All Forum Posts by: Hong Gao

@Aaron Klatt maybe. But this market is crazy right now. Seems people are picking up properties of any kind:) or I could be stupid and overestimating the market. Will talk to my realtor. Probably better to act on the safe side:) Thanks!

@Aaron Klatt good suggestion. Sell as is for cash buyers are most likely to be investors who may not take the house at hat price level. My realtor did tell me she had at least three potential buyers who would take the house at that 89k price level. Another way would be find a retail buyer and I will finance the deal if they cannot find financing given current status of the house

@Aaron Klatt I think he was telling me that he would not do it as a fix-upper ( flIP afTER rehab) He was not thinking of wholesaling it, if I was not mistaken. Thanks — will confirm with him tonight.

@Eric Adobo I am totally new:) but walking away is still in my pocket (still in due diligence period). But thinking will try sell if numbers make sense:)

@Eric Adobo I am totally new:) but walking away is still in my pocket (still in due diligence period). But thinking will try sell if numbers make sense:)

@Aaron Klatt I talked to the licensed contract who came over to give me the estimates. He even told me off the record that he does a lot of flipping and would not touch the house if he were me. Also there are termites in certain parts of the house. It will be a high maintainance piece for a rental; that will take up my time and money. I think I am going to flip it — it may be very attractive to a retail buyer given the price and location. But financing could be an issue as current status would limit choices for financing

@Mike Atkins owners is an old couple, they are relocating to the beach. I guess this will be part of their retirement money:). But I am using an agent, will not really have a chance to talk to them:)

Second post. Learned a lot from the first post I did yesterday:). I put a house in a very good location under contract for 83K. Inspection revealed tons of major issues in the crawl space (flooding etc) and renovations will be major. Sellers willing to come down on price based on contractors’ estimates (somewhere around 30-50k)— waiting to see what price sellers will come down to. Initially I was planning on buying and holding to collect rent, now it looks like I probably will turn around and sell the property as is for a small profit. Price point very attractive at 80k ( compare to 120k for houses close by). It is an old house— do not want to deal with the issues. Need advice on how to negotiate with seller to get to around 50K where I probably can sell as is for a profit. Thanks!

@Will Gaston Thanks so much — that would be an important factor after zoning and inspection. A lot to learn. Thanks for the pointers!!

@Will Gaston Thanks for the reply and the suggestions. I will try find out more about the zoning info today. The owner did quite extensive renovations— added two bathrooms, a laundry room, etc, so those are major renovations that include plumbing, wiring, etc. Again thanks for your reply and suggestions.