All Forum Posts by: Jacqueline Mann

I received 2 prequalification letters from Quickline Capital yesterday. This is my first time working with them and so far they respond within hours, so I like the customer service so far. PM me for their info if you're interested. 

Thank you, Roy. Your response was reassuring. 

My realtor told me that the bank doesn't have an appraisal, and he referred  me to the comparable market analysis. Based on that, I stood by my offer and wrote a letter to the bank explaining why, using some of the comps as backup. I offered $80,500 and I feel confident about my offer. I'm prepared to wait it out if I need to. 

I'd like to make an offer on an REO. It will be a major rehab. Comps are $175K. I estimate repairs at $42000. My formulas tell me to offer $79000-82000. The bank is asking $125K. I'm concerned that the bank will not take my offer seriously.

Two questions: 

1. I'm thinking of writing a "buyer letter" to the bank explaining my offer and what the house needs. Do banks read those? What do you recommend go in it? The letter templates I see online are targeted towards writing to emotional homeowners. 

2. I asked my Realtor if he can get a copy of the bank's appraisal and/or BPO so I can understand how the bank came up with it's offer price.  Do banks generally turn those over? If the appraisal supports a price of $125K, then I'm walking away. I don't see a deal here.  

I'm an elementary special education teacher. It's my passion. I plan to retire from teaching when I am well into my 60s (or beyond). However, I have been interested in investing in real estate for about 20 years. It's an interest that just won't go away, so I know that I'm serious about investing as well as teaching. The difference is I use my regular income to help create my dreams and real estate investing to supplement my dreams. 

Hi, Bryant Schur, How can I get access to bank owned foreclosed properties that didn't sell at auction? Those that haven't made it to the MLS yet? I have the cash and I'm quick and hassle-free when it comes to closings - two attributes I think banks appreciate. I could relieve them of some of the excess properties they have on the books. How do I approach bankers without being looked at with a look that says, "What makes you think YOU can get in?" I'm just one business wanting to help another business.

Thanks for the update, Derek. I came here to BP to learn about people's reviews of Sherman Ragland's program. I once had a mentor who I didn't pay, but I split the deal with. I definitely recommend that people try that route. Nonetheless, I'm wondering what to expect if I attend Sherman Ragland's meetings. Will I benefit enough without buying anything (because I don't plan to buy anything but a piece of property! ;-)  

How many starts (out of 5) would you give Sherman's 3-month program?

Do 2 deals.

Hi, I invested in Jackson, TN in the past and plan to invest again in 2017. I'm very familiar with the market there. I'll try to message you now. 

Also, here is the link to the REIA in Jackson.

https://www.facebook.com/pg/JacksonAreaREIA/videos...