All Forum Posts by: Mark A.

OK I'M DONE WITH THIS THREAD, IF YOU CAN'T READ OR UNDERSTAND THEN THERE'S NOTHING I CAN DO. ENJOY

So I guess you are right and I am wrong. That's fine.

I don't have an "impression" of market values and you obviously totally ignored everythin I said before.

Please read 100% of a post before you reply to it.

For the record I'll say this one more time!!!

A) THERE ARE A CERTAIN BANKS I KNOW WHO ARE IN SO MUCH **** THAT THEY WILL DUMP PROPERTY AT 50% OF THE ACTUAL, REAL, TRUE, RECENT, APPRAISED, BY A PRO, TODAY'S, REAL WORLD, NO CRAP VALUE!!

B) YES THEY WILL AND YES THEY DO!!

C) NO, THESE ARE NOT CRAPHOLES IN NASTY AREAS EITHER, THEY ARE NICE SFR'S IN NICE AREAS WHICH NEED UPDATING!!

D) I MUST DISAGREE THAT (SOME OK, JUST SOME) BANK ARE INDEED IDIOTS AND THEY DESERVE TO BE TAKEN ADVANTGE OF IN JUST THE SAME WAY THEY DO IT TO THEIR CUSTOMERS!!

E) YOU CAN NOT GUARANTEE THAT MY MARKET VALUE ANALYSIS IS FLAWED.

Thanks RoyalT

Yes (and he's where I think you can take advantage of something)

The banks (not all but some and two in particular) WILL initially the price for what they want plus some to see what happens.

The problem for them there is, a lot of people will maybe see that time around and ignore it because it's over priced whereas I will track it.
I'll let it expire (we are talking about a pipeline here) and I'll get notified when it reappears.

Again (as again was in my yeserday post) when one in particular property came back on the MLS after 45 days had gone by, it was $130K LESS than the original listing and that's when I'll pounce (or if I don't want it yet, just wait another 3 or 4 weeks and see if drops yet again before making an offer)

Ok, I guess things are getting misread.
I said before, I couldn't care less what the bank is ASKING, I offer 50% of The REAL ARV.
WE BUY AT 50% OF ACTUAL APPRAISED ARV!
Thanks anyway, I guess we will have to agree to disagree on this one.

Thanks for your comments guys.

Rick430, erm, I'm not too sure how you can be certain that my numbers are not valid!
All I'm telling you is, I can make offers all day long and I will NEVER pay more than 50 cents on the dollar.
The appraisals are done by certified appraisers chosen by the lender and they are people I do not know or have any influence over. Plus, why would I want an incorrect appraisal?

I actually couldn't care less what a bank wants for a property. I'll offer half or less of the ARV all day long. They can take it or leave it and in my experience it has worked out just fine for me.

RoyalT I must apologize but I do disagree that banks aren't stupid.
Not all of them of course (maybe) but show me someone who has a wonderful fuzzy feeling for a bank. They change asset managers like they change their socks and if these guys want to dump property the way they do then there will always be people like me around to take advantge of it.

As I clearly said in my previous post, getting to know which bank will do what is key. The cases I have mentioned are with two banks, neither of whom I will mention here. I also never mentioned anything about minor repairs although we have yet to buy anything with extensive damage, we simply don't have the need to worry about those.

Also, remember this. It is our lender who gets the appraisal, it is our lender's inspector who comes out to determine if the rehab cost estimate matches the one we prepare and it is our lender who ultimately decides if we get the money or not.

Based on that, why would I have any reason to throw BS out there?

Finally, if any investors want to come down and take advantage of these 50% deals, come on down, I'd be happy to pass some your way.

I certainly don't think that would happen every time but I know I can get REO's at 50 cents on the dollar all day long.
The banks seem to finally be realizing the true current market value of some of this stuff though.

Another one, a brand new 4/3 2800 sg ft SFR about 6 months ago. The home had somehow been flooded and had what some might consider to be a major mold issue.
The bank listed it at $280K saying it was valued at $420K!
I told them it was worth $350K (which is was) and offered them $190K which I thought was pretty fair (the repairs would have cost $20K)

They of course refused the offer with no counter.
Now, after being withdrawn and relisted, they now want $199K and I got a call last week from the agent informing me that the bank had kept my initial offer and they would now accept it.

I told them that offer was 6 months old and my new one is now $160K
I don't really want it now but if they go for the $160K I'll wholesale it straight to someone else.

One 4/3 3100 sq ft SFR I am actually in the process of buying was listed at $330K
It is valued at $385K I did nothing but watch it and within 45 days, the new listing price is $200K (yep, a $130K drop in 45 days!) and I have just put in an offer of $170K
I'm guessing I'll get it for what I offered. The rehab is $35K

There are plenty like that and we are not talking about crap houses in crap areas, these are all nice homes that just need updating.
None have major issues (been 3rd party inspected and appraised)

My only point is, getting to know which bank will do what is the key, knowing exactly how many homes they have in any given county helps and taking advantage of a situation when it presents itself is the only way to find out what you can get and at what price.

Of course they also like the fact that financing is basically cash and I can close within a week helps too.

Don't be scared to put in 15 offers on 15 homes, what's the worst they can say? No?

Just do flips with hard money! Do it right and you won't need to open the car dealership :D
If the deals fit, you absolutely can get the $$ with zero out of pocket. Your credit score is good so you're OK there. You can get 100% of the purchase and rehab money, fees, costs etc. all rolled into the loan and you can get 73% LTV. SISA too.
That's what we get and we don't pay out a penny up front.
PM me if you want the source we use for flips here in Orlando.

Did you seriously just ask me if this is a joke??? :shoot:

LOL

I guess none? ...................

Over the last month I became a victim of a clever scam while out shopping. Simply going out to get supplies has turned out to be quite traumatic. Don't be naive enough to think it couldn't happen to you!

Here's how the scam works : Two seriously good-looking 19-year-old girls come over to your car as you are packing your shopping into the trunk. They both start wiping your windshield with a rag and Windex, with their breasts almost falling out of their skimpy Tee-shirts. It is impossible not to look. When you thank them and offer them a tip, they say "No" and instead ask you for a ride to another Home Depot.

You agree and they get in the back seat. On the way, they start making out with each other. Then one of them climbs over into the front seat and performs a pleasurable sexual act on you, while the other one steals your wallet.

I had my wallet stolen on March 4th, the 8th, 10th, twice on the 15th, 17th, 20th, three times just yesterday, and very likely again this upcoming weekend.

Again - please beware!! :D