All Forum Posts by: Account Closed

I love what you wrote!  :-)

@Jeremy Pace, no more than 6 months (thinking, 3 months for repair works, and 3 months listing). Is that the average time? 

@Dominique Grayson, Wow, seems like I would be offering at $120K to be on the safe side. I'm also overestimating the repair costs and underestimating the ARV as well (give myself wiggle room).

Thank you both for responding.

I've been absence from real estate for 2 years! Time just kept on moving on,  2 years passed so fast! 

Anyways,  I'm ready to get back in,  but that first step is always scary.  Need confirmation that this is a good deal,  is it?

List $171k. Offer $140k, arv $220-235, repairs $30-50k. Will use hard money loan (65% LTV or 80% cost which ever is less)

Would appreciate all the help on this one.  

yes.they are legit. I went through them before but decided to not move forward since their home buying process takes way to long. It's geared for people who can't obtain coventional financing, if you're able to do coventional financing or don't have the patience to wait 6 months to 2 years,  don't go with them.  If you can't, then it's a great program since you pay little out of pocket, no pmi, no closing costs,lower interest rate. But it'll take a while before you can get into a house and you have to put in certain amount of hours for volunteer work. 

does the 1% rule applies across the board? Seems like it's not possible in S. CA. Or is it? Most homes in the less desirable areas can sell below $250k, but the rent in the area are no where near $2500/mo. (Avg. $1400-$1800). 

@josh r

This thread is old, but interested in outcome.

When those mails got returned, did you check on the addresses to see if they may be missing something (i.e. condo #, mobile spc #).

I used to recheck them and found that the addresses are not complete. Sometimes the owner or who ever lives there refused the mail so it gets returned.

There's a house I'm interested in: father passed away (spoke with them) and they want to sell. Title report shows the original owner lived there since 1989, but a loan of $380K was taken out in 2010. ARV is around $380K. Not sure of repair costs; rent in the area is $1850-$1900.

Definitely not a wholesale deal to be made here, but what about subject-to? Any advice on how to structure a deal, if any deal is here? Not too good with subject-to's.

Thanks.

@Brian Davis I wouldn't waste time with a written offer. But I would keep the lead for future reference....who knows, maybe they will become motivated in the future. People circumstances change. Don't trash the dead leads, just yet. Check if these leads are still good in a couple months. IMO.