All Forum Posts by: Account Closed

Today we had a first good call after placing bandit signs for two weeks. The seller is asking $55, 000 and is currently being rented for 850. It is 3 bedrooms and 1, 650 sq ft. The neighborhood is decent and they are building the light rail a couple of streets from the house. I am not able to run comps since I don't have access to the mls (currently taking classes to get my re license). I looked in hcad and the house is appraised at 80, 000. I know that is not very reliable. I still havent seen the house from the inside but from the outside it looks like it might need some work. I told her I was going to look at the area and call her back to schedule an appointment.

Can anybody give me some advice in what to do next? And how can I get a realtor to run the comps?

Thanks

@ Jon The realtor ran the comps and said it could sale for 85,000 but we had an appraiser see the property and said it was valued at 72,00.

@Chris We used the MLS from what I have read those web sites are not accurate.

So we had found our first deal to flip. We were going to make about $15,000, it wasn't much but we just wanted to get some experience. We had a realtor run the comps and said that the arv was 85,000. When we went to go see the property we had that gut feeling that the house didn't seem like it was worth 85,000 so we asked him if he could double check the numbers. He came back saying that we could sale it for 85,000. Well, we did the appraisal and it came out to only be work 72,000.

Lesson learned.

1. Run own on comps. don't depend on other people.

2. Follow our gut feeling.

We decided to not get the house and take a loss of 900.

Thank you Will, we wanted the property to flip

We found a property that needs minor work. Cost is $50, 000 repairs $15, 000 and arv $85, 000 since this is our first property we are unsure if to buy it or not. Any advice will be greatly appreciated!

@Belinda, where can I find that book? I tried searching it in Google and nothing comes up.

Hey Lashinda, great job! Thats awesome you got your first deal. Don't give up!

Thanks for the information Belinda, I plan on flipping houses.

Thank You Joe, I meant if I could back out if I find that the property has any liens. I don't want to wholesale.

Im about to start my marketing. My question is lets say I find a seller and the deal is good what do I do next? I have read that I should get them to sign a contract but how do I know if they dont have liens? Once I sign can I back out? My goal is to buy and flip.

Where can I get the contracts that I will need?

Thanks!