All Forum Posts by: Minna Reid

You know maybe it hasn't been long enough for me to be immune, but I just can't help but be shocked how people will live. With holes through the walls, water coming through the ceiling, and even just the filth alone! the stink! And the clutter! I mean didnt they even think to mop a floor once in the last five years? Or how about make the cat use the litterbox? Or how about throw something away? Anything! Even the useless trash that occupies every last inch of their house? I mean maybe its because I'm the type to get stressed when theres some dishes left in the sink but how do people live and even raise kids in conditions like that? I hope I'm not offending anyone here, but I just can't believe it sometimes.

I have a condo like this with a basement with one small window only. I advertise it as a 2bed with large fin. basement, and they do use it as a bedroom, but I did throw a clause in the lease saying they will not use it as a bedroom, just in case.

Ok so they really have to be cream of the crop stuff for me to make money and the next guy to make money...but so what type of contingency can i go with? I certainly can't say if I cant resell your home I'm not buying it...I dont think an inspection contingency is really sufficient,right? Whats the best way to give myself an out, that a reasonably smart seller would go for?

LOL....10k in my area won't even buy you a 20 yr old trailer. I wish. I'd have a lot more to choose from. Average decent house 200k.

I don't how good they are until I get there, but if my phone is ringing as a result of my advertising, it's a prospect in my eyes.
Of course I qualify them over the phone first to see if its worth pursuing. Some aren't. Some are. I'll see the property and if I like it, they may or may not go for my offer. Likely not. But some percentage will.
Granted i'm on my first one after a month of advertising. But its a numbers game. I'd say I probably recieved about 10 calls over last month's time to find the one good deal, and don't ask me what changed, but now I'm getting about 4 calls a day. So - even after I sift through the losers, theres gonna be some good ones left. But so what do I do with them? I hate to throw them away because I'm kind of tapped out, but I'm not sure what to do with them either. I'm not sure that I can handle an additional project right now. I just started this and I still have a day job too.

Ok so I bought my first rehab and we are all set to close in early February. Time was on my side so I'm just going with a 5% down regular old bank loan. It's gonna cost me about 16k to close, another 15k to rehab + my holding costs. I'm starting with about 50k so I figured I'd just pay cash out of pocket for all that. No problems there.
But so now after searching seemingly endlessly for one good deal, all of a sudden I have tons of prospects calling me. I'm not really sure what to. I dont have a lot of capital left and don't want to get in over my head until I resell this first house, but at the same time why should I pass on all these other possible deals?
I do have an HML all set also, but they'll still want me to have some cash too as I'm not exactly seasoned. I think I've tapped out my sources for more capital. Maybe wholesaling would be a good idea here, but I have no clue how to go about that. What would you do?

I wasn't scared of maxing out my house to get my hands on some cash...I wasn't scared to spend to advertise...I wasn't scared talking to sellers...I wasn't scared making offers...and now I found my first deal. Now we've come to agreement, the numbers are comfortable....we're signing tomorrow...NOW I am TERRIFIED!!!! I can't stop secondguessing myself. I keep crunching the numbers over and over getting the same result, and the numbers work! I am a wreck over this. Its been exactly what I've been looking for, and I got it, and NOW...god help me.

They just weren't really deals. Just homeowners looking for retail sales without paying realtor fees. I did have one pretty good one in foreclosure, but the numbers were still kind of tight and she blew me off at the last minute anyway. But it's only been a week on the ad. It's a start. At least I'm talking to people looking to sell. I also have a couple realtors looking, and have made some offers on what I found on the MLS but none have been accepted yet. i also ordered some signs and they just came in today so we'll see how those turn out. I've also been driving around just looking for homes that look distressed or abandoned, and will be sending them letters or postcards or something. Not sure how to go about that yet.

I have a strong offer in on a bank owned property since last Monday. I was told the bank has multiple offers, and would be making a decision within the next day or two. a week later and no word yet. Not even a no. The house is still current and listed as available on the MLS. I have a realtor working on it and she keeps leaving messages but no response. What should I do? Just wait? Withdraw my offer? I can't be hung up on this when I could be looking at other houses, but I'll be in a jam if I get multiple offers accepted at once. Are banks always like this?

I put a we buy houses fast.... ad in the local paper and after appearing a week ago I've been getting about a call a day. Granted I've passed on them all so far since none of them were really good deals, but at least it got the phone to ring.