All Forum Posts by: Peter Myers

If you could move to any mkt for the purpose of buy-fix-flip, where would you go?

This is actually 2 questions, because i'm interested in stable b- to c sfr rentals too. Are there mkts that work well for both?

Thanks!

Cash for keys often ends up faster and more economical than legal bills. I would continue your legal remedy, but offering 3k if they can be out in 2 weeks, they may agree. Stipulate that the home must be vacant and cleared of any personal belongings. You inspect, sign off, you get the key, and give them the check. Have your locksmith ready to re-key right away. Money talks. Good luck!

Matthew, what happens if your buyer fails to come through, and you can't close the deal? Are your deposits forfeited? Likely. I would read the rules for the auction carefully, and figure out if you're potentially exposing yourself (financially, that is. ha!)

Are they paper lots or fully developed? It's always helpful to see what fees have been paid. A check with the permit office is a must. Good luck.

Hi, Raymond. I've been in SacTown since 1989 doing real estate.

Happy to give you my 2cents worth. PM me. Thx

Personally I avoid calling the lender so I don't cause alarm on their part. They will find out soon enough who's making the pmt. The insurance dept. will also find out as there will be a change of the loss-payee with new coverage.

The key is as others have stated above- The buyer needs an exit strategy and they need to hold you harmless in the event the lender decides to enforce the clause. I've never had a lender exercise their right, but it doesn't mean they won't at some point.

Mike, you cannot list it in mls at 215k unless you have a signed listing at 215k signed by the rightful owner.

Personally, as a broker and buyer myself, I would close the deal at 180k with full disclosure that buyer is a licensed agent and is buying for profit.

Even then there have been cases where sellers caught wind of the instant gain, got pissed and filed suit. In the eyes of the judge, you are likely viewed as the professional who took advantage of the seller. Talk with your broker, and good luck!

Hi, Joshua: I find it helpful to think like my tenant. If they compare yours to others at $875 would they be enthusiastic about living there? It's also helpful to get a handle on your demographics. Is a person there who rents for $875 someone with a steady blue-collar job or a professional? This will usually indicate how much management you'll have to do.

If comps are truly 40-50% above the asking price, then why isn't it gone?

Lastly, there's nothing better than local knowledge as Tyler states. Good luck

There are excellent wholesalers out there. They are people you network with, vet out, and get to know. They know their business, and I think they add value to our industry.

I answer craiglist ads all the time, and usually can tell within 30 seconds if they're worth the time. Stay positive, and weed out the junk, or maybe you need to forget about wholesaling and focus on other niches in our industry.

Hi: I've got a niche selected and need to know if It's OK to market to them as both a person who can list their property if they choose, and as a potential buyer who will buy from them as-is.

I see many agents who do not disclose that they've taken an ownership interest in a property that was originally their listing or potential listing.

Are there clear rules pertaining to this? Thx

Hi, John:

First thought reading your post is- don't get sucked into the emotionality of the situation. Of course the guy wants his glass shop back, but are you prepared to make his desire your problem?

I would approach this deal from the perspective of either 1- could I flip the house easily and move on, or 2- does it make a good rental (if you want rentals)?

Answer yourself those questions, and if yes, then you can deal with the messy situation and buy his property, but I think you answered it already at the beginning of your post. Best of luck.