did this deal turn out?

Did you in fact BRRRR this property?

@Jay Hinrichs you mentioned..

what you don't want though for sure if you can help it is as quit claim deed.. that can be a problem for insurance in the future.

What kind of deed or commitment should I push for instead?

Is having Bargain and Sale Deed a problem for reselling 6 months down the road?

Thanks for sharing! I hope my location is as lenient :) So far my understanding is a licensed electrician has to pull the permits where I live. 

Power company won't turn on power unless inspector clears it. Inspector won't clear it unless it's done by licensed electrician. I'm digging in more to see if I can skirt this or use people I know to get it cleared.

Thanks for allowing me and others to get a glimpse on how you did it in your neck of the woods. I will surely try to accomplish it the same way if possible!!! You saved a ton of $ doing it that way- I would love to emulate that!

@Dawn Brown do you have lenders in WA state? What are their rates?

On my current project I estimated the electrical to cost approx. $3000. What I didn't know was the panel is a recall and needs to be replaced. Mistake. My contractor is not licensed for electrical. I got my first bid for new service, panel, and rewire at $9000. 3x my target!! I am also getting 3 more bids next week.

I have a friend who is a retired electrician. Can I use him if he is licensed, or does he have to be a contractor that is insured? Is it more difficult to get permits or pass inspection? I believe he knows all the inspectors which might help.

Any thoughts or advice?