All Forum Posts by: John Nisewonger

I am interested in a short sale for a flip in my area and I have an active offer on it. House is 62k and I put in 66k cash. Bids had to be in this week. We'll we get an email saying they are going to extend the bidding to early next week.

My worry is an owner occupant might put in a higher offer. At what percentage typically will banks choose a cash offer over a loan? Should I bump it any or hold my ground. House just needs paint and replacement windows comps at 105k. Super easy flip.

My agent says they are just trying to jack the price up. I am just comfused on why they are holding out whwn i offered cash and above their asking price. Any advice is appreciated!!!!

sweet deal. congrats! Prob felt like hitting the lotto.  Id freak if I even made 50k on 1 deal

Prices are pretty high right now but there are a few deals out there. They are gone usually within a few days. Cash def is king in this market. If you want a deal, wait til end of year when banks unload and  owner occupants aren't driving the prices up. I have a rentals in chesterfield and in col heights. you might find a decent priced deal in n chesterfield or the tri cities and parts of richmond. Use caution in richmond and petersburg as someone else said it can turn from a safe part of town to crack town within a couple blocks. Best of luck

anything above 20% i would think is good to shoot for. Compared to stocks which average 8%, real estate flipping is the better choice. Thats if you know what you are doing. My last flip did 39% ROI a personal best

I have mine in my own name and just got an umbrella policy. If I transfer to an LLC, my bank could call the note due. Also insurance is cheaper if just under your name compared to a business from what I was told by my insurance company when I met with them.

So I have this deal to refinance with no closing costs through my current note holder.  I am on the fence about it though on which way to go.

I have a rental that I rent out at $975/mo and current mortgage is $662 and is at 6% interest rate.  I have about 17 years left on the note. I have a second mortgage on it for around $36k that paid for another property awhile back and will come due for pay back in next couple months.

I can refi and prob save about $80/mo if I keep the years remaining the same or I could refi back to 30 years and save like $260/mo. in which I would use to repay back the second mortgage.

The kicker is the current tenant was talking about possibly buying the house from me in the next couple years in which I would gladly sell it to them. I could sell for $130k and pay back the 2nd and remainder and walk away with around $22k.

The property I used the 2nd mortgage money for makes no money and I would be in the hole if I sold it as I bought it during the housing market boom so that one I am def. keeping for some time.

What would you guys do?

thank you all.

who do I contact to investigate them for loan fraud?

Ok yea good idea. Would they fine the purchaser and agent or what? I have found its gotten pretty cut throat here where I am at buying flips. This is just going too far now.

I am a local investor and had watched a particular HUD property for some time. HUD allows certain types of bidders during certain periods. Occupants and no profits get to bid in the first period. If no bidders, it opens up for bidding for investors. The real estate firm submitted a bid for an investor during the period for owner occupants.

The day that HUD opened up the bidding for investors I was ready to put in a full price bid. I had spoken to my agent and also had my funds set up to purchase. Mid day I got a call from my lender saying that he didn't see the house on HUD anymore and wanted to know what happened (I think he needed some info from the listing). I contacted the listing agent and she explained what happened. She stated that one of her new agents submitted a bid for an investor and that HUD has accepted (thinking it was for an owner occupant). She told me that she would call HUD and that the house would go back up for sale in the next day or so. The house never went back up. I checked the county records and it is clear that an investor picked up the propertyHis house is worth over $300,000 and I am sure he is not moving to a $50,000 fixer upper that was a total gut job. I am not sure why HUD would let that go through if there was a mistake. That leads me to think she never called. Why would she when she can get both buyer and seller broker fees buy not letting me have it in which I was using another brokerage firm. This behavior is unethical and unfair to other investors.

Someone is acting unethical. This deal should have never went through. I play by the rules and so should everyone else. This particular mess up potentially cost me around $20-25k in profits. 

I have already contacted HUD about the matter and they just state that they will investigate it. Do you think they just went ahead and took the bid?

Is it worth the time to submit a complaint to DPOR? I really am not sure who is at fault but someone acted unethically.  Your thoughts????