All Forum Posts by: Munir Hassan

@Jerome Hawkins I'm pretty new to REI but, in addition to what @Mike Bolen said, I think you would want to share your estimated repairs.

I believe the rule of thumb for flipping (which is what it sounds like you're doing) is 75% of ARV - repairs. Assuming your repairs are minimal, sounds like your $299k is in the ballpark.

@Deanna Opgenort

That usually would make sense accept

1. The property was owner occupied, which is why she wanted to find housing before she sold it. She wasn’t currently renting it out So if there was a tenant being difficult, it was the owner.

2. The sale was “as is” with NO INSPECTION. Which was the stipulations the selling agent made with the owner. Too risky.

3. Not being able to secure housing was the reason she didn’t want to show the property. Again, we were looking for a win win so that’s why we thought it might have been a good idea.the property sold below market rate because it needed a lot of work, not because of some wholesale tricks.

Based on most of the feedback, sounds like it’s a win some lose some thing.

@Deanna Opgenort our goal was really to make a win win with the owner but she wouldn’t let us see the property or tell us what she wanted for it. Honestly if she had said she wanted us to buy it at the price she listed it for and showed us the property we would have most likely made that offer. The agent wanted us to make an offer after only seeing one unit (the best of the tree), as is. Too risky.

I agree with your point of adding value. I told my wife we should have offered to help with her interim living situation or something. Reached out to an agent in the state she wanted to move to. To help her out.

@Dennis M. Great point about time management. We are actually thinking about ways to automate outreach for these properties in our market. We’re in such a hot market that these owners get letter everyday and it’s hard to standout.

Thanks @Sam Shueh that’s a good tip. I agree, we should have tried making an offer just prevent waists time (really the most time was spent getting the sellers to contact us). But at least we could have moved on earlier.

Thanks @Caleb Heimsoth. The seller didn’t have an agent at first and we were trying to get it below retail. In my market that’s like finding a unicorn riding a dragon in Atlantis. Once she got an agent the price went up to retail minus what we expected to pay for repairs.

Hey @Wayne Brooks, thanks! A few people told me similar things about sellers in these situations.

Hey @Brandon Roof thanks. That’s a really good point. My wife gets all the credit for building the relationship. She’s the people person lol. Hopefully next time we can close it.