All Forum Posts by: May Wen-Li

Hi investors,

How do you guys normally purchase foreclosure properties that will be used as rental?  

I am thinking to get this foreclosure for rental, but in order to will the bid i will have to do cash offer, and cash out later. My mortgage guy told me since I already have 4 financed properties I will not able to cash out. Is that true? And what options do I have to get the house and able to get most of my cash back? 

But when a property is not selling, how do you get your money out for the next project? I know 2 months isnt a long time, but most of my flips were under contract within 10days. 

The house is currently listed at 319k, if we sell under 300k we wont be making much (15k). So will you rather sell it or hold it?

Hi investors!

We have been flipping houses for about 2 years and did about 9 houses so far. 1 of them didnt sell for 2.5months so we cashed out and renting it out instead.  We are currently selling one but no offer after 2 months on the market.

I was wondering usually how long do you list the property before cashing out and convert it to rental? 

What is a reasonable profit in this market? How do you find cheap foreclosures? 

Any good strategies to save in taxes?  

I feel like flip is a good way to get cash flow but rentals are more profitable in long term. Do most of you do flips or both?

Any advise is appreciated! Thanks!

Thanks all for your feedbacks. 

We got the house back in Nov, I am not sure why zillow is showing January as the last sold date.

The house across the street with exactly the same layout and footage was sold for 344k 1.5yrs ago. We added the deck, finished the basement and added a half bath in the basement.  I do think the price was too high when we first listed, but now is compatible with the market. my agent said to hold this price for a little bit and see.  I just want to get it sold and move on!

my flip has been on the market for more than 2 months and have not had one offer. We had good amount of showings and almost everyone loves the house and like the work we did.  But some said no enough storage and some said too small. Should I be worried and is there anything I can do to get it under contract? 

The house is 221 E Linden Ave Haddon township NJ 08108