All Forum Posts by: Mark Breaux

Thanks Wendell for another great update. Thanks for the reminder about it not always being about the numbers.

@Wendell De Guzman is aspiring to be a wholesaler in the Wyandotte County, North Johnson County Area, and South Kansas city.

Thanks Wendell for another great post! It makes me wish you worked out of the KC market!

Good points. After doing a true estimate. I believe I will pass on it. Ultimately, my worst case scenario was the one you are are talking about. Having the house on the market at $250k and with a hard money loan, owing money! I appreciate the insights!!

Thanks Ophelia! I'm not a fan either but the deal may be too good to pass up.

@Travis Sperr 

Thanks! I appreciate the information. I just couldn't tell if I should jump in with both feet. The road is not super busy but it is a main road through the area. They have quite a bit of commercial down the street and this house is one of the first few that go down. I suppose if it was such a great deal, others would have bought it. They just lowered the price to 179,900 also.

@Michael Baradell 

http://missourirealtor.org/wp-content/uploads/RES-2000-Contract-for-Sale-of-Residential-Real-Estate.pdf

@Andrew Cordle 

 Thanks for the empathy on the loss! It was hard to see but maybe it will help us turn a corner and win the rest! Its the beauty of the playoff!

So I did some quick research. It looks like different states require different things...why i didn't think of it before I am not sure but hopefully someone else out there learns from this and checks the state laws. Kansas and Missouri require a qualified, independent inspector and the report to be attached if I choose to terminate the contract. So either A) I have to pay for the inspection and use money up even if I don't buy it or B) have my GC do an inspection before the offer gets put in and then go from there.

I would like to do the inspection but I also don't want to depend on it so to speak for purchase price. That would be a big expense to have per house I look at it.

@Andrew Cordle I am looking at a property and wanted to put a bid on it before going to see it with a 10 day inspection. My agent says that I have to pay for an inspection in order to do that. Since I haven't seen others talk about this here and I know you have done this, how do you get around this? I don't want to actually pay for an inspection. I want to be able to put a bid on a property to get it locked up before wasting my time on drawing up concrete numbers on the repair. I have a decent estimate for a bid though. Thoughts?

I am looking at a property and it is a on main street. The area sells in the $400k range and the house is listed for $190k. It would need a lot to get it ready. I am wondering how much it hurts the value and how long it will take to sell the house. My real estate agent says no way to it because of the location. I know real estate is all about location but the house has to have some value...i am just trying to determine what that value is and I am having trouble determining it. Because of the deal I don't want to give the address away. Just looking for general "outlooks" for similar houses. Thanks BP community!