All Forum Posts by: Pratik P.

Man those bids are wayyyy too high. I would get an extention and get some more bids. 

Sounds like the property needs work, so hopefully you're buying under market value.

Ahhh gotcha. Ok thanks for pointing that out

Yikes 4.5points 10.5% interest? I'm very sure you can find a more affordable lender. 

Don't let all the negative answers discourage you. The agent is just trying to figure out exactly which offer is the strongest. I would suggest you don't try to wholesale off the MLS. There is no value there because the property is already on the market and is available to any buyer. You need to find off-market fixers that buyers don't have access to. Also for the future, it's perfectly fine to make offers on MLS properties, but just include that you are using private money or hard money with a pre-approval letter.

I'm so glad they didn't take your previous offers. I will however disagree with most people here about not paying them a dime. Send them a Home Depot giftcard with $2.23 on it in response to their demand lol

That would probably be the best way to go to minimize management cost/effort. What do you mean by 24 fixtures?

@Manny Cirino No I'm not, I'm in Sacramento, CA.

@Todd Dexheimer Looks like repairs and maintenance is 4.5% of the income. What do you think is a more realistic figure? Same with contract services. 

First things first, you need to make sure you have clear and insurable title. Then you can have him deed it to you and record a deed of trust against the house.

@Brandon Xiong Hey Brandon, we're not working with that contractor anymore. We subcontract everything out these days

@Chris Kdjdfjb You have a right to live where you want but you don't have the right to a "reasonable price" whatever that may be. The fact is, land is a scarce resource, especially in the coast. There isn't enough to accommodate everyone who wants to live there for a "reasonable" price. So supply and demand will set the cost. And no, you can't just demolish the pesky SFHs because they are private property even though I myself would love to see more multifamily and skyscrapers.