All Forum Posts by: Jason Lavender

Ditto,ditto,ditto,ditto

@Vina Real I have bid on several of the online auction sites and bought one house off xome.com there is defintly a learning curve there. They mostly have unstated reserve prices and bid against you until reserve is meet. If it doesn’t meet reserve price they simply put it back on auction again. I have seen properties available for over a year that I have placed bids on. Often time they will email you after auction closes and tell you the first buyer backed out (the auction company themselves lol) and ask for your highest and best. I didn’t figure out the secret sauce to the process and just moved on. I think there are deals to be had just need to perfect the process. As far as my goals I am finishing my third flip and closing on my fourth in 2 weeks. Cash is tied in projects, however I am learning that is not the way to go, OPM is my plan now. Started my marketing plan to buy off market deals, definitely the rout I’m pursuing going forward.

Two ringing endorsements if I ever saw one.

Welcome Rafael!! let me know if you have some wholesale deals in Wichita currently  

I’m dealing with the same situation of FHA appraisal coming in low. To top it off I got hit with a mandatory second appraisal because it was inside 180 days of purchase, I was told from purchase date but is actually from the date the deed is recorded, missed it by 4 days. Now second appraisal is coming and of course the lower of the 2 appraisals is what is used. I was told I could contest it but that takes time, it’s only $7k difference so I’m offering seller finance on the $7k to try and wrap this up. The last flip I sold I swore I wouldn’t offer my next one to an FHA buyer because I had issues, sure enough though here I am similar situation. The lower price point house is hard to disqualify FHA financing since it will narrow the buyer pool to much. Definitely frustrating.

This is a deal at more like $85k purchase price. I agree with others rehab budget always runs over. Sub $10k rehab will get light cosmetic rehab. Look for a deal with more meat on the bone.

Buyers routinely ask for seller to pay closing costs. You don’t have to though. Congrats on the profit! Was this property that underpriced or just a fluke buyer?

I was curious if anyone has experience investing in a recovery or safe house( Oxford House, Half way house, prison release etc)? I have many relationships with people that need help with a fresh start in recovery, prison release and abusive relationships. I know this is not a new concept and don’t want to reinvent the wheel. Typically a leader is appointed to run the house under established guidelines and provide oversight to residents. This part I feel comfortable with, the logistics of making it financially profitable and being able to reinvest in future houses is what I’m a little lost on. Thoughts?

It’s definitely their liability to have this potential hazard, however unless it’s in an HOA governed sub division it’s probably there’s to do whatever they want. Each city or county has there own rules regarding pool tear out, I checked on one the other day and city guy said pulling a demo permit would take it off the tax roll then I was free to remove/partial remove and fill. I found other areas require more permits and oversight.

Rocket Lawyer or other legal advice service.