All Forum Posts by: Jason Lavender

I’m not in California but just purchased a house on xome.com. Got it the second time around after being the 2nd highest bidder on the first time it went through. They asked for my highest and best which I gave they declined went back on auction 10 days later bid the same amount and they took it. I closed Monday and am rehabbing it now. The communication is pretty slow and they literally faxed the final docs 20 minutes before closing.

@Raymond Patrick Hopkins 

The 70% rule for me is a general guideline it works for me in my market but may not be as helpful a tool in your area. I agree with @Brian Pulaski $30k potential return is not enough IMO for $700k investment. At the end of the day a profit of say $60-80k may make sense even though it also would not meet the 70% rule. 

Figure our your MAO and use that as a guide on your initial offer it's good to leave room for negotiations. If your worried about competing offers use the number that still makes it a good deal and get it on the table quick.

Whats the ARV on the house? It depends on how hot your market is if he will get nervous or simply get offers.

Look for potential owner finance deals.There are plenty of creative financing options to close on a good deal, less options to close on a so-so deal, look for deals and financing simultaneously. Hope that helps. 

Does anybody post a coming soon sign in the yard or other ways to generate quick sale during a flip project? If so any success stories?

@EmilyPowell what was the turn around time wise on that refi?

If you paid cash there is a delayed financing option thru Fannie Mae where you can refinance out your full cash purchase. I am looking into this on a flip I close on Monday, however I call my local lender Ive used on other loans and she had no idea what I was talking about. Evidently its not a common product that's used much but I will be checking more into it next week.

Thanks @Jared Viernes @Jonathan R. I look forward to meeting you both. Love to find out about the breakfast meet up. @Shane H. I do still have my painting company. Shoot me a message with your number and I would be happy to visit with you about your project. 

I ran across BP a couple months ago while researching house flipping. I didn't realize I had just hit the jackpot of REI manna. Now addicted to podcasts and browsing forums. I bought my first deal last week through an online auction and am waiting for my closing date to get started on my first flip. I own a painting company and have been around construction for 20 years so hoping that pays off. I am interested in partnering with like minded individuals to do deals in and around Wichita.The support from fellow investors around here has been very encouraging and I would love to meet more people. Cheers.