All Forum Posts by: Michael Hicks

@Ryan Evans, I think I posted this thread about 3 years ago and it's somehow managed to resurface.  I deal with properties from 120k-250k but primarily around 150k.  The agents I was dealing with then were the agents selling in that price range.  My wife is licensed now and she's easy to reach lol.  

@Bruce Runn, agreed!  I picked one up on Friday where the agent listed the wrong address and didn't post good pictures.  60k below list.  Pure laziness on their part.  

@J Scott, no that is not what I'm looking for.  I'm on the city council and it's one of the poorest cities in the state.   I'm looking for a program that would give incentive to rehabbers and contractors to come in and improve these properties.  There are similar programs through USDA Rural Development but the city is too close to Chattanooga to qualify.  There's no room at this point for a rehabber to buy, fix, and sell without going in the red so properties continue to be used as low income rentals.  

I'm searching for a program, possibly a government backed/grant program that would loan money to purchase and rehab a property with a portion of debt forgiveness in order to make it profitable for the rehabber yet keep the purchase price low enough to bring in end buyers in a neighborhood that is prime for growth but needs a little help. I figured there's got to be some program out there for such an undertaking.

@Robert S., I put out bandit signs.  Not for wholesaling but for another means to bring in deals.  I was able to add a few deals from my signs last year.  

Ok...so this wasn't what I expected from my post but here we are.  @Jay Hinrichs

@Jay Hinrichs I see your point in handing the owner my card and telling him to call if he can't work it out/ give him a back up offer.  I can dig that.  I've never put a property under contract that I didn't have the ability to close.  

Yeah, I don't mind him making the 25k where the 25k is due.  I don't know that I'd even take this deal at 20k.  Just curious what others are doing when a wholesaler is off on their numbers and the deal could be worked out without them...

I was recently contacted by a new wholesaler about a property in an area that I love to buy in.  On the surface it was a great deal based on the pics(very few), the price, and the area.  I arranged to meet with him that afternoon and was met by the homeowner instead as the wholesaler was not on time.  He told me to take a look through the property and boy was I surprised.  I've looked at hundreds if not thousands of homes and this was the worst I'd ever seen.  As I came back out I was greeted by the wholesaler and the homeowner who were outside talking.  The wholesaler was asking $45,000 for the property.  I pulled him to the side and discussed the property.  I told him I wasn't interested but felt he was high on the price and based on the repairs should be priced at 20k.  He advised that was what he had it under contract for.  I try to help the new guys so I encouraged him to renegotiate for 15k and sell at 20k.  I won't go around him nor would I even consider it...especially on this house.  I would like to hear some other opinions though.  What would you do?

Definitely give the realtor their 3%.  Loyalty goes a long way.

I like the idea of carpeting or possibly painting them.  I think a black tread with a white riser would look nice but I definitely wouldn't get into trying to change out the staircase.