All Forum Posts by: Joseph Brooks

Unless it's a local restriction (HOA or otherwise) where someone will actually notice it, does it really matter? What would FNMA do if you sold it 2 months later? ...

Besides the fact that unless you plan on double closing, 3 months isn't that long to buy, rehab, list, and resell a place. It may take your end buyer 1 month to close anyways, so that's really only 2 months until you have a contract signed on it. And if it's a rehab that you're managing yourself (assuming you're not a rehab pro that gets them done in 1 week) ... then it'll take 1 month to rehab, get it staged, etc. So that leaves you with 1 extra month that you're really "sitting around doing nothing".

You can't just change the closing date on an accepted contract on your own. However, you can change the closing date if the other parties on the contract agree. Call your contact at the bank and ask to extend the closing. You'll need to have an addendum signed stating that the old closing date has been superseded by the new closing date which is xx/xx/2009. Both parties sign it and you can attach it to the contract wherever the contract goes.

I'm curious - how did you find this one?

What part of Stockton is this in? From what I've read, there are horrible parts of Stockton and decent parts of Stockton. North and West of UOP is supposedly decent. In the city, South and East is supposedly really bad. I'm in the Bay area and starting to look at Stockton as potentially attractive. Especially since I'm still no where near affording Bay area real estate. I've been running numbers, and if I can get something in the nicer area for $80k that rents for $1200 ... preferably newer construction to keep capital costs down. Then it's starting to sound very attractive. Or a similar duplex for $100k that rents for $800/$800. I still feel it has a ways to go though, so I'm in no hurry.

A degree is good if you want to prove your skills to someone that might not be interested solely in your real estate portfolio experience. Constantly learning new things is a good idea, so if you can fit the degree in with minimal risk, might be worthwhile.

"Ridiculous" profits is probably a matter of perception. Sitting in an office collecting a salary equivalent of $35/hour for 40 hours a week compared to working 10 hours to put together a $5k assignment fee.

Why not?

Bob, can you update us - did the offers go through?

How low are the banks going for contracts on the REOs?

Use the various REO lists from the banks to investigate properties. Try to figure out as much from a distance (county websites - assesor, recorder, etc ... and commercial websites). Figure the FMV for the property to be sold fast (some percentage lower than comps). Send out contracts, market to buyers, and try to get it all together at a title company.