All Forum Posts by: Account Closed

I saw them but was looking for another option.  

Where is the best place to purchase a direct mail list that includes both absentee owners and owner occupants?  Or just one for absentee owners.

What a bunch of morons.  This bill doesn't solve any of the problems they are claiming they want to solve.  In fact it only creates more problems.    

The news paper works best for me.  

When you are wholesaling you are not selling a property.  You are selling the contract to purchase that property.  If you happen to actually buy the property, then you own it and can sell it.  

Perhaps some of them were buy and hold investors.  But I'm not just talking about this one deal. I would not be dumbfounded if it only happened once.  This has pretty much been the story for the last 200 + offers I have made.  And I'd bet that at least 90% of those houses were sold to rehab/flip buyers.  

It was another investor who won the bid.  The seller told me 7 investors came out to look at it, including me.  They got 6 offers and mine at $20k was less than half of the next closest one.  

Most of the deals I look at are off market, and I have this same problem most of the time.  I might have to find a different way to find properties.  

This happens to me time and time again. I just got off the phone with a seller of a house in Florissant MO who told me that 5 other people made offers on his house and that my offer was less than half of what the next highest offer was.

I offered $20k on a house with an ARV of $100k. It needed $41k in rehab (and I know I can get my rehabs done for much less than most too.)

This means that someone else offered more than $41k. But why, how on Earth can they do that? Maybe my comps were off, but they can't be that far off.

Here is what the numbers look like with a $41k offer. And they accepted an offer higher than that.

$100,000 sales price

-41,000 purchase price

-41,000 rehab cost

-12,000 other cost

-----------------------------

= $6,000 profit

This is not a good deal. I have seen this happen hundreds of times in the last several months. Am I missing something? Why are so many people paying so much for properties now?

I used to buy around 20 houses a year and sell about 30.  Lately I can't get any offers accepted and I'm offering as much as 15k over list price.  I haven't had an offer accepted since November and I've probably made around 300 offers since then.  Many of them have been over list price.  

This is not just listed properties, I'm talking about off market stuff too.  

But lets say a home is listed for $30k.  I can barely make the numbers work at $35, so I'll offer $37, but someone else offers $60k.

This sort of thing has been going on since I can remember, especially at auctions, but it has been out of control lately.  

Funny thing too, is that I know I can get the rehab done cheaper than most too.  

I'm not throwing in the towel, but I'm throwing my hands up in the air and shaking my head in disbelief.  

Most of the time we and I noticed that most others leave both doors.  We have done it before with a single door and a transom on both sides that looks great too.  

Here is a pic.  

Here's one where we left it