All Forum Posts by: Kevin Pfeiffer

@Will Hoyle I have also just started mailing letters on homes that are vacant. It's amazing how many of these that there are out there. Just started so no success or failure to report yet but I try to make each letter personal to the owner. Good Luck !

Tacking on so I see the responses.

@Engelo Rumora Thanks ! It does take a little getting used to for the lowball offers. Plan is to have several rolling at the same time as I gain experience to the bigger and better deals... :). Appreciate the advice....but it's tough to have the patience as I'm a "Get It Done ! " Kind of Guy. Will stick to the numbers.

@Mike D'Arrigo it's not occupied. It's part of an estate and went back to the bank. The neighborhood is good and I own a rental a few blocks over. Pretty confident it will sell quick.

@Bryan L. Great buy ! How do I get the HUD available homes in my area ?

@Joe Stafford Looks great Joe ! I can see that it will be awesome when done ! Great bones !

Thanks @Rick Baggenstoss Verbally talked to banker about my estimate on cost to rehab, etc. Will submit the numbers, etc in writing. Great idea !

I was conservative on all numbers so the 11K is minimum.

It's a quick job, 6 weeks or so, so the annual return is pretty good.

I will also get ahold of my real estate agent to have her help me with sale price projection when complete.

Great Advice !

Made an offer on a place this week. I'm newer to REI. Intend to rehab/resell the home. SFH. Bank owned and sign went in yard on Tuesday. Got ahold of the bank and walked through on Wednesday. Made offer a couple of hours later. Reply to the offer was "not accepted." I made a second offer right after that and never heard back. The next day a realtor sign shows up in the yard. Guess my offer wasn't good enough....LOL ! Appraised for 37K, they listed for 37K, my first offer was 10K, 2nd was 15K. Rehab estimate is 22K. Value when complete is about 55-65K. Purchase, hold, and sell costs are about 7K. The banker already told me that they want to get rid of it so I don't think they have that much in it....was bought for 30K in 1998 so think they have gotten their money out of it. What do you guys think of my numbers? Any advice ? I am not afraid of going for it and getting rejected but the numbers work for this place and it's in the location that I like. I'm going to keep pile driving them with offers going up slightly to my cap until they relent or I stop ! This stuff is fun ! Do you think I offered WAY TOO LOW ?

@Jacob A. Great Job ! Quality work always sells ! What are the final numbers ? I think you did great. It's not bad luck around the holidays...they come the same time every year ! Plan for them.

@Shawn Holsapple Be careful on finding your first tenant(s). Do your due diligence. I do not use a property manager and have learned that getting the right tenant makes a HUGE amount of difference. Go with your gut instinct after due diligence. I have had people give me wrong or several names, etc while trying to rent. Believe it or not in addition to the background, credit, etc checks I check Facebook to see what they live like. I cannot believe the stuff that people put online. If I was in law enforcement I would be all over that stuff ... Maybe they already are ! I think that it is worth it to go through this when starting out so you have the experience.