All Forum Posts by: William Murrell

Well, if it isn't multi family you can definitely perform an evaluation without cap rates.  Once you get into multi family though, you absolutely need it.  There are several ways to evaluate the property in the meantime!  For starters, use your membership!  I see you're a pro which means that you can use the calculator as many times as you'd like.  Have you run a "best," "average," and "worst case" scenario" yet?  If not, stop what you're doing right now and go do it.  If you use good numbers and it makes sense at your "worst," then it's probably a good deal. 

Welcome to the site.  Don't forget to fill out your profile and add a picture. It's one of the easiest ways to gain credibility on the forums as you start posting.  Listen to the podcasts and learn everything you can!  Good luck out there.

I have long said that if you don't believe that "hope springs eternal," then just read the listings on the For Sale By Owner. The most unbelievable asks in America can all be found on those listings, at least that's true around our area. So to answer your question, I'd agree that there aren't very many deals out there for FSBO. I'm sure that some markets have some good deals in that space, but around here it's just people asking for 40% more than market.

Welcome to the site and good luck!

Step one: use the search and read up on the site.  Lots of good stuff on seller financing.  Step two: consider the rate you'd pay if you went to a bank and then offer above that.  CD's, Money Market, etc. are not offering anywhere near what a mortgage is going for right now, so if you offer a premium it's going to be looked on as a good deal.  For instance, if a mortgage is 4.5 % right now and you offer 5-6%, they're not going to find that in many other places right now and you should market it as such.  Don't forget to run your numbers at that interest rate though!

Not sure how different things are in CT vs NC, but I just had this issue pop up here in Leland, just outside of Wilmington.  We passed on it, and I'd recommend you do the same.  Without the SSN, how do you do the rest of the checks?  You can't and we weren't willing to assume the risk.  Just my $0.02.

If they can't meet you on the terms, move on.  This is a business and we have to treat it that way.  Yeah, there's a possibility they could find someone to pay more for their house, but where is that person?  Something is only worth what someone is willing to pay for it.  If they're talking to you, there's a reason.  Stick to the offer and move on.  They'll either come back and accept or refuse and you'll find something better.

I also think the app could use improving, but that doesn't mean you should dump on the entire company after your first five minute experience with the site and community at large.   Looking at your profile, you set it up only to complain.  This site is amazing almost entirely because of the sense of community and the willingness of people to provide selfless advice and constructive criticism.  If you don't get that, maybe you aren't a good fit.

If there's a likely and serious repair that you didn't account for, adjust your price to reflect having to pay for it.  If they turn it down and you lose the house, oh well.  There are always other houses.  The issue will have to be dealt with at some point and unless your numbers accounted for this serious repair, it might not be the deal you think it is.

Step one: in a true short sale you can offer whatever you want at any time, but whether or not they accept it is another issue entirely. But anyway, if they owe 50k and you offer 100k, that is not a short sale.  You're offering more than is owed to the bank.  It's a short sale when you offer less than is owed, not less than what it's worth.  Now if you offered 30k and expected the bank to take less than the 50k they're owed, now that would be a short sale.  In this case, the bank won't care because they'll get paid their 50k out of the proceeds of the sale.