All Forum Posts by: Ben Bakhshi

Where is this deal?

He calculated a cash flow 12,055 on $20,000 invested.
He hasn't figured closing costs.
Using the 50% rule his net income would be: 12,500
After mortgage and interest, he would pull in $7512 per year, or, 37% on his cash invested.

We still have a ton of rehab opportunities in the center of Atlanta. You can buy homes for less than $10k, after fixing it up you can sell for about $30-$40k.
I think with margins that tight it makes more sense to buy, fix, and hold, if you want to be in the D areas.

My thoughts... buy up whatever you can, prices are starting to rise. You may be able to fix-up different classes of properties since more homeowners will be able to qualify for lending as the 7 year post-foreclosure waiting period comes to an end.

Nechelle, were you just buying from ebay and selling back on ebay? Or would you also purchase homes from ebay and take them onto the MLS?

I do understand how ebay has changed the way the auctions work.

What advice would you give to someone who is thinking about buying real estate on ebay?

If the location is habitable by humans, then I'm open to invest.
My second filter is that I personally need to be able to visit.
That means zero Muslim countries because they don't accept Jews, especially Jews who have an Israeli stamp on their passport.
The third filter would be that it must be in an area that I can conduct reasonable amounts of research on from my computer, so if there are no English resources for me to research, then the odds of buying are slim to none.

I have properties on both coasts of the US, but nothing international yet.

How many offers do you guys make each week or month?
Out of those, how many do you close?

I expect to close on about 1/5 offers, it's been over a month since my last buy, we'll see how the market in Atlanta is these days.

Angel Perez & Arthur Garcia
Where can I learn about specific instructions that I should follow? What exactly should I have in my Joint Venture contract? These deals are with friends, so it would be reasonable for me to write up the contract by hand in 1-2 pages rather than pay a lawyer for a headache.

If the lender decided to foreclose on the property and we are in a JV, I would be at risk for losing my side of the business:
* Do you think I should get a higher percentage of the income if the investor brings a mortgage into the deal? ie. 50/50 split of revenue if they bring cash, and 40/60 split if they bring a mortgage?

The investor's ROI would skyrocket if they brought a mortgage, so they wouldn't have a big problem with this on paper, so long as I had a just reason.

Do you say, generally because you know this from example? Just curious and trying to figure out what is really going on, to break past assumptions.

Some reasons they are selling on ebay:
1. the seller hasn't seen the home and is trying to get rid of it as quickly as possible.
2. purchased at auction for a few hundred dollars, trying to flip quickly for a few hundred dollar profit.

What do you think some reasons are Wayne Brooks

Hi all,
I'm always looking for creative ways to make money. Some of you may know that on eBay you can buy and sell homes. You can't pay with Paypal unfortunately.
Here is one for example:
http://www.ebay.com/itm/Previously-Foreclosed-4-Bedroom-1-Bath-Home-Detroit-MI-/221191373044?pt=Residential&hash=item33800880f4
http://www.ebay.com/itm/Indianapolis-Investment-Property-Single-Family-Home-1-Car-Garage-/160979472915?pt=Residential&hash=item257b1fd213

Now, I am not planning to tread the gang-infested streets of Detroit, or other random cities, so here is a potential strategy to make some money.
Would you care to brainstorm with me?

Here is a plan that would could work 100% from home, no travel necessary.
The goal is to buy a home on eBay and sell it back to the MLS.
The value you will be adding is removing uncertainty with these homes, getting them insured, and listed on the MLS.

A.
Gather a list of homes that are explicitly offering a Warranty Deed.
Find a local real estate agent in the area you are searching. Have them give you pictures of the home, of the inside if possible, and an estimated price for selling the home quickly, within 1 month. Your agent will likely need a POA in order to do closing and acquire insurance. (This step should be 100% free)
If the home actually exists, and the agent's estimate leaves you room for a profit (at least $5,000, then continue to the next step).

B.
1. Get a licensed inspector to do an inspection on the home. ~$250
2. Get a termite/bug inspection for $75.

C.
1. Win the auction for at least $5,000 less than what the agent says it can sell for,
2. If the seller requests a deposit, only pay via Credit Card, no cash or bank-wire. That way you can claim a charge-back if the seller tries to run with your money.
2a. Avoid paying anything unless it goes through a closing attorney and/or escrow.
3. Only bid on homes that have a Warranty Deed, NO QUIT CLAIMS.
4. Work with a reputable title insurance company to make sure you wont have any liens or back-taxes.
5. Get home insured. Optional. (Should call some agents before hand to get a quote.)
6. Put it back on the market AS-IS with full disclosures.

This might be a little half-baked, but it could work as a "work-from-home" strategy to make a few grand per deal.

You can flame me as long as you give me constructive criticism!!