All Forum Posts by: Rod Hanks

@Jason McGloin

Welcome to BP! You will find a ton of like minded investors on this forum. You are going about it the correct way as a newbie....find deals for other experience investors and you will find your mentors, partners, lenders, etc.

It must be a tax foreclosure if there is no mortgage. Contact the owner by any means necessary! Do not put anything inside the mailbox though that is illegal. I would think you would need a partner on this one and I would look to wholesale when under contract. Don't listen to the negative thoughts in your head about your age, experience, shoe size, eye color, etc.....Just Do It!

Offer 5k below MAO and see what happens. Don't assume they won't take it. Point out that it needs 20k in repairs for a retail sale and if they want a quick sale you are the best option. If your numbers are accurate it's an easy wholesale flip. I would buy in a heart beat from you or partner.

Question to ask seller before you make your offer...

"If I were to pay cash and close quickly what's the least amount you would accept?"

Congrats on the flip! This market is crazeee right now. I've flipped junker houses on the mls and had multiple offers in days.

Welcome to BP! If I can help in any way contact me.

I can help! I will PM you.

Arlington and Grand Prairie is a good investor market. Houses are affordable and the areas are safe enough for my granny!

Good information......but markets go up and go down that's a fact. I don't need economic indicators to tell me that.  You can make and lose money in both markets. In fact I can't wait till the next recession because I'm going on a serious buying spree this time.

@Satya Patil

The only thing is even though it was properly rehabbed you would still have to disclose the prior fire damage when you sell, which could create a problem when you are ready to sell. To put the fire out, they used LOTS of water, so it may be mold and water damage throughout the house that cannot be seen. Also, with my main carrier (Nationwide), I would have reservations about insuring it due to these issues. I'm not saying I wouldn't but I would have reservations. If you are getting a great deal on this house I would say yes, but I'f not I would pass.

Bandit signs is by far the cheapest and quickest way to get started to generate leads. Put a couple in the yard of the house you are currently fixing and on some busy street corners. Direct mail is the next step although its more expensive the results speak for themselves. But the cheapest is simply talking to friends and family and telling them what you do. Driving for dollars also is pretty cheap, locate vacant houses and talk to the neighbors to locate the owner.