All Forum Posts by: Justin Morris

Update on this property, I talked the wholesaler who got this property from a bank two weeks ago. It seems the price drops from 2011 were when they property was in pre-foreclosure. They dropped the price once because they wanna quick sale, I think this may be worth taking a look. Thoughts?

I am looking to find a investor friendly realtor in NYC area, does anyone have any suggestions?

Uwe S. It's in the Philadelphia area

Prashant P. I don't know any realtors, how much do they charge usually to pull comps? Even a paid online comp service isn't good?

Thanks Aubrey Putney Thats a great idea and I'll do that, I got the comps from Zillow and Realitor.com. They were all within .75 of a mile and were all within the last 3 months.

Deal break down,

3BR/1BA
1564 SQFT
Built 1930

Asking Price: 49k(can probably get them down to 46K)
Closing Costs: 1k
HOI+Taxes:$400 a month
Rehab Costs: 5K(basically paint, could upgrade appliances and carpet)

Total Investment
56K

Comp average is 105k

Total Profit
30-40k

Looking at this for my first flip, thoughts? Please let me know if this is not enough info. The only concern I have is it was listed in 2011 for 105k, 8ok ,75k and not sold. Then it went into foreclosure and was picked up but a investor I think and they tried to sell it for 55k in December and nothing. Could there be something seriously wrong with this house and they are just keeping it a secret? Or is it a sign of the market? I was thinking of putting it up 89k after repairs are down for a quick sale.

Thanks

Marc Bodinger Residential

Can someone give me a suggestion of a couple of websites for good comp info. Obviously, MLS is the best but if I don't have access to the MLS what is the next best thing? I'l willing to pay small subscription fee for accurate comps. I already know about Zillow and Trulia, I want something better.

Thanks!

I started getting interested in REI about 6 months ago and I saw it as a very viable way to improve my financial situation and create security. I've read a ton and feel like I have paralysis by analysis. I got into lease purchase but I feel like its very hard work. I've haven't closed my first deal and I've been at it for 4 months! What is the best way to just jump in?? I've heard wholesaling, flips, reo buys and holds, rentals and on and on. The issue is I have no money to use to get started, no for a downpayment or anything. I feel if I can just make 20 or 30k the doors would open and I could buy a rental or do a flip. I just want to get my feet wet and I feel like I haven't. If anyone can offer some advice I'd be grateful for it. I'm not looking for a guru or some class I need to spend money on, I've already put enough money into this and haven't gotten anything out. Thank you in advance!

I attended a seminar yesterday in which a very successful investor was explaining how to purchase REO/Foreclosures directly from the bank. She explained that you can buy directly from the bank and use the equity in the property you want to buy to finance the sale. I understand all of this, but what I'm not clear on is where do I go to get this funding? From who? If anyone has done this before or does this, I would be grateful for some insight and advice.

Thanks