All Forum Posts by: Robert Conroy

Kevin - 

I am concerned that the Seller's reps are workin a back to back transaction so they get the spread- which is fine, thats what I do, but I ALWAYS disclose it to my back end buyer,  you should ask " Will it be MY BUYERS names be on the approval letter from the BANK that is short saling"? 

I have never received a counter offer - nevermind an approval letter w/o a solid signed and SUBMITTED P&S.

Also - did you Buyers sign an "Armslength Agreement" - if not - that is strange.

The language on all my P&S say "within 30 days of written 3rd party approval acceptable to both buyer and seller" don't know what this "post lien" stuff is.

I live in Acton currently, let me know if you want to chat, I am more than happy to do so.

Hi All;

Doing a fix n flip of a cookie cutter 1960s 3/1 ranch in MA. Basement is dry (good sump pump) originally wood grain paneling looks like a DIY job.

I was watching one of the flip shows and they used one of those Basement Systems Companies (- i.e. Owens Corning), I assume they got a break on price for marketing considerations, but;

has anyone done this? - and would it make sense, from both a quality and cost standpoint, considering this is a flip and not a home I will live in.

Thanks!!!!!

1. What is your exit strategy? (Flip?Buy n Hold?/Short term hold into a 1031 exchange?, Live in it)?

2. What is the current as is value?

3. What is After repair(if it needs work)?

4. Is it tenanted? What are the rents?

5 What is your current agreement with your Private Lender and Bus Ptr?

If your questions is simply "How do I and How soon can I refi out of this?" A good competent mortgage guy should be able to answer.Typically, you would want the person with the best credit ans steady income to be on the deed for the refi, and its up to different lenders on seasoning time before you can re-fi out. It sounds like the "Lender" you are asking doesn't know - that worries me.

Really need more info.

Go get 'em!

I really do not like buy and hold for SFRs - and don't let the HEDGE funds fool you, they are having problems with their SFR strategy already. I only buy and hold 3 units or more, so I never have to go into my pocket for a mortgage payment due to vacancy. I will do a short term hold on a SFR if I know I will be getting the appreciation back quickly. BUT - I am in the Northeast, so cost basis per unit is higher...so SFR rentals and even rent to own is a little tough (not impossible).

Bobby - based on your info - this is a quick turn property and should be short sale'd. If you are the Seller or related to the Seller the bank will not allow you to "profit" on the short sale. If I were you, I would find a Buyer that could buy from the bank at the right discount, then flip the property for a profit. I have found that the banks tend to not want to be "in da hood" either, so I have gotten some good discounts there........PM me if you need more info. I said a prayer for you and your Dad...

I am considering a pay-per-click campaign to find motivated sellers. I know there are guru/info programs out there - I don't think its necessary, but don't want to re-create the wheel either. - I have a good Internet Guy (who owes me BIG lol), and I know I could back fill with ODESK help.

But I would really LOVE to get some input as to effectiveness, cost, management issues, best practices/resources, etc.

I have enough RE contacts, that I could even refer "bad leads" (those that don't fit what I need), to RE agents, Mort Broker, RE Atty, BK Atty. To either make a little bit of extra cash(legally, of course) or continue to build great working relationships with the referrals.

Thank you in advance.
Bob

Mike I read your results - good response rate... if you are missing too many calls, and its a pain returning all - you may want to get one of the call centers to help, and do a quick "pre-qual" - that way you can make sure you prioritize the strongest leads first.

Also - I read the FL deal - what would be your exit strategy? - I just wasn't clear on that - there does not appear to be a lot of meat on that bone, did I misunderstand?

Good job and KICK BUTT

And what about targets?

My short sale(pre-foreclosure) response rate has reduced, and the sales cycle has gotten longer - now that Sellers know they can squat for a while, plus dealing with "new" Obama programs, lol.
I have just started to do multiple mailings to this list.
I am thinking absentee owners out of state, and/or high equity/seasoned ownership properties.

I (can and do) wholesale/ quick turn, or fix n flip, depending of local and level of effort - and the bottom line obviously.

Anyone want to weigh in?

Thx

If you have MLS access - I do not think you need an appraisal, I run my own COMPS. I do two tier COMP on SFRs - 1. Like/Kind SOLDS - to establish a baseline value. 2. Listed Props in that price range(I go $20k on either side), to establish price point based on the "affordability range". I always want to be the BEST DEAL in that price range. If you are Buy&Hold, I still think its important to establish relative value - you always want to be prepared to exit. I hope that helped.

Hi Megan;

It should be pretty basic- - I do deals in RI and MA. I am just marketing a fix n flip I did in Cumberland. I can help would be glad to review with you. You should be able to avoid a double close depending on the nature of your deal and upon C-buyer purchase method (does it have to be cash - good, if your C buyer is financing, back to back may not work.
Also - we should do some networking. e-mail me [email protected]. I'll give you my cell number if you want to chat. Plus - I may have buyers for you. For real. Thx Bob