All Forum Posts by: Account Closed

In florida i've heard the lender has 5 years to collect after your last payment made or else the loan is uncollectable. Anyone have any actual experience with this?

Am i dreaming that i can do a quit title action once the 5 years is up?

Old blind guy wants to buy a lottery ticket for a dollar (don't ask me how he got there). He is sure his numbers will hit this week. He goes to give the cashier 100 dollar bill and the cashier explains he can't accept it after hours. The cashier barely speaks english and can't communicate the problem to the blind guy. After some time they both get louder, though not any clearer.

The blind guy doesn't understand all he has is a single 100 dollar bills in his wallet. He thought it was a one dollar bill. To further complicate matters the lottery machine closes in 5 mins and the old guy wants what he wants. You are one of the few in the store at the time and in a position to help him. You go up to him and say you can help, What do you offer to do for him?

Give him 100 dollars in change?

Give him 65 dollars in change (typical flipper)

Give him 55 dollars in change (able to wholesale to a flipper)

Do you Exchange the bill for a single?

Buy the ticket for him and offer to split the proceeds?

Do you even bother to tell him it's 100 dollars?

I have questions...who has answers?

Once did a deal that i got emotional over. 4 Kids inherited a house and 3 of them wanted to sell badly, the last one just didn't think the time was right to sell. So i got a phone call from the 4th directly telling me she wasn't closing unless she got an extra 5k in cash at closing. I told her that wasn't going to happen and she flipped. I hung up on her 5 mins later, wasn't dealing with it at 10pm. It was set to close in the morning.

The 3 brothers signed in the AM and the 4th hadn't signed yet. I called them to inform them the buyer was going to walk because it wasn't worth the effort. At 4pm all 4 signed and my buyer still hadn't come in. The oldest of the brothers called, i said the buyer was really upset at the phone call we received the night before and I didn't know what was going to happen. Maybe it might make sense for them to discount the house to motivate the buyer.

2500 discount later the buyer showed up from being stuck in traffic. We never would of tried to get the extra discount if it wasn't for the lovely sister who tried to bump us. When its time to close and the seller is packed and ready to go, if it really bothers you try to bump them then. Overall it's a silly move, but very entertaining if you get away with it.

Find a mentor.

I've never seen a flipper who does their own work become really successful at it. Met many that do a half dozen flips a year though and have a great full time job doing it.

As much as I love typing, i can't even begin to hit upon all the reasons.

The major one that sticks out is the time delay. You are expecting your realtor to find the listing, view the listing and then report back to you in time for you to make a decision. Then the realtor is drawing up a contract and sending it to the other realtor for review. That all happens in 24 hours or less? I doubt it. If it takes more than 24 hours, get used to hearing "highest and best please" cause any good deal in this market is gone or with multiple contracts after a few days.

How many houses is this realtor really looking at for you? How long does it take for all that to occur? Furthermore, if you are investing from afar you typically have a vast area you are willing to play in, so how many of these realtors you using? You training them or expecting them all to know everything you want?

I Flip in GA and FL, I'm a licensed agent in FL. I can tell you right now that having direct MLS access in FL is a HUGE advantage over the work I do in GA, the counties i don't have direct MLS access to in FL I see the drawbacks very clearly. Some of those drawbacks are not seeing the history of a listing, seeing realtor comments about flaws and DOM type information.

Included in that, the MLS searches out comp data far quicker and cleaner than anything else out there. I'm forced to use zillow/property appraiser/clerk of the court data in GA. It's painful to have to verify if a comp is really legit and wasn't some owner financed sale or weird family to family transaction. I spend hours chasing down data just to hit a problem that makes me toss all that work out and go to the next asset.

Also, for me anyways I buy and flip what I can. I've done mobile homes in parks, mobile homes on land, SFH, condos, townhouses , duplexes, quads and of course SFH. I can't target a particular asset class if i want to push volume, i simply act like a real estate pawn shop, if its cheap and I can turn a profit with it i'm buying it.

Some of my best deals were assets that I didn't normally want to deal with, but the price forced me to do it. How do you teach some guy that is trying to make 3% that you simply want to make bags of cash, bring whatever he has that looks good. 99.99% will send you the entire MLS.

In theory i agree with this. In practice it doesn't work. For so many reasons...

Apparently in California the house is no longer haunted after 3 years.

I'd think Daniel it might be easier for you to sell the house and buy something else that doesn't have the emotional connection.

Echo what Marc said above. I offer blind all the time, I don't CLOSE on it till i inspect it or have someone inspect it for me.

You end up losing some deposits from time to time but i figure that is a cost of doing business and I value my time more than the deposits. The other day I wrote a post about driving 26 hours to view a few properties 500 miles from me that were in different states of repair/purchase. The strategy works, but it has it's major drawbacks. Mainly being the miles on my poor sporttrak. If you think flipping is hard, add a few 100 miles and it gets chaotic.

Drop too many deals and your agent will start to get a little annoyed. If the relationship is worth something to you, just pay them something extra when you finally close. Otherwise, find another to help you out till you find something right.

Fire your agent and get another.

standard state contract with custom addendums.