All Forum Posts by: Ryan Ohendalski

I have developed a friendship with a realtor and we have a good relationship. I was able to sign up for my own MLS login as an "assistant" of his. This has allowed me to do my own research and see exactly what properties have sold for in the past and are selling for currently. This costs me about $100 a year, but is well worth it. I agree with J Scott above.

If you cannot do this, you can always check the county tax records to get a ballpark idea. However, it is not a great resource if you are trying to find sales numbers for an actual investment.

Hello-

I have a property that I recently purchased at auction. I posted the opportunity in another post, but I am looking for advice as to the best place to find a buyer.

I have never done this and do not have a list or anything like that. I am looking for the best place(s) to find a buyer for my property. This is on the Bay in South Texas. I am not sure if there are other sites or forums where I can post this? I have heard some people have used Craigslist, but I am not sure about that either.... Is that a good location?

Any advice would be greatly appreciated!

Chris-
This was actually my main concern: That I would be competing against other builders and be stuck with the property.
The easiest way to explain it is that builders A, B, and C were all in a development. Builder C has left the entire Austin area as a whole and sold all their remaining lots to Builder D (through a sweetheart deal due to because the sales managers for both C and D are married).
The cheapest home available to be built through builders A and B is right at 200k. I was able to build with Builder D (who is building on the 12 lots it purchased and that is it,.. all of which are already sold) for right over 155k. I am hoping to sell QUICKLY for around 190 and be done with it... I think that it will go fast based on the comps,.. but the good thing is that I still have a decent margin to work with and lower the price if it doesn't sell quickly.

Any other advice or concerns are welcomed!

Thank you both for the information.
The builder did have a form that stated that I was intending to live in the house for at least a year, however, I did not sign it and told them I would not buy if I was forced to sign it since I was planning on flipping it.
And it does take about 90 days to build the house, but the title does not go into my name until the house in finished. But that is great info that the 90 days rule is more than likely for an FHA loan and a conventional loan should be able to be sold right away.
The framing on the house was just finished so I am just trying to make sure what I can and can't do before it is completed.

I was able to make a deal with a builder with that was leaving the area and liquidating their remaining lots. I am building a house through them, from the ground up, for about $30k less than anything else in the area.
I am planning on flipping this property and I was wondering if anyone knew how long I had to wait, after closing, before I can list it for sale? and how long I have to wait before I can actually sell it?
I have heard that I might have to wait 90 days but I was wondering what rule/law this was that required me to do so? Or if I can list it as soon as I close?
I am in the Austin, TX area. Any insight would be much appreciated!
-Ryan

I am a RE investing newbie as well. I have only dealt with the Tax Sales at the court house, never any other kind. I am currently finishing up my first deal and it is a short sale.... first thing is understand that a SHORT sale is anything BUT short! But it has definately been worth the wait and patience in my case.
As one poster said earlier, the lister might be puting a low price to drive traffic, and this was the case with mine as well. However, we were sill able to get a great deal on it, but not quite as low as the listed price. We asked the listing agent what was the last day the bank was taking offers (many times there will be a deadline before it goes forward into foreclosure). Also, the agent can tell you if they have received offers that are below asking, or if the offer meets or exceeds asking. By law, they cannot tell you the exact price of other offers, can this will at least let you know if they have received a full price offer.
Even after we won the highest bid, the bank then sent their own appraisors out to look at the house... if you think that the house is undervalued,... then they might as well. However, work with them and if you are the highest bidder, you will probably be the only person they are still dealing with.
We are about to close and will do minor repairs and then begin renting.
Stay patient as it is a long process but can be worth it for sure!

I have looked at these and I know there are sites where these are all listed... My only concern was that much of the profits are taken out because the bank can sell the property for 80-90% of what its worth. This is what I have seen on sites such as southwestalliance.com and such. Is there somewhere else where these can be found at a better deal?

Hello,
I am a new investor who is looking to make his first deal. I have been the the Trustee/Tax/Sheriff sales the past 6 months and every property that would be worth investing, gets pulled or the price gets run up too high and the margin gets erased. I will continue to go to these and keep my eyes open for any deals, but I am beginning to think this isnt going to be the best way to get started.
I have now turned my attention to Pre-Foreclosures and I wonder if any of you have advice for me as I start looking seriously at this arena of REI. I have been reading a great deal on the subject, but I wonder what your experiences have been in this sector.
Also, I have seen conversations of the NOD (Notice of Deafault) lists and have seen that some people contact the title companies for this. I have called several companies in the area and they all said they dont have anything like that. They all tried to point me to websites of already listed foreclosures, but I want to deal with the homeowners before the homes are actually foreclosed.
Any insight would be greatly appreciated!
I am in the Austin area- Williamson County

Originally posted by Mike M:

How hard is that? Hard enough that you need to get out of bed, leave the house and GO FIND IT!

I am a new investor with plenty of motivation to get out of bed and look for deals,.... but I am lacking in knowledge as to where to even look? I have been searching the MLS but that hasnt turned up too many good deals. What would you say is the best way to look for these? Drive and look for "For Sale" Signs? Put up signs? I know some people send out mailers,... but how do I find who to send them to?
Any info as to where and how to look would be appreciated!

And if your looking for Biblical motivation, how is this one?:
2 Thessalonians 3:10- "If a man will not work, neither shall he eat"

Originally posted by Don Konipol:

Start with an area in real estate thats more forgiving of mistakes. The way to accumulate a fortune is to begin by not losing money.

Thank you for the response. I have been more focused on the Tax Sales as opposed to the Trustee Sales, but I talked to several people at the court house who said the Trustee Sales was the place to make money, but that it was not easy. I have been focusing on the Tax Sales since it is more forgiving since I can start with a small property for a much lower price. I have my eye on a few places that are starting bids at about $20-$50k. I wont go much above that range since I only have a limited amount of cash on hand to do this.
What would you suggest, Don, as a more forgiving way to start? This is actually what I am looking for on this site; getting ideas and advice as to what areas of REI to look at as a start. Don, I would appreciate 1) any advice you might have and 2) quick summary of how you got your start.