All Forum Posts by: Linda Pierce

There is a HUD home listed in my area that I would love to rehab. The house is actually in good shape, it is just outdated. It is listed at 65% of lowest ARV. I know there will be multiple offers so I am thinking I need a cash offer. I still would not be comfortable at full-price offer though. Rehab costs only between 15-20k. I currently own a house free and clear that I just rehabbed and it is on the market for only a week. My personal funds are tied up in that house. If I were to get this HUD at 74,500 (I know very unlikely, but you can't shoot if you don't score, right?), I would manage the rehab costs on business credit if need be. Any suggestions as to how I could make an offer as HUD will require proof of funds. I do not think the numbers are good enough to pay for hard money, but I have no experience with that. Help! Thanks

Michael,
Wow. Thanks for all of that great information. I will put it to good use.

Hello,

I have been reading BP for over a year now, but rarely put anything on myself. Well I have a positive lead from yellow letter campaign and I am meeting people at the house tomorrow morning. I have never actually made an offer to a person, only ever through a realtor. I feel fairly confident I will be able to figure out repair costs and have a good idea of ARV so I should be able to make an offer after a walk through. I remember a list that was posted on a blog that was a script of sorts of what to ask people that call you when responding from direct mail marketing. I remember a great question was "if you were to stay in the house, what would you do for repairs?". There was a lot of other great information in that post. Does anyone know what I am referring too? Also, I have an "Option to Purchase Property Agreement" that I got at a seminar I am planning to use and to give $50 in earnest money. I could use absolutely any suggestions anyone has as to how to handle the offer and the whole process. Thanks so much. I plan to wholesale the property as it is my first and I would like to make some money to be able to afford payments on the next house I find so that I can rehab it myself. Thanks again.

Linda

There is a vacant house I have been eyeing. I finally got to meet the owner the other day and found out she would love to just get rid of the house. The problem is when I run the numbers at 60% ARV, I come up with a conservative $85,000. She said they still owe $135,000 in loans plus unpaid mortgage payments. Is there anyway I can help her out? Or do I just have to walk away. I would really like to structure a deal, but I am completely new and don't know if a case like this is worth pursuing. Can I contact the bank directly and try to work out a short sale to prevent foreclosure? Thank you for any help.

I am educating myself like crazy right now. I plan to begin my business wholesaling houses. I am currently watching Steve Cooks wholesale DVDs that he did in Long Island a while back. But I don't quite understand about Titles. I know he recommends finding a good title company with experience. But my question is about when you are making an offer to buy. He emphasizes not using "Weasel Clauses". I understand that part. When I went online to find sample offer contract forms, one included a clause that the seller must provide proof of marketable title. Is this necessary? If the title company finds out there is a lien or something, am I still obligated by the contract if I have not added this clause? Thank you all for any responses.
Linda