All Forum Posts by: Kevin Lovill

But, I've already done that, the house is about 1 hour away from were I live. I checked online and found the phone number for the tax assessor but, theirs no way to download any info from the website. I called and left a message, I'm they won't return the call. I should I ask them for the homeowner name or do they care and its public informtaion.

I found a property but, I'm trying to get in touch with the owner where do I start. How can I found out who the owner is thanks.

I'm chasing any lead this point. I can't find a solid deal as I've posted before. I'm not sure if is because there's a lot of novice investors in my town or if it's my negotiating skills. Mls hasn't worked for me yet, I've been at properties on the first listed date and still missed the deal. I've had a referral or two and haven't closed those either. Looking for different strategies to close a deal that's sound.

Thanks for responding, I was hoping there may be some creative way's to negotiate this deal. The only thing is the home homeowner owes what the market value is and maybe a little more. Since the property was not listed and not a foreclosure yet, I thought I could get a better deal.

I have been informed on a pre-foreclosure deal. The comps are in mid 150k. The owner owes this much on the property. The property would need new carpet and painting on the inside. The owner owes 140 on the first and 15 on the second. I would have to get the property around 100-110k. I would have 3-4k on the the initial purchase closing cost, I would need to assume 6-8 on holding cost at 700-800 on a interest only loan, that would be 6400 on the high side. Need to assume closing for the new homeowner 5-6k and if listed 6% on commission for the sell. That would be roughly 9k and any misc like utilities. That would be a total of 26-27k. How would I get the bank to go for a price around 100-110k. Would I pull the lowest recent comps and then subtract rehab cost. What else could I use for negotiation. What about the second loan. Would the home homeowner be responsible for the negative portion of the deal. I live in North Carolina. I'm not sure the terms of the contract yet. Thanks for any help.

Yeah, these are thing's I beginning to figure out. A lot times I go look at the home, even though I know the property is over priced. Then I'll place my low ball offer. Obviously this doesn't work. I've began to do the things you've been talking about, waiting for my price point then making the offer. Thanks for the response.

I live in Charlotte, NC and may be interested after my personal evaluation of the properties. Let me know were your located and maybe we can talk.

When deals hit mls is that to late for a good deal. I been looking for properties and haven't landed anything at this point. I don't k now if I'm to conservative with my bidding or whats wrong. When I place a bid I use the rule of thumb not to have more than 70% of the most recent comps in my deal. Which include closing on the initial purchase, rehab, commission on the deal if I have to list the property, closing cost for the new buyer and then I assume the lowest recent comp with all variable being the same. But, ever property which has been at least 20 in the past two months hasn't went through. I been using word of mouth to promote my business. Also, I'm having bandit signs and business cards made up. What does it take to make a solid deal any advise please. One last thing, on the statement above properties will bought with cash so there's no holding cost and I know some will argue that you have to consider that money as expense somehow but, I don't.

I found a duplex in my area. The LP is 109,000 REO, rent support in that area is between 650-700 per unit. Each unit has 2 beds and 1 1/2 baths. Duplex is in good condition. 2 stories with large kitchens and living rooms. My only concern is applying the 50 % rule with the max. rent for both is 1400. The mortgage on the property, if property could be bought 90-95k mortgage payments would be in the 700's. Any idea's from anyone. In the 50% rule whats all included taxes, vacancy, repairs and what. Never owned a rental property before and need advise.

No they purchased it in 2003 for 139,000. Generally the comps are around the 150k. Unless I could get a short sale deal and depending on the deal would I follow through with it at this time. Assuming the home hasn't been refinanced and the title is clean it should be in the 120k area. I've never worked a short sale but, I'm assuming the banks are up to par on there comps and values. For it to be worth it, I would need to get the deal for around 115k. The house is not listed so there's 6% and I would pay closing cost at 4,000. So if could negotiate the deal at this price 115k for the home put 30k down. Pay 3-4 at closing brings it to 119k holding cost 6 months average is 90 days in Charlotte, North Carolina. Interest only loan on 85k around 600 so that's 3600. Now were at 122,600 in the property. Obviously, I would try and market my self the first month or two if little or no response list the home with my agent. 150k at 6% is 9,000 now were at 131,600 the lowest comp is 149,00 and the highest is 167,000. Bring home in at around 155k, would be willing to pay closing cost for seller at this point. Would not except anything less 145k. So at bottom the deal is worth 13-14k. There's nothing to rehab on the home so how would I negotiate this price point. Anything more would not be worth my time but, I at least need to pursue it to see if there's anything there for me. Please explain if I missing something or if I completely wrong.