All Forum Posts by: Michael Arreola

@James Wise This is true, we went through one a few years ago that took nine months to close but we expected the wait on that one as it was listed as a short sale.

@Account Closed Thanks for the info. Not sure who the lender is, I could find out but what is the process to getting a short sale going if it is not being marketed as such? Do you go directly to the lender? Also, the property is not advertised as having any structural or foundation issues, its being sold "as is". I'm not sure if the listing agent or even the seller is aware of the issues. I only know because I have experience in repairing these issues and noticed them during my walk through.

And I agree that my counter was a bit over the top, but he was as ready to move forward with closing as I was and made it clear that he would have the funds to bring to the table well within our six week time frame. After having several voicemails and emails go unanswered over the following weeks we decided some sort of action was required. I made this counter to hold him to his word and be sure we weren't wasting either of our time. (BTW, I was working with a realtor at the time and was informed that this was perfectly acceptable) He was dragging his feet- I didn't want the reduction in price, I wanted assurance that this deal was going to happen.

@Account Closed I made the decision to walk away from this deal a month ago but since the property is currently still sitting vacant I thought I would throw it out here on BP and see if anyone had a solution to make this a winning deal for both parties. I have no doubt this house will continue to sit unless someone gets creative.

I recently retracted an offer I made on a house due to the seller delaying close for an unreasonable amount of time. His reason was actually legit but I felt I needed to move on to something a little more promising. I wanted to throw this out there and see if any of you have any creative ways to make this deal happen. I will try to make this as short as possible.

The current owner bought the house about five years ago and planed to flip it. Its an old house so it needed a total rehab. He got a lot of the structural work, etc. done and was in the process of having all new plumbing, electrical and HVAC installed when it was broken into and totally stripped of all the copper. Apparently this demotivated him so it sat vacant for the next few years and recently he listed it for $50k. Sold comps support an ARV upwards of $120k but it needs around $40k in repairs to get there (thats with me being the GC). The house is obviously overpriced as it is also in need of foundation work. I offered $30k cash with no contingencies and a one week close- he accepted. The problem is, he still owes around $45k and needed an additional six weeks to gather the extra $15k to bring to the table. This came with no guarantee that we would close within this time period so I countered with $1,250 off the original offer for every week closing is pushed passed the six week close date. They did not like this offer so I backed out.

This was a month ago and the property is still sitting vacant. According to the listing agent the seller still doesn't have the funds to bring to the table. I would really like to have this house as it is in an up and coming neighborhood and has a ton of potential. So, my question is, how could we make this deal work without over paying or waiting an unknown amount of time to close?

@Dmitriy Fomichenko Thanks for the tips!

@Carey Dodson , Thanks for the info! I looked up the ignite expo- looks interesting. I am definitely going to try and make it out to that. Maybe I will see you and @J Benoit there!

Hello Everyone!

Another new member here, Its great to finally be a part of the team! As most new members- I have been browsing the site for some time now, checking out all the informative (and sometimes not so informative) :) replies to the questions we have about this incredible business. This place is an information stew! I'm looking forward to networking and doing my part to give back in any way I can.

I currently live in the Birmingham, AL area and would like to connect up with my fellow local investors/future friends and talk strategy. My goal moving forward is to buy and hold as I build capital through flipping. I am seeking SFR's at the moment and will work up to commercial as capital and experience allows. My background is in construction so I target the properties that need repairs/upgrades and even major issues and I handle the rehab myself as the GC. I have only done three deals (one in San Diego, one in Birmingham and one in Germany) and so far they have all gone very well (for the most part anyway). The problem I have encountered recently is with finding deals. The competition has become so fierce that its hard to find one with enough of a spread to make it worth pursuing. I am just starting my first direct mail campaign (yellow letters) and I am hoping for better results with this.

Onward and upward! I would love to hear your success stories. How are you doing in 2014? Times have changed, thats for sure. Let us know how you are adjusting. As for my friends in B'ham, let me know if there is a local meet-up, I'd love to connect with you guys and see if I can add any value to your business'.

BTW, great job with the podcast @Joshua Dorkin and @Brandon Turner! I started from the beginning and have only made it to #26 but Im catching up. Thank you guys for making it happen with both the site and the podcasts! I'm sure you guys have changed the lives of many investors that would otherwise still be searching for answers. I am definitely one of them. Awesome work and I look forward to seeing what all BP has to come!

All my best!