All Forum Posts by: Michael P.

I'm guessing you're fishing right now but...

If they are good deals they should practically move themselves. 

If they are bad deals well...there you go.

If you truly have good deals and any of them are in the Dallas area feel free to PM me.

Then no, I think your current lender would be very unhappy if you tore that structure down.  The structure is what is currently securing your first and second mortgages.  I guess you could build an addition and accomplish your goals however it sounds as though you are already heavily leveraged as it is.  

Do you own the land outright?  If so, then yes, the bank would view that as a good amount of collateral, assuming your land is very valuable. They might loan you the full 100% build costs to construct the new building if you put the land up as collateral.

Go chat with some local small banks and see what they have to say.  

@David Wolf  Just travel around the area and call every builder who are building spec houses and offer them these lots.  Shouldn't be too hard to sell them if you are truly offering a good deal.  

@Alexander Churchill What is your exit strategy?  If you are holding forever, can you pay it off in 10 years?  I would start asking yourself those type of questions to help yourself derive an answer.

Goodluck...

@Rogers Smith I just looked at your spreadsheet.  One line item that popped out at me was your Plumbing Top price.  What size house was this?  That looks very expensive.  You might want to interview other plumbers.  

@Rogers Smith looking good.  I never wait for windows and doors to start my rough trades.  I just start blasting away.  All my windows and doors are super high end these days so they have much longer lead times.  Some of my items have 12 week lead times so it takes excellent planning in advance to make sure everything is on time.

Ahh how I miss the days of Vinyl windows with 7 day lead times hahahha.

@Eric Robinson will you link to the exact url for the one you are using and tag me?  I'd like to see it and maybe I can offer additional guidance for you guys.

#1.  If $1,900 ruins a deal you were already making a bad deal at 69k.

#2.  Not sure about your market but in my market you have to jump on deals.  Negotiations rarely go 3-4 rounds like they did a few years ago. I don't think the guy was messing with you he probably really did have another offer.  

#3.  If the deal makes sense I usually just jump on it these days.  If it doesn't make sense I walk. 

#4. As hard as it is removes emotions as much as possible.  This is business.

Goodluck...

Some might disagree but IMO listing agents do nothing other than put the on MLS. I am a Broker so take it for what's it worth.

I would tell the second agent to bring her Original Listing Prices compared to Sales Price comparison.  She might promise the moon and delivery Hell.  I'd also want to know her DOM average.

You might run into owning the house for an extra 3-4 months as you priced too high, listing got stale, you had additional carrying and upkeep costs and end up netting less than the 299k you could have gotten in 1 week on market.  

I would honor the deceased wishes and use Agent #1 personally, or hire a discount broker who will list for 1% or a flat fee.

Goodluck...