All Forum Posts by: Tim Ivory

Interesting, so there are no other type of conventional loans from lenders that aren't associated with banks that have there own lending guidelines and they might approve the mortgage loan.

I ask because someone who is a lender said that it is possible to get a mortgage on the house in its condition, but not from banks or VA, FHA, loans etc. I'm wondering what in the world is he talking about.

Here are pics in case anyone is interested.

The house I need to sell has mold. I am marketing to AS IS cash only or hard money only loans -- mostly investors.

I am wondering if it were also possible to market the property to home buyers who want to live in it and fix it up themselves for a good discount, but is it possible for a lender to approve the loan, whomever it is they go to?

I am assuming government loans are a no go, so would that live only conventional lenders the only possibility, or are there even different types of lenders that don't conform to fannie mae, and whom might have less strict guidelines.

Essentially, what should I write in my ad, home buyers who only use conventional or XXX loans? How should I specify allowable lender types, etc.

Cheers

It turns out I was dealing with a guy pretending to be someone I know, Roger Gilstrap.

It was the oddest thing since I know Roger, so I thought I was communicating with him. He is indeed a trustworthy fellow, yet this guy was asking for shady things, so I was completely bewildered.

To be honest, I fell for it, did do the wire transfer, but the bank called me back and said "Are you sure" you trust this person lol. I decided to call his office up and I spoke with him and he cleared it up. He had no idea what I was talking about lol.

The company is legit, but this guy is NOT. 

There are certainly lessons to take away from this. It definetely took my pride down a peg to fall for it. I'll always without question follow the majority opinion, despite how I feel about the situation - better safe than sorry.

The situation was really confusing, so glad I finally got it sorted. If anything is confusing, just pass.

Cheers

I can't argue on a few things you said. I'd say I should research the costs more. I'm opposed to spending $30K fixing mold issue when it's possible to do the same job oneself for 2K or less.

Most of the research I've done on the topic of mold remediation is split, the majority seem to think its a scam. That issue can be its own thread. I'll leave the issue on how to handle the mold up to the buyer.

I'm not wholesaling the property also btw. It's my moms place.

One other thing, correct me if I'm wrong, 2 people with decades of opinion might come to different conclusions on the repair costs at the least, and the ARV. I am new, but I also am hearing different opinions from just about everyone, haha.

It's not clear cut, which is both good and bad.

Alas, I found a buyer for 230K, it seems. It took a few days to do so. I'm thinking the more time I have, the more offers, leading to higher asking price. Time is a factor.

I want a list of emails and or text of cash buyers. Can anyone help with this?

Thanks for your advice.

To moderators. I won't leave the address. This is not an advertisement. I need some help here and if I can't get it here, where can I? (Serious Question)

I'm advertising the property but not getting much interest so I'm trying to understand why. Is the deal bad, or are investors being cautious of the market as a whole?

The property has 425K ARV. The low point is 360K, high is 450K. I got the average sq/ft to determine the cost. I supply a sellers report including comps and market data to affirm the claim and make things easy for deal analysis.

The property needs approximately 70K to renovate and I'm asking for 250K. There is potentially 90K of equity to work with in this scenario.

Also, I was planning on flipping myself and simply dropping 35K into and sell for 350K, simply doing the floors and painting inside, along with replacing some drywall from mold issues, but I would tackle that myself and not get expensive mold remediation in there. In fact, most people who saw the place weren't concerned about the mold, less than 2K to clean and replace all the drywall etc, while others were immediately saying that's a 30K expense, that they would need to pay, like it isn't a choice and they have no cheaper options. They say they need to do it, but we are the ones essentially paying for it. I am confident they would probably fix it themselves to save money.

Do most people not consider putting the bare minimum in to sell for the bottom price point of the ARV? It should sell for 425K it top form, but would require 70K or 100K. You'd net the same if you did the bare minimum dropping 35K and selling for 350K. There is less risk.

The point of this thread, is hopefully, having some people can look at the pics and give me some insight and perspective here. What is a good asking price? How much to fix and why they came to that decision, assuming the cost of renovation entirely depends on one what decides to do to it, as long as its in livable condition.

I am not wholesaling the house, it's my mom's house. I am not adding any fees on the asking price.

Details - House is in TN

3 beds, with one bonus room downstairs with no windows

4 baths

4500 sqft

roof around 15 yrs (pics have black mold, cleanable with bleach)

AC units around same age, working but one needs 200 duct work and other needs new freon and leak fix.

No foundation issues

Biggest concern imo would be the mold.

Below are a few pics. Dozens more and video walkthrough can be found here via google drive.

Also, using a realtor to locate cash buyers seems expense, like 10k. I've always read it was relatively easy to locate cash buyers if the deals good. Is this deal not good?

May I ask why you think I will have a hard time maximizing value on the sale? Any advice appreciate on the ad, if you happened to check it out.

I'm aware realtors can help me locate cash buyers, but is it okay to ask them for a list or something or what should I ask. Will they receive any money on a cash sale?

I have a property for sale in Morristown TN I'm trying to sell to cash investors and would like some advice on how to go about finding them. I have the property listed in the classifieds section at bigger pockets, but still no luck so far on any offers. I've also created ads on connected investors, craigslist, and myhousedeals.com, but likewise getting no offers, which is weird in this market it seems considering there is 95K of equity in the deal. I have comps supporting a 425K ARV with 35-50K repairs and asking for 299,000.

Address is 1645 Cordell Hull Drive btw.

I was thinking of buying a cash investor list but not sure how to go about doing that. Funds are limited as well. 

Any advice appreciated.