All Forum Posts by: Malik Welch

Bump 

No one is ignoring us. There are plenty of lenders.. 

 I don't think you have a big enough spread even if you took over his 280k subject to the.  Existing  mortgage... Sell it for 330k

Subtract 30k (cost of selling) leaves you 300k Net, - 4 months of mortgage payments ,taxes, insurance -let's call that 5,000 then you net 295k -5,000 in miscellaneous

Net 290k Soo 4 months worth of time to make 10,000 at best if the seller is okay with walking away with zero dollars & if everything goes well.. I say you go find someone else's house to Buy . 

@Melinda Campbell

Ask them what THEY think it's worth then  moments later ask how much they were HOPING to walk away with after all the cost & the mortgage are taken care of.  It will give you a real indication of motivation. You want to talk to the guy or gal who says Can tell you I think  house is worth 120k. But I was wanting to walk away with 90k or atleast some acknowledgment of a willing discount . They most likely will be off on what its worth but the point at that stage is really to just determine motivation Before even doing any due diligence . 

Saves time . I could care less what the house is worth if the guy thinks it's worth 100k & wants 100k that tells me right away he's not my customer. 

Man it's Nice to see another young Investor not only on BP but in my Local Market !! Im a young guy just like yourself . 19 years old. I started real estate during the last couple months of my senior year. This last Year & 1/2 has been a grind.. Done roughly 15 deals so far. I'd love to grab lunch with you. Just from you're post alone I can tell you don't have any fear of TAKING ACTION. 

@Josh Freeman 

Thanks for sharing with us ! 

Man you already work from home so you have the flexibility to Leave home/Work to go check on projects. Sounds like you have a solid cash position .. START doing FLIPs ! Do one with another investor . Put up 50% he puts 50% get that under you're belt. I say flip full time & KEEP you're job!! Don't be so eager to leave, just yet. Live on the W2 income. save ALL that cash from the flips. Along the way look for  Opportunities to pick up Multifamily.  Look for 20-30 units in you're local market that you can self manage. I'm sure if you did you'd be able to retire in 5-7 years. What do you think? 

@Joel C.

State bank, fifth & third bank, Augusta First Bank & Trust. You should find  success in one of the three. 

What did you end up doing jack ? Also look at the Exit . When you sale the house to an owner occupant . Factor that into the  decision . I think you should keep it. You may sink you're resale value by 20,000 and have more Days on market because everyone else has a pool but you .  If the buyers expect a pool . I say keep it & have the renters maintain it. IF that's the norm in that neighborhood. What's the potential rent ? Do other houses have a Pool ? 

What are you going to do with the property until you're arrival in 2017 ? Me personally I think you'll find Wayyy better Deals off market. In terms of actually getting a discount or getting decent owner finance terms. I've never bought a house OFF the MLS . However from the outside looking in . It seems they sell for 100 cents on the dollar . Anyone realtor you find on Google can sell you something at 100 cents on the dollar . No need for a referral. However if you're looking to buy at 20-30% off retail I'd suggest finding a local investor like myself. Or doing it yourself.. sending out some post cards. You can get a list of folks behind on taxes or a NOD etc list online for cheap. Find a deal that fits what you want and fall forward .

Why not look for off Market properties ???