All Forum Posts by: Mark Wainscott

As everyone else has said the first is lack of funds. a divorce that messed my credit up some two. And third fear.

Im looking for investors in the South Bend, Mishawaka and Niles Michigan area if you would want to look further north.  Pm me the home guidelines your looking for.  Thanks

Sorry I had posted this here but it was under new members. Sorry for the repeat.

Today I was out driving for dollars and just looking around, I found several of the same phone number bandit signs saying XXXX Street $29,900. I then went to the street and found the only home on the block vacant with a Realtor listing. I then searched it and it is listed at 30K..

Question is this: Is it ok to point a sign towards a current listed house? Or is there a secret foreclosure list I cant find? I also have found a couple generic signs that just read rent to own 3bdr 1 bath call XXX-XXXX. Can you explain are they just trying to get the phone to ring or do they have a house to rent to own?

Today I was out driving for dollars and just looking around, I found several of the same phone number bandit signs saying XXXX Street $29,900.  I then went to the street and found the only home on the block vacant with a Realtor listing. I then searched it and it is listed at 30K..

Question is this: Is it ok to point a sign towards a current listed house? Or is there a secret foreclosure list I cant find?  I also have found a couple generic signs that just read rent to own 3bdr 1 bath call XXX-XXXX.   Can you explain are they just trying to get the phone to ring or do they have a house to rent to own?

Hi everyone! Im Mark from South Bend Indiana, Just starting my venture in the world of real estate investing after lurking for a long time.  Im looking to obtain a couple single family homes for the purpose of renting them, I would like to try my hand at flipping one maybe before years end.  I would love to learn ways to get deals without using my own money for the down payments or creative ways without getting into using a bank.  I have been finding though even hard money wants either a credit score or proof of liquid funds in your bank account.  Anyone ever really practiced the true no money down no credit check deals?

Greg 

I sent you a request so I can message you.  Thanks for your help and nice to meet you. 

Thanks everyone for the replies. 

I went in the daytime hours. It defentitly needs some lipstick work and where two sky lights are has water damage.   I think I'd just remove them because it has Windows already giving natural lighting in the rooms.   The guy is definitely just wholesaling/flipping. Bought it cheap and trying to see if he should fix it up then sell or just sale as is now.    Should I use the rule of thumb $20.00 Sqaure foot for rehab? 70% of Arv comps? I think I'd buy this fix it up and then re sell it in 5 years. Only thing I see is the roof issues right now for it to be livable. Now I think I want to get it checked for mold and stuff to be safe.  He said he could do the roof for about 5k  for the half taking out the skylights or 10-12k whole new roof either way re do the framing or truss that was affected by the leak.  I'm in the process of finding a good general contractor myself to go look at it.   

If you where to put an offer in how would you do it? Would you try and see if he would carry the note himself?

Asking now 129k or will consider all offers exp. cash.. As is.  Said he was thinking of a 60-80k Reno budget then trying for 225k. I think that may be on the high side..  It's 3bedroom 3 bath 2 1/2 car heated garage, 1 acre land, has probably 1800+ upstairs sq feet downstairs is finished with 2 additional bedrooms / with closets another 1800+ sq feet.   In ground pool.  Cabinets and bathrooms are from the 60/70s.  Built in 1959.

My goal would be some how pick this up with little money down.  Keep it 5-7 years then sell it. Comps are ranging from 166k-225k in the area.

I can share the address of someone has a way of really crunching numbers. 

If you where to throw a offer out today what would it be and how? 

Thanks and sorry for the long post.

Camilla thank you for the reply. 

Inspiring. Thanks for posting it. Gives us all a goal and dream.