All Forum Posts by: Rich Nation

 Yes sir, I'll be on the lookout.

Gotcha, thanks for the info. She does work for a brokerage, they are extremely helpful also.

It seems like there is a lot to learn in guidelines and in negotiating. For example, 1 thing I heard was that you cannot sell a property for roughly 90 days after the short sale purchase. When we rehab a house that is not an issue because the rehab takes time but if we wanted to wholesale the house then this would be problematic. I read a work-a-round for that is to do a "land trust", which honestly sounds confusing lol.

Trying to learn these "ins-and-outs" is going to be fun. 

@Minna Reid I see that you quoted Bill but your response isn't showing for me, am I missing something?

I've read some of your comments in other short sale threads and it seems to be an area that your experienced in. Do you have a suggestion as to where I can learn more about it on a detailed level?

**Edit: after I posted this your reply had show up.**   

My wife got her realtors license because it comes in handy big time for rehabbing. We haven't figured out yet if she's allowed to be the agent on wholesales with my being the negotiator and also the buyer.

I'm curious to know if you guys know of any good resources for doing short sales? I understand the basics but have a hard time finding any resources on how to do the actual paperwork/packets/negotiating.

Me and my wife currently wholesale, flip and have rentals but our area (St. Louis) is flooded with investors so finding properties is extremely difficult. I see short sales as an untapped way to find houses in my area so I've recently become super interested. I did take a local "guru's" course on short sales but it ended up being sub-par on explanations and was more of a basic over view. Any info or direction would be greatly appreciated. Thanks, Richard 

@Todd Rasmussen 

I may give it a try. Finding deals is completely new to me so I'm just testing waters here.

Do you or anyone else you know knock on doors in this manner?

When finding vacant houses, I look up the address to find out who pays the property taxes on that address and then look that name up to determine their address for where to send my letters to. My question is: Can I just go knock on their door instead of sending the letters or is that considered intrusive?

I've owned a construction company for years and have always ran my own estimates so I'm completely comfortable with talking to people at their homes. The main difference being that I have always been invited over lol.

Thanks in advance.

Investment Info:

Single-family residence fix & flip investment in Saint Charles.

Purchase price: $130,000
Cash invested: $70,000
Sale price: $238,900

Our introduction to REI was this flip. I have a construction background so we did the first one by ourselves (me and the wife).

Learned a lot.

Added a bathroom, gutted the kitchen, basement and existing bathroom. All new electric, all new plumbing, all new flooring, all new paint.

New cabinets, granite counter tops, new stainless appliances, oiled bronze fixtures.

What made you interested in investing in this type of deal?

I wanted to get into rehabbing and this seemed like a good project to start on figuring my background in construction.

How did you find this deal and how did you negotiate it?

I found this deal through a local wholesaler and paid full asking price.

How did you finance this deal?

This deal was financed through a HELOC and the rest came through a creative financing website called Seed Capitol.

How did you add value to the deal?

We updated pretty much everything.

What was the outcome?

We made a little money, got our feet wet and learned a lot.

Lessons learned? Challenges?

Learned how to look a little deeper on the initial walk through. I learned that not everything needs a "Taj Mahal" finish.