All Forum Posts by: Jeff Tang

All I can say is that every little project turned into 3-5 more projects. Open a wall and find 3 more issues to address. Roofers start repairs and they find a few more problems. HVAC replacement turns into a full duct tear-out inside walls, floors and ceilings, including lots of sheetrock and concrete repairs. Just typical old house stuff from what I hear, but not my normal business model. I learned a lot and vetted a few new subcontractors but I will stick to the lower hanging fruit from now on! How about You in Chicago? . . . Are you a vintage house master?

Great job and return! Just curious, would the costs have been less had you decided to just gut the house from the get go? I'm a newbie, but the the thought of working on a home that's over 50+ yrs old, makes me think it might just be better to start fresh and upgrade everything, versus dealing with change orders.

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I don't have any experience, but just reading "...interested in making quick pile of cash" would clue me into thinking it was some sort of scam. The letter seems to lack a sense of genuine interest in the property, which someone might have an attachment to. It's to the point, but I would think one would want to try to feel someone out first, before telling them you'd pay them cash. Just my take. Good luck!

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Originally posted by @Nikki Robinson:

I made three verbal offers today over the phone. All three rejected but there's hope.

The first woman actually seemed grateful for what I offered, so I'll follow up in 4-6 weeks.

The second was a man who was clearly offended by the offer. He gave me a mini lesson on local house values and what I need to be offering. I thanked him for his time and told him to call me if anything changes. He just hung up, lol.

The third was a woman the next county over (the one who texted back "call me" instead of just calling). The lowest she'll take is $5,000 over my max offer. But it's a MAX offer for a reason, so I didn't budge on it. I'll follow up with her in 4-6 weeks also.

Congrats on your most recent offer! I was wondering, about the woman that wanted $5K more than your max offer...what was your max? and what were the comps? I'm assuming you had seen the property and figured out how much work was needed. Just curious as to what your mindset was for that particular deal.

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delete

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BTW, great job!

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Originally posted by @Brendan M.:

@Caleb Charles, I don't 100% understand the ins and outs of what numbers were pushed around to allow me to end up so far in the positive on this. I do know it was primarily the result of both having the seller contracted into paying $XXXX in closing fees and my mortgage broker providing significant cost reduction and concessions (as a result of allowing two mortgage brokers to compete against each other). There were no actual funds given to me (you can't technically do that), at closing I was given four checks: One was my earnest money back, the other three were checks from the title company written to my banks to pay off my loans, credit cards, etc. I had to then mail them in myself to get my debt paid off.

When I've refi'd with a no cost mortgage, the lender is usually giving you a credit towards their closing costs. The fact that your seller is paying $2800 towards closing costs, just means it's another credit towards your escrow. The remaining credit is refunded to you. You're just able to direct how it's dispersed from Escrow...in this case, to your creditors.

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When we sold our condo, we requested additional time to stay, while we tried to locate another place to purchase. I don't think it's unreasonable to accommodate, especially since we were willing to pay rent. Like some mentioned, rent was paid thru Escrow. Granted we're model renters, and not part of the 1% of renters who might just turn around and try to claim tenancy. If it's a real good deal, it might be worth it, but it sounds like you passed on it.

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Congrats on a job well done!

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@Arlen Chou Sounds like you hit a gold mine. Congrats! There doesn't appear to be any break in the highly desired Bay Area market. I hope I'll be able to break into it someday soon.

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Originally posted by @Brian Gibbons:

@Cliff Zarbock

I was lead to her by another realtor here in the city that knows my investment criteria. I got the jump on them prior to them being listed on the MLS.

I hope you paid that realtor something. Nice creative work!

What would be considered a nice "gesture" to the realtor...for future reference.

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All Forum Posts by: Jeff Tang

Jeff Tang has started 1 posts and replied 62 times.

Post: 77K return . . . but I wouldn't do it again!

Post: Letter to Absentee Owner: Proof Read (Try #2)

Post: Bandit Sign Marketing Results

Post: Detroit??? Has anyone been purchasing there? Why, Why not?

Post: My First Deal: How I Got Paid $4.8k at Closing AND Increased My Cash Flow $1200 a Month for 0% Down

Post: My First Deal: How I Got Paid $4.8k at Closing AND Increased My Cash Flow $1200 a Month for 0% Down

Post: Current owner wants to stay after closing

Post: Sold! House flip $83,000 in Profit

Post: Another Bay Area appreciation data point!

Post: How I got an 8 unit apt complex for no money down!