All Forum Posts by: John Thein

We had a lady call us the other day regarding a short sale. She is 8 months behind, owes $80k, worth $50k....needs work.
She said she called the lender, Nationwide Advantage?, they told her they would do a short sale and to make an offer. Would this be a good short sale deal?
How do we determine that? What do we offer? etc etc
This is our first time dealing with short sales. Thanks

John

We are going to be putting an ad in the local newspaper (town has a population of 55,000 people) for buying houses. It's cheap and only one other investor has an ad. He said he gets a majority of his leads from the paper. Any suggestions on what to say to get peoples attention and get them to call?? We were gonna go with:

[b]John Buys Houses!!
Call Me First!
555-555-5555

Hello,
I had a wholesaler contact me about sending a property out to my buyers list. I've got a buyer interested. How do I handle this? Just have him close with her? Also, what should I be compensated? I've heard some investors say they split the profits 50/50. That seems fair...she does the first half, I do the second half. Just wondering what everyone else thinks.
Thanks

John

I think the driveway is legally part of the property. Still a weird lot configuration....can probably negotiate that with seller?

Is it a big problem when a property is "land locked"? The property I'm looking at has a weird lot configuration. The driveway is about 150 feet long and goes right between two properties...so technically its on the street, just have to drive down the lane. Should I use that when negotiating with seller?

John Thein

I've been talking with alot of investors and they say the appraisal is way off and that comps support a $115-$120k value. It has a weird lot configuration too. The executor in our initial phone discussion told me she wants to get cashed out ASAP, then told me if she can get $110k that would be great. She has no idea of values or repairs. I think she is just taking advice from the attorney. I guess I'll have to use the old..."Is the attorney gonna buy the house?"

I could get the property under contract and then let my buyers tell me what they would pay for it....go back to the seller and negotiate??

John

Richard,
So the appraisal will be on the high side? It is an estate property so the executor had it appraised.
So you think I can sell it to a rehabber for ARVx.65-repairs? This executor she wants to get it sold ASAP. She wants cash before summer. Hopefully I can get it low enough.
Thanks

John

Hello,
I was trying to come up with a clever headline....oh well. Anyway, I have a possible wholesale deal that appraised for $148k, needs $18k in work. Most rehabbers in my area would be happy with a $20k profit. If I market it to my buyers list for $93k, that leaves $55k to do repairs, closing costs, realtor, misc, etc. Does that seem about right to all the rehabbers out there?
Thanks

John

I have a wholesale deal that is 4hrs away...so its not cost effective for me to drive back and forth. Need someone to walk thru the property and meet with buyers.