All Forum Posts by: Martha Blumel

Great group of people. Thanks for putting it together @Jon Huber. We look forward to going again next month!

Hey @Brandon Turner! I have tried to listen to the last 2 week's webinars and when I go to logon it just sits there and does nothing. Then when I get the link to relisten it says it's not available. I have a Mac using Safari. Any suggestions? Thanks!

@Nickey Ramsey, yes go to the marketplace link here on BP and search your state. https://www.biggerpockets.com/hardmoneylenders

Also definitely check local REIA clubs. I found all my South FL REIA clubs on meetup.com. Good luck.

Hi @Mindy Jensen. Thanks for your response. From what I am being told I can buy, but can't live there. Which is not a problem. I originally put in 1 yrs holding costs and was told that 6 months should be enough. The recent solids DOM averaged about 3 months, but now that season is over, I am thinking longer.

In the last 3 months no same building but other 55+ building in same community. Same floor plan etc.

As it stands right now there is not enough equity to buy. She is working on getting the HOA fees waived. I wanted to keep checking to see if there might be something I am overlooking because she is really desperate. Would love to help, but will only do so if the numbers turn for the better.

Hi @Miller Charles. Sending lots of thanks and respect to you and @Adam Bartomeo! Welcome to BP! I'm in WPB too. Go onto Meetup.com and find all the REIA meetings around here. There are a lot of them. They are a great source of info and networking!

I had someone call me over a week ago (very motivated) needs to sell her deceased grandmother's condo. It's 55+ Approx ARV is $55k. There is a pending in the $70s across the street, same development. Only it is an all ages, so I am not sure how much of a difference that makes.

 15,000-Loan Balance

+7,000-HOA past due*

+2,500-Probate Lawyer

+2,000-cash to seller

______

26,500-sub total

+1,450-Closing Costs (used a title company app)

______

27,950-My purchase Price (cash)

+2,400-6 mths holding costs (HOA, Electric, Water in 55+ w/ no possibility of renting)*

+1,150-6 mths taxes & insurance

+5,000-Estimated rehab costs*

______

36.500

+4,310-Closing Costs and Commission (see app for details. )

+2000 - balance of cash payout to client (she already agreed)

______

42810 - Total costs

 55000 Sell price (Im being very conservative with comps)

-42810

______

12190 potential profit

4000 no commission

_____

15190 potential profit fsbo

*There are some "ifs" in this. She is still working with the HOA board to get the fees paid down.

Rehab estimate is site unseen. Going on what she said, but will get in to see it this weekend. Is suppose to be mostly cosmetic. so there is some wiggle room there and in the holding costs.

I know the profits don't seem like much, but she is desperate and I really want to figure out if this is doable. 

So, please give me some feedback, suggestions etc. Thanks! =)

I actually contacted him a few days ago, and yes it does seem too good to be true. I googled his name and number and this other thread popped up.

https://www.biggerpockets.com/forums/517/topics/286125-loan-offer

Plus I clicked on his phone number link in the email he sent me and it connected to Skype.

Total scam in my opinion.

Thanks @Justin Jocewicz and @Mitchell Jaworski. That definitely is a handy little time-saving service!  Good to know. Thanks.  

@Justin Jocewicz What are postlets? I'm curious! Thanks.