All Forum Posts by: Stanley Okazaki

There could be 2nd liens on the property as well as mechanic liens, etc. In order for a short sale to be successful, the second lien holder would basically have to agree to take a loss. This may or may not be the reason why your numbers are coming out the way they are. 

It's not uncommon for banks to counter back at a number closer to the ARV. Short sales actually aren't supposed to be listed at such steep discounts, but rather at a price closer to the ARV of the property.

My guess is that the listing agent didn't take all the steps necessary to insure the best possible chance of the sale going through. They listed it low hoping that they would get an offer like yours that the bank would consider (sometimes they do, sometimes they don't). I would ask the listing agent if the owner has a true financial hardship....

https://www.youtube.com/watch?v=W3XxIZVEXaw

@Devan Mcclish

 I think this is a great approach. Older people are more stubborn & if they've been living in the property that long, they're probably going to die owning that house. They're in no rush so it takes consistent mail outs until they decide to call.

May want to try including older widows. Not sure if the website/ software you use includes this filter, but older widows seem to be extremely motivated (lonely & want to move closer to kids, can't keep up with the property their own, down sizing, etc.)

@Amber Ruedaundefined

Depends on the cause of death, how long ago it happened, severity of the death. If an older woman died of a heart attack, buyers can easily over look this. If someone was murdered on the property, people will look at it as taboo. 

Here's an extreme case:

Coincidentally, I had a similar situation. The property listing had expired so I gave the owner a call to see if he was interested in selling. He said yes. I started advertising this property to a number of investors including Bigger Pockets. Later  get the Sellers Disclosure from the previous agent who had it listed & I find out that a father had come to his ex wife's home and killed her parents & his 4 children. Once I let the investors know, no one wanted to touch it! If an investor won't touch it.... why would a home buyer? Again, this is an extreme case, but I think it says something about death on a property.

What was cause of death? From my understanding, you don't NEED to disclose the death if it wasn't caused by the property. However, whoever is looking to buy the property will find out about it one way or another (neighbors, other realtors, google, etc.)

http://www.cnn.com/2014/07/09/justice/texas-shooting/

@Leo Goykhman

Can only speak for the SFR market- Yes, it's still viable. Foreclosures are especially good if you're a buy & hold investor with cash, because flippers will almost never be able to pay more (if they're a smart investor) for a property than the buy/hold investor.

I see on your profile it says you're focusing on wholesaling at the moment. Keep in mind, when buying a foreclosure you're dealing with the bank. They want the property sold & will not entertain an offer with the verbiage "and/or assignee". 

Everyone says you need to buy a list to get an effective marketing campaign started, but I would disagree. Get to the point where you're able to find distressed properties and get them under contract on your own THEN look to streamlining your business with vetted list from a company. 

@David Battleundefined

Yeah, it seems like it's more so how you ask for something when dealing with the city/county. I would just try and dumb down your question & ask for a list of people who are late on their property taxes. In my county there's a new list after every tax year...

Good morning from North Houston,

My name is Stanley Okazaki & I'm an investor friendly realtor here in North Houston. 

This off-market deal is an expired MLS listing (just expired today). Spoke to the owner & he said he is open to an "as-is" off market sale. Owner is retired & motivated. I think he may be willing to let the property go for $128,000- $135,000 if the terms are right.

I'm not wholesaling this deal. I only ask that you sign a listing agreement with me, should you decide to sell or lease the property after you purchase it. Property is vacant. Owner is planning on re-listing the property so please act quickly.

I will email property CMA packet upon request.

Address is 711 Leaflet Ln. Spring, TX 77388.

Est. ARV: $185,000

Est. Rent: $1600

*If you'd like to see the property please give me a call*

Direct: 832-560-0473                                      Email: [email protected]

Ask them exactly how many offers they have on the property. They can give you this information as well as if any of the other offers are close to asking. They can't give you exact dollar amounts or tell you whether or not you're the highest or lowest bidder. 

If you made an offer and told them up front that you were going to be using a HML, I don't see why it should be a problem.

Houston

@Casey Miles 

Hey Casey, 

Houston is definitely more landlord-friendly than some other states, CA being an prime example of one. 

I don't know the specifics on how long it takes to evict a tenant, but I do know it is a fairly straight forward process. 

There are a lot of rentals in North Houston. The Woodlands, Spring, & Conroe are the main cities that seem to have the most demand from renters (I'm a realtor working these areas). 

Contrary to what you might think, the rentals in Conroe & Spring lease out much quicker than The Woodlands. There is just so much competition in The Woodlands. 

Conroe is a very hot area as well. Anything under $900 rents out within 1-2 weeks no problem. For the most part the quality of tenants are good as well. A lot of people are moving out of the The Woodlands due to all the traffic & moving North.