All Forum Posts by: Richard Fields

I think it was Fannie Mae who has a program called Delayed Mortgage, I think. Basically you can get a mortgage the day after closing as long as there are no liens on the property

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I saw this bandit sign today. I have NO knowledge of this group or anything they do, I just saw the sign today and am passing it on. REAL ESTATE INVESTOR Training Group. Call or Text for info. 267_209_1673.

I have no affiliation with this group

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Check out Turbotenant or one of those company's. They run the background checks and send everything to you. No cost to you, the tenant pays them. Call it an application fee. I don't know if they call the references, but I would do that myself anyway, especially the old landlords.

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Very nice. Nice bump in the rent too

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Most of the turnkeys I've checked into, I find that comps in the aeas are selling as low as half of what they're being offered to me for. I'm sure there are some that are legit but DO YOUR DUE DILIGENCE

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Welcome Nichol. Tons on info here about flipping. Lots of place to learn about foreclosures. Section 8 you can learn about from the housing authority, but you're better off learning all you can about landlording before you even think about that, plus you'll have to take a class from the housing authority and your house will have to pass their inspection. Learn all you can before you jump into it, then do it. It's well worth it

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Hello Jim. I'll keep you in mind when I'm looking again. Probably in 6 or 8 months if I get the one I'm negotiating now. Always glad to do business with a fellow BPer

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Originally posted by @William Hochstedler:

@Richard Fields

There are a bunch of factors that influence what a bank will take for an REO, most of which you have no way of knowing:

Bank's balance sheet
Bank's REO inventory
REO desk's quotas
Bank's actual exposure on the property
BPO's and other valuations that the bank is basing their price on

Some have the theory that if their first offer is accepted, they have left money on the table.

This is a conversation that you need to have with your agent. Is your agent willing to write low percentage offers for you?

We like low-balling REO's because, unlike private sales, the seller doesn't get offended and listing agents are used to it. The bank will, without emotion, accept, counter, or reject your offer. Your only concerns should be losing out on these properties to other buyers who are bidding more than you and wearing out the good will of your real estate agent.

Good luck.

Thanks William. My agents fine with submitting my lowball. He knows eventually he's going to get a commission out of me. I use him to sell too.

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Thanks John. I submitted my lowest offer which was 27% below their asking price, but they dropped their asking price today by $4400, which makes my offer 22% below asking. It's December and it's the end of the year, I may not even come up from my lowest bid. I've already found a triplex in a B neighborhood that will cash flow even if I live in it. Saving the $ for that one

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I have in Pa. I don't know if they work in DC, but if you want, message me and I'll send you info. Theywill do a mortgage as low as $25000. Sounds like your tenant may not qualify though

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All Forum Posts by: Richard Fields

Richard Fields has started 16 posts and replied 236 times.

Post: Cash out refi before 6 months in Michigan?

Post: Aspiring Investor Looking For Work

Post: Best ways to check backgrounds of tenants?

Post: First rental rehab - before and afters!

Post: Questions on acquiring turn key rental in the Dayton, OH area

Post: New to real estate

Post: Philadelphia Realtor

Post: Offering.g on REOs

Post: Offering.g on REOs

Post: Tenant wants to buy, I don't want to finance