All Forum Posts by: Maurice Selva

Hi Derek, No they are not stating that I am not able to use HM or PM, it just appears that I am competing against buyers/flippers who are funding their own deals and are able to come in stronger than I with their offers. My feeling is that I am looking in too hot of a market or just don't have myself positioned strongly enough to move fast when the opportunity presents itself.

The best deals that I've been running across seem to always require that I use all cash, as in all of my own money, rather than hard money or private money in order to beat out the other offers. It's hard to compete against true all cash buyer who's margins don't have to be as high as mine and can offer more than I can. Is it just that I am not making enough offers and just have to increase my numbers, or even look in other areas to invest. Am I just looking in too good of an area or should I be looking at more unique properties and thinking out of the box?

Hey Cassi, Thanks for your input. Unfortunately I not able to ask the owner what their motivation is for selling because it's one of those off market wholesale companies that puts out a list to companies then either the public or agents and either prospective buyers either submit an offer sight unseen or they open the property up for a tour on a certain day and submit a bid after that. Sounds like I just need to find some wholesale sources that are independent and not part of a large corporation. Still pretty new at this process so there is a lot to learn. Going to have to go back to basics at outlined by David Greene to first start with a competent lender who can hopefully refer me to a top agent for the area. 

Debating whether to buy off market property in Houston that is 20 % below recent sales, walk scores are decent, all the schools are between 6-7 and rent is .8%-1% of the value. My reluctance is that it is in an A -A+ neighborhood and everyone I've listened to has said that it is best to buy in a B-C+/blue collar neighborhood so that your chances of keeping a longer term tenant and avoiding annual vacancies will be low.  Property doesn't need a stitch of work and is super clean but for whatever reason they are selling below and off-market. 
Would appreciate your feedback.......Maurice

Hey Mark, what do I search for when looking for wholesalers or FSBO's out of state on Facebook? I really haven't spent much time on Facebook so I am not to keen on how to go about searching for these kinds of things, maybe you can give me a few points that might help?

Hi Marc, I will look out for your recent requests in hopes of connecting with you soon. Thanks for reaching out and offering some assistance. Maurice

Hey Mark, thanks for the great suggestions. I have not visited these areas and hope to not have to do so at this point in the process; going to rely on Zillow, google earth, agent postings or videos for now. I will definitely look at calling FSBO's and seeing what I can find on Facebook. I haven't even looked on Facebook but have been hearing a lot about it lately so I will look at that avenue. I am somewhat new to Biggerpocket forum and am just learning how to network on this forum so I will keep on trying to build a stronger network.

I've done my homework and have identified that I'd like to buy cosmetic and medium fixer buy and hold sfd homes, duplexes or triplexes in Houston, Tx, Atlanta, GI and Jacksonville, FL. I've been contacting some agents on BiggerPockets, Zillow and on some other search engines but have not been having much success putting a team together. I am pretty specific with everyone that I've contacted but they contact me one or two times, send me MLS properties, put me on an automated email mailing that send me generic in-house listings that don't make sense and then I never hear from them again..........what does a person need to do to find someone who has 25 percent or more for a down payment, already has a holding company and other LLC's and has already invested in other out of state properties?

Hey Keith, Thanks for the advice and words of encouragement. As it turns out the property had over 60 offers on it. I'm guessing it finally sold for between$350-400,000.00. I'm going to keep an eye on it to see what it sold and recorded at it. And yes, just need to keep on turning over more rocks and work to find an owner who has not already been approached. I just fold one today in Oregon that I'm going to try to wholesale so be on the lookout if you know of anyone looking for a triplex in Chiloquin, Oregon. The place has been boarded up for the last 8-12 months and the owner is one of my clients that I am currently negotiating a deal with.  Take care, Maurice

Hey Charlie, thanks for the great advice. I wound up walking away from making an offer. Just before I started structuring my offer I called the listing agent to see how many offers she was expecting and she said that she had already received 60 offers and was expecting more by the cutoff date which was still 48 hours away. This deal was through MLS so the agent was creating a frenzy which she obviously did. It just goes to show how many flippers there are out there competing. I need to start turning over more off-market rocks where there is no competition and I'm either the first one or only one. Thanks again for sharing. Maurice