All Forum Posts by: Kenyatta Fletcher

Hello Everyone!

I have been in and out of real estate for the past decade.  I've recently moved back to Las Vegas after being in Atlanta for the past 4 years.  Needless to say, it's an entirely NEW market and atmosphere here.

So I will consider myself a pseudo-newbie and ask.....When Investors are asking for leads...what exactly is the information I need to provide them ? 

Thanks for helping me start over !

@Jim - This would be my first experience with a HUD home, however I've done some research. What I can find, including on BP was that if you offer 90% of the HUD asking price, that should put you in good position.

One can only try,right...

@Aaron - it's interesting that you mentioned the Hampton Hill subdivision. This home is not located there, but I did run into plenty of listings there, and my interest was peaked....unless you can enlighten me on something I may not know....

Thanks

I am trying to analyze this deal...

The property is now HUD owned, after selling in 02/2011 fr 168K.
The asking price is 46K.
4/3 -
Only cosmetic changes need done like paint ( they painted the living room some awful highlighter green) and carpet looks worn.
Gwinnett County , GA - Lawrenceville

Comps in the neighborhood:

Recently sold:
all less than .5 miles away in same subdivision
4/3 sold Feb 2011 - $135
4/3 sold May 2011 - $103K
4/3 sold May 2011 - $118K
Recently listed - less than 1 mile away -
4/3 - $118K
4/3 -124.9K
4/3 - $114K

I was thinking of putting an offer in at $41K (90% of list) and hopefully leave enough room to wholesale to a buy and hold investor for 50K - Does that sound reasonable ?

Rent average is 1100- 1300 in area.

I have recently begun inquiring about HUD properties, that is handled here in GA by a company named PEMCO. I was reading a post by an investor who had dealt with PEMCO before, and they had restricted him from marketing the property on his website. They stated that he had not yet acquired "equitable interest".
Has anyone else had any similar issue with a HUD property, being unable to market to end buyers prior to having title?

Thank You , Jon for the feedback.
I am looking for my 100 more , right now !....
I will give this one more try, maybe partner with someone who has handled short sales..I'm nothing if not tenacious.... OR maybe keep an eye out for this one at the auction..perhaps generate some interest with an end buyer over the next 3 weeks...hmmm...let me think on that...

Okay, so I was unable to reach the homeowner by phone. However ,I was successful reaching them by email. I asked if she was interested in selling. She replied that she was given notice that the property will be sold at auction in June. Is there anything I can do for her within 3 weeks...?????!!! - Should I just wait for it to go to auction ???.....

Allen, it seems like , again we are shaking the same tree. I have the list of properties that will go on auction and was wondering what to do with the information.
@Joel - thank you so much for the clarification.
@Allen - along with your first 3 ideas, I also thought of a 4th - I could scrub the list according to my investor's criteria, get the thumbs up and act as their representative at the auction - like an "auction bird dog"...

I just located a homeowner by speaking with the Tax Assessor's office. The clerk provided me with a current address, because it was public record. I then did a reverse address lookup on whitepages.com to get the telephone number....

Good Luck !

Thank You again about the advice on running the numbers.
@Mary - I spoke with the Assessor's office - they are not behind on the taxes, the clerk informed me that the Mortgage Co has been paying. Most likely they had enough escrowed to continue to do so.
She confirmed with me the Owner's name and current address. I did a reverse lookup and look to have a current number..

Okay...so now for the call .... (this is outside my comfort zone...I've usually passed this on to my investors at this point)...
I'm trying not to start the conversation with...

"You know that house you own over there, is starting to look real crappy...Wanna sell it ?"....hahaha..
Any advise on convo starters ?

Thank You, Mary ! Will do.