All Forum Posts by: Komal Patel

Hi BPs I am working on my first REO property deal. Actually I submitted offer Which was pre auction offer. bank accepted it. And finally I signed my first contract today. On contract bank wrote closing date as 4/4/16 but listing agent told me that they won't be able to do in this time period as bank is working with city to resolve all violations and that can take at least 6 weeks. So bottom line is they won't be able to do closing on set time. I could not much do negotiations when I sent my offer since it was my first deal. I overlooked certain expenses such as 5% charges of auction, also under estimated certain expenses. So it tightens my hands now & bit scare if I made right deal or not ! My question is can I still negotiate the deal with bank in this scenario ?? Since I know bank won't be able to do closing on set time period due to all city issues. Please advice Komal

Jd Martin Thanks for your reply. So we need to calculate profit based on ARV only ! Or is there chance to sell house in higher ?

Hi BPs Need your help urgently. I am working on my first deal. Actually ARV of house in realist report is $418k and bank accepted my offer of $330k.. (315k was offer amount plus 5%auction charges-17k ) Which was pre auction offer. Rehab estimation will be around 40k .. Plus I have to count on closing cost and holding cost too. So when I run numbers it comes around ARV value. So how do I decide my selling price ?? How much average profit i can calculate?? Do I count on ARV value for the profit?? Should I go for this deal ? Does the deal make sense?? Or I still need to negotiate with bank?? In other words how does it work if I can negotiate with bank?? Bcs it was online offer & they sent me contract which I have to sign today. (Valid for 24hours) I am really confuse. Property is really good, water front with pool family home in safe neighborhood. Pls reply asap..thanks in advance Komal

Jenny Cunningham yes I am interested too

Nice tip on this post

Hi Experts Can you anyone advice me ?? If property's year built matters for selling?? I mean if house was built in 60's or 70's & I will be flipping the house after rehab then do my selling can become difficult? Or I have to compromise price due to old year built structure?? I am in south Florida area. I will appreciate if you guys can advice me. I have a deal in hand but my partner is concerned about the year built. More over matter of fact I am not able to find any good deal with recent year built Properties too. Komal

I like few of the properties But I am new in this business so can not estimate rehab correctly. So I need GC who can estimate for me before I put offer because with out running numbers, hard to say if it's good offer?? And most of them charge more than $300 just to do estimation. How should I tackle this at initial stage?? Can anyone pls guide me?? Komal

I am almost ready to put an offer. I have few questions which are bothering me. 1 should I put more than one offer at a time ?? I like few of the properties 2 at what stage I should do inspection?? How do I find inspector?? How much normal charges?? I am in southflorida area 3 is it better to hire appraisal officer or inspector?? I am intended to do flip later. Please guide me with more details about this. Thanks Komal

Hello all

   I am planning to see first property next week. Anyone has check list form which I can be good help to me ? Also anyone can give me open advice what all things I need to look for along with taking lots of pictures & videos. 

Komal

I am new to real estate world. I just found a deal. I will be going to look at property on Monday. I wanted to have help from you all to analyze this deal

Location: 33321/ florida

Asking price is $130,000

3 bedroom 2 bath town house. 

Pictures: https://app.box.com/s/z94ejobja3en9i8jdmnhv7j9oqs7...

Is it good for fix & flipping? I am attaching few pictures here. I have not look at property yet so can not tell what all internal fixing is needed. Is it worth to go for? 

Looking forward to hear from you all. 

Komal