All Forum Posts by: Account Closed

AW, first drop is a 80% net to hud type deal. Offer 70%, get the counter and go from there. The broker who writes the contract can lower their commission, so find someone willing to do it for a grand or so. Listing side is fixed, closing costs don't yield you anything less you are financing the deal. So pretty much 84% offer gets accepted at this point.

If you want it cheaper, ya gotta wait.

close with cash...flip it to yourself for 100 dollars and then put the loan against the new deed. Most banks don't look to previous deeds. That said, not sure how legal this little move is but as a fannie mae agent i've seen it done (usually to flip it afterwards).

In florida they wouldn't have a right to anything. Being you have no agreement to pay the other realtor a fee and the buyer certainly never offered to pay any sort of fee for their services I can't see how they are entitled to anything other than a kick in the tail for not putting the deal together in the first place. Seems that realtor had the most interested party for the property (less you are losing money on this deal).

John, look at marion county fl (my backyard). Those numbers can be achieved here and you can expect about 450-550/month in rent. The model works but it's usually a hassle to deal with that income bracket. Our market won't appreciate for 4+ years though due to the backlog in foreclosures.

the 80% net isn't really accurate for property that is aged enough. I've paid less in the last week for some of my huds. Their new counter offer system is rather lame though, takes a lot of the edge off to those that are in the know.

I've flipped over 2 dozen huds in the last 3 years. I love hud.

When dealing with private money, whats the typical split that should be offered? Lets say on a 75k investment that can be sold for 110k gross within 90 days.

Double closing are the best way to deal with huds...always best too to move the title company who is closing the file to a "friendlier" vendor who isn't worried about their hud contract. I've done hud same day flips in the past, no biggie.

Been flipping for a few years now and typically use an investor's money as an equity partner. I typically handle the entire transaction along with reselling it for a 25/75% split. My average flip yields about a 100% APR (short flips though, under 5 months typically) I dream of the day i can use money at 10%.

Tim get in contact with me. Warning though, I'm an icky broker that thinks 6% is inexpensive. I flip in Florida using the trustee sale and other avenues, one of which seems to be a good idea for you.

Aaron Churnick
Marc Joseph Realty