All Forum Posts by: Zoran M.

Anything aside from POF? Yes - Patience! I purchased my primary residence as a short sale in 2010 -- it took 3 months to close. I am trying to buy a short sale right now as an investment property - we're 1 month in right now. I resubmmitted my bid at list this Tuesday and am hoping to hear back soon.

I don't see an issue in using more than one agent. Although, if you do a fix-flip I would encourage you to give the listing to the agent who helped secure the home. When looking at REOs, it may be beneficial to reach out to the listing agent directly and have them do a dual-transaction (representing both sides). It's extra money in their pocket and they may be more motivated to move the transaction along.

@Robert Slatkin You're thinking about this the right way. A good inspector will help alleviate any concerns you may have with regard to the subject property.

Local banks may look more at the property than you. That's not to say, however, that your DTI or ability to come up with the down payment isn't important. Visit a few lenders, have a pitch package, and try to show them that they need you ... and not the otherway around.

Welcome to BP Laurie!

@John Horner - good pictures are the reason I bought my primary residence! It was a short sale that was vacant for a year. A few filters showed me what it could look like, not what it did look like.

I would reach out to the listing agent to see which photographer they used. You may also consider reaching out to a local art school for cheap labor. I do think it's important to use a professional photographer for flips as they are well versed lighting and more importantly, on which angels can make a small room look large and inviting.

My real estate agent uses a professional photographer that charges $250 per property. She typically provides 100+ pictures, many of which are edited (for lighting) in photoshop.

A Redfin study found that homes with professional photographs were found, on average, to be viewed 61% more online than others in that price range shot with a lower-end camera. The listings that used digital SLR cameras also commanded a 47 percent higher asking price per square foot, according to the Redfin analysis.

Check out the study here: http://www.redfin.com/research/reports/special-reports/2010/a_picture_is_worth_a_thousand_dollars_true_or_false.html#.U1gDV_ldVGw

With regard to the utilities, you're likely referring to water. You have to be careful in CLE because our winters are brutal and if the home wasn't winterized properly (or too late), the repair costs can rack up...especially in older homes. If you can't get the water turned on, I would recommend getting a plumber in there to do an Air Pressure test. I can recommend a reputable one, if needed. I'm in the same boat right now...

I'm confused as to how the purchase price is $40K but ARV is $75-80K with "only a few thousand in repairs." Could you sell at that price to an owner-occupant, or would it be to an investor? Did you run the comps yourself, or did the broker provide them to you? With those numbers, i'd flip it.

What neighborhood, may I ask?

Hi Josh - are you looking at the east or west side? Each offers great opportunities, but different demographics. If you're looking at the east side, I could put you in touch with my Realtor. Lots of opportunity, but prices in B neighborhoods have gone up tremendously over the last 2-3 years.

You could always look at Maple / Garfield / Warrensville heights. You won't get HPA, but many of the non-foreclosed homes there can be bought for $40-50K and be converted immediately to rental properties grossing $800-875/mo. Foreclosed homes go for much less, but require work. A colleague of mine owns ~75 properties in those markets (bought foreclosed) and fixed up the properties w/ new cabinets, granite, etc (they look beautiful). Those rent for $950/mo. You could buy a foreclosure in that market for $30ish, or slightly less depending on quality.

PM me if you have any questions about the east side. My knowledge of the west side is limited, but @James Wise has experience there.

...just be careful when looking at the inner-ring neighborhoods. Just because homes are cheap in Hough doesn't mean you should buy there :-)

Welcome to BP, @Luanne Dvorak

I've seen your LLC pop up on blockshopper a few times - it's nice to put a face to the name.

I myself am located in the eastern suburbs.