All Forum Posts by: Jon Mendoza

hey thanks for the advice that sounds like a great idea to go on fb groups. Found a couple good ones on FB, I appreciate the help!

As for comps in the 190s you are right can always sell a bit more depending on what I do to it, I always just price for worst case scenario and always look for a quick sale, but I have offered several and all rejected, so guess just need patience.

Hey thanks for reply! I have always bought REOs so I think I would be pretty new at anything else lol. But direct mail marketing or buying from owners wouldn't be a bad idea just saw a home for 165k and comps are 190k its the best deal I've seen so far and it needs like 15k in repairs plus 3% commission to a realtor and holding fees not much profit. Guess have to keep looking, unfortunately. Just doesn't seem as easy as before.

Hey guys, been doing flips for a while now and I have access to MLS as my wife is an agent, but we have trouble finding REOs. The banks are listing too high now, not enough profit for flips. FSBO not much luck either and non REOs take too much time to look for great deals and very hard to come by. Does anyone have any advice to finding good deals for flips. I do all the renovation and look for bad condition homes that are cheap and sell at comp level prices. Any help appreciated, also looking for locals who want to gather resources and invest as well, always good to meet friends in this business!

Hmm this is the whirlpool refrigerator, not an old appliance, it is very new and nice looking, but as you see no water dispenser only ice maker, I think it looks cleaner when show casing the kitchen, but usually all my personal refrigerators have water dispenser in the front like all. Not sure if buyers would pay attention to this, it is in an upscale neighborhood. 

http://www.airportappliance.com/refrigerators/fren...

See here am getting for 500, what you guys think? 

Hey everyone, I'm probably being paranoid. Done several deals, normally I buy new appliances for flips, but on this remodel I found great deal for used like new, except for fridge. I have someone selling a like new stainless whirlpool french door fridge, but doesn't have water dispenser. Just Ice maker inside fridge I guess. I'm used to the water dispenser, but are people picky about not having one, I'm a perfectionist when it comes to remodeling and flipping. I believe they look nicer without the water dispenser, but not sure if people go in buying a home and saying "No water dispenser" deal breaker. Anyone really picky about this?

So one would just make many lower offers and hope one accepts?

What about in the case of comps, if comps are based off a none remodel, how much more would a remodel improve the value of the home, so I can get a close range as to what would be a decent offer to offer any bank?

Also @Brian Garrett I have very close friends whom do remodel work and I do some together with them as well. It is just hard trying to find the property! 

Hey guys, pretty new here and just had a couple questions, hopefully someone with more knowledge can help! I am in real estate and have decided to flip homes. I already have a team for rehabbing/remodeling and flipping. I can do a rehab/remodel real cheap, but my question is, right now I'm looking at REO properties for buying with a 20% down or even cash if it is less than 100k. I have looked at so many REOs near me in South Florida. I notice the banks are listing properties for basically the same as an average owner, even when it needs work! Last property I did, was purchased for 190k and comps were 240k none remodeled same style unit and sqft. Sold it for 258k, decent profit. But now, I see REO for 200k and comps are 200k, yet REO needs work...If comps come up same, would you low ball the bank?

Another property I was looking at bank selling for 119k, good area, and comps are 100-120k. True Market Value is 100k-120k as well, they list at a higher price. And what if you do not see any remodel comps? The 120k recent comp is liveable, older kitchen, older everything, but none remodeled. How much would you estimate the remodel will up the price?

Just wondering these things as in my last one, maybe I was lucky, not sure if there are other options to look at that I do not know, I'm still new to the MLS, but know how to work it, unless there are other things realtors look for, any help is appreciated when coming at making a decision such as this one! And I have looked at over 50 properties in South Florida and all banks list the same at the higher end of the TMV listed on MLS. Appreciate any help!