All Forum Posts by: Lorene Fleming

Alex R. I think you were missing the sarcasm, though I'm sure it was good natured. I think you are also missing the point of all the free advice, if you think it's a good deal even if it's way below the asking price (and you've actually run the numbers yourself) then put the offer in - all they can say is no.

But just to chime in as also a fairly newbie, I have put in several offers (and taken into account all of the info given here, though my info was obtained from several books on multi-family investing, prior to me finding PB) and not one was accepted or even countered - there are a lot of investors in Bakersfield doing the same, several re agents told me that.

You say that you wondering if its a good deal, and you were given many reasons why it wasn't. Maybe at the lower price it is, but you should make sure you run the numbers first (using the advice here) to make the determination. I know that what seems like constructive criticism is not always easy to hear or take, but sometimes we have to check ourselves not to overreact to what honestly amounts to people trying to help us out. Good luck to you in whatever you decide.

@ Joshua Dorkin, I'm using Internet Explorer 8, maybe thats the problem, I don't know apparently no one else is having this issue. I'll try it on Chrome or something.

Joshua, I just checked out the HM directory and there seems to be some readability issues.

[Jeremy Brandt Not very many people know that the MLS back end is free and can be obtained just by filling out their form. Glad to see other people are utilizing it :)]

Andy Chu I'm with Chuck, what is the back end to the MLS? I did some research here and other online sites and found that California is supposed to have been granted access through court proceedings, but noone says how. Can you give us any insight on this?

What Mark said is very true! We are working on our first rehab right now and we went with subcontractors and friends - huge mistake.

We closed in mid Feb and by time they got half way through we found out various things had to be taken care of first and it had to all be redone - this was in late April!

I found a GC (after interview several) finally and he began in late May. He had to go back and undo somethings and much was done incorrectly in the first place, and when he went to the city we found out there were quite a few things that weren't permitted so he had to correct all that - there was so much!

We are almost done now but the time lost (HML @ 15%) and unnecessary expense was nowhere worth trying to save a dollar. If your paying for expensive money, figure in your expenses for a GC, and reflect that in your offer price. Let them make their money, you make yours by getting a good deal, saving out of pocket expenses from delays etc, and selling quickly.

Good luck!

[By the way Lorene Fleming welcome to Bigger Pockets. Nice to see new individuals getting involved in the forums. Please take a few moments to share a little about yourself and your investing activities. There is a forum area here for member introductions.]

Charles Perkins, thank you. I will do that.

I'm pretty new to re investing, we are currently rehabbing a SFR, but I would love to get into Multi-family housing. I am looking through sites like loopnet constantly and submitting LOIs on a regular basis - so far no luck because I'm looking for value plays significantly below market, but I'm nothing if not diligent so I continue my search. It'll happen, it took 6 mo to get an offer accepted for a house @ 60% ARV.

If the housing problem remains one of the reasons for the sluggish economy, the depressed prices, distressed properties, etc, then yes, I believe investors are at the front lines of the economic recovery, or can be.

If we each help our surrounding communities by utilizing all the businesses mentioned and improving the condition of the available real estate and making home buying or affordable renting a possibility again for perhaps hundreds of deserving people, then we improve that area which will ripple outward and with enough investors (or the same investors in multiple areas) the economy will necessarily improve.

More funds in the system, more habitable affordable properties = a fundamentally better economy. I believe this to be true and am writing my thesis and final MBA project on this subject.