All Forum Posts by: Jairus King

Good morning Gabrielle,

    I agree with Adrian's assessment. The asking is still going to be a bit high at 155K. If you wanted to try and move it you would need to convince the seller that they are too high and need to come down significantly. Not that I have the information on the actual property, but assuming your numbers are legit I would look to see if you can get her to 100K ... Which may not be doable depending on what she owes. Based on what I have seen in Richmond she may have over-payed. Things to keep in mind is that the market in that neighborhood (Average DOM)+ consider that winter is coming and the market changes then as well. Additionally buy and hold investors usually aren't looking for market value - We have taxes, vacancies, refinance fees, and repairs to tango with. We need the wiggle room in the properties value, so it must be under market value... 70 is good but I usually go 65%. Sounds a bit unfortunate for the seller. I would watch it and if it doesn't pan out and the seller folds, bird-dog it to a buyer.   

Good afternoon BP family!

In my searches for other rental acquisitions I read that there are deals to be found with other property management companies that may have properties that 1. May not be performing for them or 2. Properties that have been mismanaged. Does anybody have any input on this? I feel like a bit of a troll calling up rental management properties and asking them if they have anything they are willing to sell. Is this what has worked for those familiar with this type of strategy? Is there a criteria being used to hunt down “high-risk” companies? 

Hey there Regina-

In "my opinion" a lot of investors and gurus use the allure of "easy-money, quick money, fast-deals" to build intrigue in the area of real estate investing. It is false and I hate it.... While there is money to be made, it's neither easy nor a quick buck. It does take time to build a solid foundation and to locate a "solid deal", then see the process through. If you have no income, my suggestion would be to attend a reo meeting that is local and/or try to do some leg work for an established investor. That way you gain knowledge and earn a few bucks. If you are struggling to stay afloat I would address that issue 1st, while learning and planning your business. I have also heard these "how I made millions with no money"..... In my market and with my experience it's just not true. If you have no resources to invest in your business it becomes extremely difficult to be successful. You may not need tons of cash, but the idea of being flat broke and being able to make something outta nothing is just incorrect.

Hey there Regina!

      I have utilized HUDZU a few times and have not had the greatest of experiences with them. An affiliated realtor will have to do the bid work for you. Unfortunately if you do business with them "patience" will become your new best friend. They are notorious for the "bait-and-switch" move with the price. For example you'll bid on a product that ends at a certain deadline. Once you win for the agreed price, they will contact you and attempt to raise the price significantly. If you don't meet the demands, they will toss the house back onto bidding and you start the process over with them again..... They are very inefficient and if you have the time to waist knock yourself out, but I don't see how they move houses now that they have switched over to the HUDZU platform. 

Not bad at all Matt! I tested it and in conjunction with other research you can really get a pulse for neighborhoods if you move outside your own community.

Good afternoon All,

I really wanted to chime in because I am in a similar situation. Most of the homes I encounter here through REO or wholesale and don't have the utilities. The banks really don't care and will not connect power (as is) means as is with them. They won't connect for every "tire-kicker" that may be interested. Not sure how to resolve these going forward other than to inspect well and have enough budget to handle problems that may arise. Any ideas or input?