All Forum Posts by: Jon Wright

Has anyone negotiated the 90 day deed restriction on a Fannie foreclosure? My agent says they no longer do that. She says its 90 days or let the deal go. Anyone negotiated it lower in the past year or so?

We've flipped two houses while working full time. We didn't have a gc just a handyman and a helper. Our flips were mostly cosmetic though. Does your full time job have the flexibility for you to field a phone call or make one whenever needed? Could you get by the job site once a day at a minimum? Those are the type of things we've seen and had to do. Are you comfortable giving a key to a contractor or hiding one somewhere or are you going to have to meet them there every time and let them in to feel good about it. Do the hours of your job coincide with the hours of city people like utility and inspectors? There will be times where you will have to go and be there during the work day. It is stressful and requires a lot of plates to stay spinning but it can be done. We are closing on our third one in the coming weeks and I'm already working ahead to get things in place for when go time comes. I'm a high school band director by day so my job is pretty full time. Best of luck.

Anybody Know of anything in north Alabama?

Ok more clarification. We looked and made a bid on the property and got a counter. We upped our original offer but it was still under their counter. In that process another offer came in and they have now moved to multiple offer protocol and asked for final and best and supposedly someone will get the bid. We are just trying to determine if we are already the high bid or if we should move up. That insight about owner occupant really helps. That helps to know that it might not even be highest bid that gets the property.

To clarify this would be a flip

we are in a final and best situation against one other bid with a  Fannie Mae foreclosure. We are currently at about $3500 below the counter we received from Fannie. We are trying to determine if we should move closer to the counter or take our chances that we are the high bid. Any advice on this would be greatly appreciated. We want the house but at the same time we don't like the ideas of bidding against ourselves. 

Hello my name is Jon Wright and I have been investing in real estate for a little over 2 years. I have completed 2 flips and own one rental. I also plan on selling my live in flip this spring. It is the one that gave me the confidence to start investing. I have since become obsessed with ramping up my investing and learning more. I have also been a high school band director for the past 12 years.