All Forum Posts by: Mark Lenox

Hi, all.

Comments from any experienced investors out there would be greatly appreciated.  Here's my situation:

My offer of $168,500 on a foreclosure was accepted last week. The Seller is the bank, not Fannie, Freddie or HUD. I had the inspection and estimate done this weekend, and it is about $15,000 higher than I originally ball-parked on my walk-though estimate.

My question is: if I offer to remove the Contingency only if the Seller agrees to a sale price of $155,000, how likely are they to accept it?  I partly think, "they're a bank. They'll just say no and move on."  But, I also know business, and they were pretty desperate to close by quarter-end, which is this month.

My prior flips were purchased from a wholesaler, so this is the first time I have been though this part of making a deal.  I'd love thoughts from those with more experience.

Many thanks,

Mark

Thanks, all.  I have told them no.

I researched just leasing the garage space to them for two weeks with proof of insurance and a binding end-date, but the cost of paying my attorney to just draft it up wouldn't be worth it.

Ciao.

Thank you for the replies.  I will likely tell them no, the reason being insurance, if nothing else.

The unit is a condo and includes a one-car garage.  What if I offered to lease them the garage space to start storing their stuff, as long as they provided proof of some sort of insurance?

-Mark

Howdy, BP!

I recently got my latest fix-and-flip property under contract (yay!). We're scheduled to close on or before June 30th.  This morning I received this request from the buyer's agent:

"The Buyers are asking me for some help so they don't need to move twice.

The Buyers for your Condo need to vacate their home on Ford Lane Vermilion before July 1st.

"We would like to see if the Seller of your Condo... since we gave him a very good offer... would allow....... if we get mortgage approval for this loan and we put the utilities into the new Buyers name....... if we could start moving into Grand Harbour the last 15 days of June so we could be out of our house by July 1st and don't have to move belongings twice.

"Perhaps we could put down some extra monies with the Title Company to show your Seller in good faith that the loan will be going thru.  Out goal now is to try and close out your Condo transaction on or before the 30th of June.  But.....it depends how fast the Condo Management gets the paper work back to Newman Title. That will be the key to transferring this property earlier.

"Any thoughts on how you can help us?????"

I'd like to help any way I can, but I also don't want to get burned or blindsided.  This is the first time I've had this kind of request and would much appreciate any thoughts that the experience BP members might have.

Many thanks,

Mark

Thank you very much!  Joe Varmadore gave a pitch at GLREIA here in Cleveland last night, with a "private lunch" on Friday and an eight hour seminar on Saturday.  I now know that it's all a sales pitch for a thousand dollar three day course, which is another sales pitch for a $10k "mentoring" program.  I have no doubt that this is all of great value for a few folks out there, but at age 46 with two decades of business experience, I think I know a con game when I smell one.  I won't be attending thanks to this BP thread.

Welcome to BP, @Rick Kansa 

I'm a newbie fix-n-flipper coming up on my one year anniversary soon.  I focus on SE Cuyahoga + NW Summit counties.

Welcome, @Raul Rodriguez !  I'm from Valley View.  The hardest thing about BP is there's soooo much good info.  It can actual be tough to balance between reading and getting things done!  It's a good problem to have, though.

Good luck!

Welcome, @Mike Trzaska 

I wish you all the success you can handle!  Rest assured that having a goal of being in the financial situation you described at 45 is not too lofty at all.  At 28, keep that vision clear in your mind every day and remember there are a million ways to get there.

Good luck!

Wow, @Zoran M. 

What great fun!  Thanks for letting us share in watching the place come to life.  I wish I had documented my first rehab last summer like this.  I did before and after videos, but this level simple detail is much better.

Thanks for sharing!

-Mark

@Samantha Stone 

Welcome to BP.  I've been a member less than a year, myself.

I am a cash investor doing fix-and-flips in the greater Cleveland area.  I'd be glad to look over any deals you may have to offer.

Many thanks,

Mark