All Forum Posts by: Maher Bateh

Do most writ of possessions usually go smooth? Or is it really a pain to evict an owner who lost his house at a a foreclosure auction. I was the winning bidder and the owner still lives on the property.

John - I am using my own cash but do expect to turn the property in 4 month time frame. Do you agree with using my own cash???

1 month rehab
3 month listing

BTW, I just got my realtors license so and I am set up with a broker to pay me 70/30. So I will save on commissions paid out.

The formula:

ARV - rehab costs X 65-70%= purchase price is hard to attain in the current market. I think as of RIGHT NOW, its more like:

ARV - rehab X 75% = purchase price (too really have a chance at getting the property). AGREE or DISAGREE??

Keith -The house is in Murray Hill. And Yes the Roof and A/C is in the number. What do you feel I could sell for rehabbed? Its on College st. You being a realtor, i would love to hear your thoughts

Pat - What you are seeing in Tampa is the same in Jacksonville. People think that you can pay 50% of market value at auction.. That just aint so. Maybe in a fairy tale. Right now 15% is good margin i think in this market.. You agree??

In the Jacksonville FL market, you cannot get auction homes like it was year ago . Those days are over. And like I said , 85k is minimum sale price. A lot of rehab homes in the area I purchased are going for 70sqft. I'm at 59 sqft being real safe. I see at least a 15% profit on this deal.

Steve - with an arv of 85k, what do you think the bid should have been based on a 20k rehab ?

The 20k is speculative since I haven't seen inside yet( safe number) outside looks good. What formula do you use to put a number on rehab if you haven't seen inside in regards to auction sales when all you can do is look at the outside.

1452 sqft
3/1

Like I said earlier, I purchased my 1st flip at auction yesterday In FL! Pretty excited(should I be?)
details:

Winning bid - $47,700
Rehab - $20,000
ARV - $85,000 minimum.

Thoughts? Was this a good deal for me.?

Thanks,Matt

The only bad thing is property is still owner occupied! This is gonna be interesting. Any advice?

Matt