All Forum Posts by: Sydnie E.

Hello BP, This was the best show ever!!! I really enjoyed hearing his perspective on the business and his outlook on life in general! If you have not listen to this podcast your missing out. Download it, save it and listen to it repeatedly!! Awesome!!!!thank you for having him as a guest speaker! I don't know if you can top it. Good luck???? Sydnie

Thank you for your reply. How would I be able to verify the market value? Would the bank provide this information? It seems like the listing agent would know, what do you think? Thanks Sydnie

Hello BP, I have a question for our short sale experienced BP family. I'm looking into acquiring a short sale property and need clarification on the analytical side. If a property is listed as a short sale for $495,000 and MLS has the value in that area as $799,000. If purchased at $495,000 how would one obtain the excess from the market value ( the $304,000)? What would be the best way to acquire this property. I'd like to acquire a few properties to build a real estate portfolio and use the value to payoff private lenders. Does this sound reasonable or am I dreaming? Is any experienced in building RE Portfolios? I appreciate any information you can offer. Thank you, Sydnie

Thanks Ned, I will see what I can get out if the realtor listed. At minimum maybe they direct me to the right person or place to get info on this process if sale. Sydnie

Hello Thank you for your reply. The property is on California. I thought of contacting the owner but I wasn't sure if the court had control now if the property. I haven't been able to locate much information on this subject online. It seems to listed as a regular sale. They are asking for cash based on the listing but I guess I'll have to visit the local court to get more information. I'm also assuming the home will need a few major upgrades as it was last renovated in 1967. A lot has changed since then. I've been trying to locate time frames for these proceedings to see how much is needed upfront etc. Thanks Sydnie

Hello BP, I recently located a court ordered bankruptcy home for sale. I'm wondering what are some of the issues that I may come across when making an offer? Are there any fees that would be accessed outside the purchase price? What are the chances of getting my offer accepted for less then the list price. It is listed "as is " so anything could be wrong with the property. Thank you in advance. Sydnie

Hello BP,

I've come across many individuals that have short sales. The problem is that the seller of the homes have contracts with realtors. What are some of the pointers that have worked to convince a seller to cancel their contract and commit to your seller financing terms etc? Many will ask that I talk to their realtor even though I explain that I'm an independent investor? If you have any pointers I am open to all.

Thank you,

Sydnie

Hello BP, I'm new to investing and know that typically one would use the 70% rule to analyze a property . I trying to get a better understanding on why not using this format would mess up a deal. If a property is listed at 380,000 and if approved for 295,000 due to the condition of the property and putting 40,000 into the property brings the cost to 340,000. That would leave 60,000 in profit. Plus 15,000 for an agent if used. So we are looking at 45,000. Can someone explain why this would not be a good deal. I know it is very basic . I just want to see if their are exceptions to this rule. Thank you in advance.

Even if this is the asking price? Why would they list it for sale at this price?

Thank you for your response. I like the HELOC idea. I want to hold it for tax reasons. If I have any issues with the house having the HELOC available will be good to cover the expenses.