All Forum Posts by: Jason Genovese

I purchased a foreclosed house from the court house steps and now the previous owner want to repurchase it from me.   He originally owed the bank $80,000 and I have agreed to sale the house back to him from $35,000.    He has came up with $20,000 and says he can raise the other $15,000 in a month or two.

I was wondering if he can legally buy the house from me since he was foreclosed upon?

give Derrick a call with rs&management,  I have Properties with him all around st Louis, pm for number as bigger pockets do not allow me to post this).

Hello,

I have a four unit 1 bd 3,876 sqft that I purchased recently finished the rehab.   I have one tenant currently in place (he has been there for $25 years!) and should have the three remaining units filled soon.  My numbers show a estimated Cap rate of 17%.   The estimated appraised value is just a guess on my part, I can have 4-unit appraised as needed.     I am looking for a Joint Venture Partner; the $35,000 buy-in is estimated to return around 17%.

I have one other property in inventory with similar numbers. I also can find similar deals if interested.

Thanks,   Jason

Thanks comments, I really appreciate members on Bigger Pockets that provide helpful advice.

Hello,

I have been buying my houses off the MLS, auction web sites, and other wholesalers. I wanted to receive some opinions if it is worth investing into marketing campaigns to find motivated sellers that are not listed on the MLS?

The local REI clubs I visit in my local area (st. louis) all seem to recommend some sort of marketing to find off MLS deals (Probates, Absentee owners, etc).

Thanks

Hello,

I have been buying my houses off the MLS, auction web sites, and other wholesalers. I wanted to receive some opinions if it is worth investing into marketing campaigns to find motivated sellers that are not listed on the MLS?

The local REI clubs I visit in my local area (st. louis) all seem to recommend some sort of marketing to find off MLS deals (Probates, Absentee owners, etc).

Thanks

Gratz,   I'm in Saint Louis too.   I have seen some really cheap houses in the area, though nothing as cheap as $9k, more like $25 in the not so good neighborhoods/school districts.  I thought about buying a inexpensive house as they cash flow better on paper.  After reading some blogs and posts on BP's  on what to expect with these cheaper homes, I decided to put these high risk, high reward opportunities on hold until I have more experience and cash reserves to take such a risk.   I also know an investor who does cheap homes across the river in Cahokia (has 11 properties), and he is constantly having issues collecting rent and with repairs.   But he is ok with that because of the good cash flow.

Anyhow, good luck and I would be interesting in your experiences

Jason

Thanks all who helped and commented.   @Brandon Turner I will definitely run the BP through some example calculations again to see if anything looks out of order (it could of been just me!), and report back.  @Steve Babiak , sorry about the link not being available to the public, I guess I was having a bad luck with technology that week.  

Jason

Thanks for responding, its good to know that my flip spreadsheet is probably correct..   I was going on the premise that that the number crunching investors at BP, over time would have worked out all the bugs within the BP sponsored spreadsheet(s), and there was better chance I was wrong with my calculations than BP.  So, it was driving me crazy not being able to reconcile the differences between the two results.

@John D.

Yes, I spent a lot of time trying to figure how the $9500 was generated reported under loan points and fee's.  I figured it was a combination of closing ($4,500) and (load fees 4%*120K = $4,800) but those numbers add to $9,300 instead of $9,500.  

The spreadsheet I added to Google Doc includes the screenshots from the BP flip calculator.   Towards the top of the sheet is the screenshot of the results and as your scroll down are the numbers in the input screen.

https://drive.google.com/open?id=0B2N3VaIr5Hd8NDRkVUxIS3k4MGc&authuser=0

Let me know if the link does not work