All Forum Posts by: Nastassja S.

Never take their word on how much maintenance it needs... but that will be part of the inspection contingency of course :)

This is a little vague to me, but I hope you can find an answer from an experienced person on here (following!). Are you planning on renting this out or living in it? What makes him motivated and can his 'motivation' drive the price down to at least comp price (which I'm assuming is accurate to the best of your knowledge)? If you are renting this out, has he or can he prove that it rents for that much in that area?

If only this was in Pittsburgh... Darn!

I don't think you can wholesale HUD homes, at least not as a typical assignment. There's the option, if I'm correct, to purchase it under an LLC and sell the LLC off. Double closing would not be an option either, since you'd have to take ownership of the home in your name and that would restrict you to hold it for a year.

The posters above have certainly given you all, if not the most important questions to ask. There is a whole list of questions you can ask on this site http://www.houseflippingonline.com/motivated-selle... (Hopefully I'm not breaking any rules posting it; please notify or remove if I am). The page is geared more to wholesaling, but if it helps drive the price down a little bit more, why not?

Good luck on reaching your goals!

I'm sorry, Dave. I only did some brief research on that particular home I found before posting. It's an abandoned home and I couldn't find a single listing for it online or on county records. I have the correct address - even google maps could find it, so I'm still trying to find more about the property myself. I was just curious if investors are interested in a tear down, and you've given me that answer, thank you. $100k profit for a teardown/rebuild. I'm still very new to all of this so I wouldn't even know where to begin for a property like this. I'm not even that sure how to find the average price for a plot of land (of that size) in that area. There is still much learning and research to be done.

Thank you very much for your input.

I wish I had heard of this earlier. Count me in (if this is still going)!

Would you, as an Investor, purchase or be interested in a vacant home that has been almost completely stripped inside, or that is a near (or complete) tear down?

That is, of course, if the numbers worked. Also, to follow up that question, would you expect a higher profit range for such a larger project? This home has a (roughly estimated) ARV of $500k. Selling for about $300k. It honestly does not look like a complete tear down from the pictures posted, but there are no internal pics so I cannot tell the state of repair it is in.

Regardless of its state, I'm still curious if many, or if any, investors are interested in such a larger project and if they expect greater rewards from it.

Hi Val!
I am new so I don't hold much weight against the other experienced members here (so please correct me if I am wrong), but I agree with Jeremy. Realtors don't particularly like wholesalers - for what, reason, I don't know. Perhaps we may recognize if prices need to be lowered due to extra rehab work needed and that shorts them from their full commission (which I would be uncomfortable with as well). However selling 2 discounted properties @ $50k sounds more profitable then only 1 property at $60k. But, again I'm new and may be missing something.

I would advise to approach them honestly (although I have been advised not to by some) and tell them that you're looking for deals to close with cash-investing partners. Or just tell them you're an investor yourself looking for good deals. They may ask how you plan to finance, as I've been asked, and then it's up to you how you answer. I, personally, can't stomach being deceitful especially with so much gray area and unknowns, but some information is not their business. I've had realtors rudely interrogate me to see if I was serious or just another tire kicker. It really put me off to contacting their office again.

Their "percentage of sale" is paid by the seller, not the buyer. So if you purchase a home for $40k, they'll get 40,000 * 6-8% depending on the going rate where you are, and the remainder goes to closing costs and then to the Seller. If you force the price down and manage to buy it at $35,000, they'll get 6-8% of that.

As for negotiations, I can't help with that. Sorry :x Hope that was somewhat helpful!

I absolute appreciate all your feedback @Nick Williamson ,@Robert Leonard ,@Bill Gulley . I could certainly find a new job - luckily there's an ACE being built nearby. Sorry Bill, that night job was an overnight job. Just undoable right now.

I guess I just needed to hear someone say sit down, shut up, and learn. I keep hearing the extremely motivated part of my mind say "Go for it! Time is of the essence!" so, I suppose, I push to rush everything. Thank you for all the advice and constructive criticism. I'll sit back in my chair and keep reading up on things.