All Forum Posts by: Janette Olano

A couple of pointers about HUD...

- If the property is still under exclusive listing, the best discount you can get from HUD is 80% net to hud. If it's in a prime location, it will sometimes be 85%. This is assuming that you are the only bidder on the property or have the highest bid by the end of listing period. Also, you can get HUD to pay your closing cost up to 3% of the purchase price as long as it's added on top of the net to hud.

- For HUD to accept/approve the sales contract you need to agree to all the contingencies in the sales contract. If the asset manager sees that there is a missing signature, the selling agent will be notified about it requiring them to amend the contract. If the amendment is not received within the given deadline , HUD will just cancel the contract and either award the property to a backup offer or put it back in the market.

- Lastly, you can wholesale or flip ANY property from hudhomestore.com as long as you bid on it as an investor. BUT, if you bid as an investor,  you won't get your earnest money back if you decide to back out

NOTE: This is based on my experience with buying HUD homes in GA state so can't say if this is true for other states.

Hi Omar,

Since you are wholesaling it, I assume you bid on it as an investor. If this is the case, then there is no inspection period for it and there is no way to get your earnest money back (you can only get your earnest money back if you bid as owner occupant but you can't wholesale the property since you are required to stay at the property for a year). 

However, whenever you win a bid in HUD, you have 48hrs to submit the signed sales contract. In those 2 days, you can visit and inspect the property. If you decide that you don't like it, just don't submit the signed contract and earnest money and HUD will automatically cancel it. The property will either be awarded to an acceptable backup offer or will go back to market.

Source: I mostly find my deals in HUD and I either rehab them myself or wholesale them.

Sorry if my reply is a bit late but in case someone else needs to know...

Hi,

I am trying to wholesale several deals Columbus, GA. A potential buyer of mine is needing an appraiser. Does anyone know how any appraisers in Columbus, GA who are used to working with investors?

I am thinking of selling one of my rental properties to the current tenant through wrap around mortgage. He has a really good income but bad credit score. If we do a wrap around mortgage, is there a way to report his monthly payments to the credit bureaus to help him improve his credit score?

I've seen some websites that offer reporting of rental payments for a fee. Are there websites out there that offer similar service for seller financing? I would like to suggest it to my potential buyer if such service exist.

See more pictures and details here.

Features

• 2BR/1BT, 1142sqft
• NEW roof
• NEW HVAC, NEW water heater
• nice kitchen - new fixtures, backsplash and fairly new cabinets
• big, fenced in backyard
• Right beside of Edgewood Park
• 2.8mi from Columbus State University
• Potentail rent: $650/month

Very Minor Repairs Needed

• exterior and interior paint
• new kitchen appliances
• railing on front steps to meet code
• power wash

NOTE: This is a HUD property under contract. You can read the process here on how the sale is done.

Property is vacant and can be viewed anytime. To get lockbox code, send me a message.

Potental Rent: $700/month

Features:
- 3BR/1.5BT, 1400sqft

- nice neighborhood

- big fenced in backyard
- just need minor repairs
- 5mi from Columbus State University

See here for complete pictures and details on the property.

Property is vacant and can be viewed anytime. To obtain the lockbox code, email me at [email protected].

Thanks a lot! I will give Patrick a call.

The property is located in Conyers, GA

I'd greatly appreciate if anyone can recommend me a general contractor that I can work with in Atlanta, GA.

I recently acquired a property that I plan to flip and is currently looking for a contractor to rehab it. I need someone who can work on it asap.

I already have plans for the current and new floorplans and kitchen elevations.

Property address : 37 Wellington Way SE,Rome, GA 30161

Sale Price: $86,000
ARV: $180K
Repairs: $20K to $30K
Features:

• 5BR / 3.5BT - there are 3 bedrooms and 2 bathrooms upstairs, 2 guest rooms on the first floor and a half bath, and 1 bedroom and bathroom at the basement
• 1,951 sqft
• Huge fenced in backyard
• new deck
• hardwood floors
• 4-sided brick
• very nice neighborhood

The walk-out basement has been converted to an in-law suite and has its own kitchen, fireplace, a bathroom and a bedroom. The house has been renovated in 1995.

For pics and more details: http://forsale.ninjendo.properties/for-sale/37-wel...

Get a 360 view of the property here.