All Forum Posts by: Sam Jackson

Yup, the banks are setting up a pump and dump. For one they have no soul. Two, they don't care who they screw over. They need to dispose of their toxic debt. It's a great opportunity for smart investors, and it's better to be safe then sorry. Just look what Freddie and Fannie did with the lead up to 2006. Bankers have there own agenda. Just ride the waves, because there is nothing you can do about it.
www.youtube.com/watch?v=wbrVR0uL8Zo

Thanks for the info Lisa DeFaux

I know about the 70% rule Jim M. But after reading @Justin Pierce post on all the cost associated with a flip. I was pretty dumbfounded, and left scratching my head. But in a perfect world ( lol ) minus the short sale and the active contract. I think this would be a good deal. I'm just trying to figure out how to calculate the other cost involved?

Holding Fees
Bank loan fees ( total Investment using the banks money )
Taxes
Insurence

I'm ready to get starting flipping houses, and I think it's perfect timing. I'm located in the Tampa Bay Area and we're ranked #4 in the nation for vacant foreclosures. I don't know what to make of that but I think it's a good think. On to my point. I have a deal that i've spotted today on Zilliow. So I'm wondering what the BP community thinks about it?

Single Family House
$119,000
3 Bed 2 Bath
SF: 1,900
LS: 9,000
Short Sale, Active With Contract, Handy Man Special ( HOUSE NEEDS WORK )
Days listed 106

Comps within 90 days - 11 houses Sold
Lowest $170,000 ok house no upgrades
Highest $235,000 with upgraded

Now back to my question. With just those numbers. It looks like a pretty good deal to me. I just don't know what to make of the ( SHORT SALE & ACTIVE WITH CONTRACT ). Will this deal be to much of a hassle and headache?

Thanks for the input Ned. Much appreciated.

Hey my name is Sam. I'm a new investor located in the Tampa Bay Area. Getting ready to take steps into Wholesaling, and I was wondering. Should I first meet with a investor friendly Real Estate Attorney to put together my contracts? I would hate to show up to a sellers house with a half *** contract with no clauses to cover my butt. DONT NEED LEGAL TROUBLES .... Also, how can I get some blank Florida Real Estate contracts? I hear that's the best contract to use.