All Forum Posts by: Martin S.

But it cant even be true that they got an all cash offer higher than mine. Seriously, what all-cash investor would purchase it after its been listed for over a month on Zillow/mls, for more than $115k, when the seller who is a real estate agent who listed it AND the "manager" of the property company which owns the property who purchased it at $86k 2 months ago... Ok, Ok, I do know there are some stupid investors out there, I saw a guy in a NYC auction go from $2million to $3 million for a building that needs to be tore down and the bank maxed out at $2.01million, and everyone else already backed out, everyone choked when they heard his bid, lol, and no it wasn't proxy bidding where it goes up incrementally over the last bid, he paid that much!

I could get a tenant in the next day for $1000/month. Average rents for similar size are $1400-$1500, there are a lot of odd balls asking for $2500 for some reason, but I think those are mostly for seasonal tenants and the houses are furnished...

The property is a decent property. Its zestimate from Zillow is $160k. I would say that I can even flip it in rentable condition for $150k within a few months. The listing agent did post that it needs a complete remodel, but from further information its only the interior that needs remodel, floors, kitchen, bathrooms, walls freshened up, etc, which I can do myself easily. I know that area VERY well, even though its 1200miles away, I have family there and have been wanting to buy rental properties there for the last 5 years unsuccessfully. LoL

No, it would be my first investment property. Technically I will buy the first one as a second home. Renovate it myself (should take me a month or 2) and then I would rent it. I would prefer to get a mortgage on it right away rather than paying cash up front, because I do want to buy many houses and need as much as my cash available as possible. Although, I have the ability to get loans by other means, I would prefer to hold out on that until I finish a deal or 2.

Oh and did I mention what BS the auctions are, especially for me who wants to buy a property out of state 1200miles away. First you need to have a 5% deposit ready, 2nd you have to pay full price cash on the Sale day (which is the Auction date), not only that but most banks bid a ridiculous amount and most houses are "sold" to the plaintiff (bank).

So how am I supposed to buy a property if I cant fly there every week and see each and every listing, and if I bid and am lucky enough that the bank doesn't care and sells it to me for what seems a great deal (but the house could be likely torn apart) I don't even know what I am buying. Ughhh

Property was purchased at auction like 2 months ago by some real estate agent at $86k (great deal, huh) who "Manages" a property company and is also the listing agent for the property I want. I called the listing brokers agency yesterday, spoke with an agent and worked out a deal. List price is $129k, I offered $110k, the listing agent, who is the manager for the company who owns the property came back and said we have a deal at $115k, and I was fine with that and told my agent to send me the offer contract. This morning I call to verify if there are any HOA fees and my agent tells me that the seller is taking an all cash offer that is higher than mine. (Which is just stupid). Anyways, how the hell am I supposed to buy my first house with these kinds of stupid road blocks all over the place. My main problem is finding an agent who can manage to keep in contact with me long enough to make an offer. I call them, email them and tell them I am ready to make an offer and they disappear! Ridiculous! I must have tried 10 times over the last year to make an offer and it never goes anywhere, the agent I call never gets me an offer contract and either I am too frustrated to push on or the house gets sold or something.

I have not been preapproved yet, but I have been prequalified by 2 different banks. I didn't want to go ahead and get a hard inquiry when I know I'd qualify for financing without any issues, but if they are so desperate to get it, I guess I have no choice.

I usually either call the number for the listing agent on zillow, and they never pick up and I leave a voicemail to never get a call back. Or like this recent one who told me another agent will call and I never get another call back. Should I send them an offer form or something?

I have 2 markets that I am desperately interested in. North Carolina, and Florida. I'm in NYC. I want rental houses that I would actually live in. I mostly look at mls, dont know how to find wholesalers, and could potentially find deals on auctions. But I cant get the realtors to submit my offers. I just contacted a realtor over the phone (listing agent) to make an offer 15% under ask price, which is a reasonable offer based on recent sales. I just pretty much told them I want to make an offer and they told me another agent will call and nothing happened. I'm sure this is going to be a dead end and they wont call me. How do I make offers on homes listed on mls/zillow?

yea, you most likely wont even be close to 2%, actually 1% is pretty darn hard too. I'm using a totally different rule, the rule that if I would want to live there and I can still rent it out for enough to cover my expenses, then its an ok first deal. Haha. Prices are very funny there too, you wont be a successful flipper there for sure, you'd have grey hairs by the time you're 10 days in. but the homes are BEAUTIFUL, especially compared to anything in NYC, heh. So it has major eye appeal to me. I'm actually thinking of backing out of the new constuction deal, (well its not under contract or anything yet) I'm thinking of making some offers first for recent constructions and see if I can get a steal.