All Forum Posts by: Ronnie Sparrow

Can anyone suggest what is the best way to find a good REO listing agent to find properties?

Dave thanks for you comment, What I want to start doing is marketing to owners of multifamily properties. Specifically I am looking for smaller multifamily like 4 to 20 units. This will be my first purchase for multifamily so I want to start small and conservative. So you say I can get that info from list source? Do you have any other suggestions on how to market to this specific target?

Can I use Stewart Title to search for owners of multi family?

Rashad, you definitely want to get access to the MLS! Look for a friend who is a realtor or make friends with a realtor and work out a deal where they will let you share their password. You can have them lease your properties on the MLS and they can share the commissions on the first months rent. They can also list the properties when you are ready to sell. In addition, you can send them sellers who are not motivated to sell but could use a realtor to place their property on the MLS. So as you see there are several benefits for the realtor to work with you by sharing access with you. This is a win / win scenario for the both of you.

Thanks guys,

The ARV is around 150K. It looks like there was something that happened in 2008, maybe a home equity loan I see a 107k loan of some sort. I am going to call the owners and get more information about that 107K.

Need some advice from you guys who have been there and done that. There is a property that has been vacant for the last 6 months. I was able to track the owner down and yesterday met with them for about 45 minutes. To make a long story short let me just summarize below:

1. The have a Lis Pendens issued in January this year from the HOA. Found they owe $3,000 in back HOA payments.

2. The mortgage has changed hands several times in 15 years. Currently Bank of America has the mortgage.

3. BOA says they owe $61,000 to bring the loan current.

4. BOA says they owe $171,000 which sounds crazy. Original loan was $71,000 back in 1993.

5. Looking back in 2008 this property was going to auction but is was stopped twice.

My question is should I try to pursue this property and talk to BOA directly?

Should I hire an attorney to help me?

Or should I run away as fast as possible.

Michelle I live here in Spring,

I have a few questions for you.

1. What are you planning on doing with this property?

2. What kind of repairs and what is the cost of the rehab?

3. Can you back out of the deal? It is not good use of your money. Call me and we can talk. Cell 281-468-2601.

Your purchase price is too high. You need to get this property at 133k minus any repairs, thats the minimum amount you should pay. I would not do this deal there are better ones out there.

Chris, Liam and David,

Thanks for the input. Buying lots is not what I do, I am into buy and hold and wholesaling. Looks like I am going to do what David suggests and offer 2K per lot and see what the seller says. I am going thru the sellers attorney so I am sure her fee is much more than 2K. The lots are in a good nieghborhood but there are no new builds going on there. I am going to make a low ball offer and move on. Thanks guys,

Got a lead on three lots today. These are in a residential neighborhood average year built is 1981. Average price / Sqft is $52.00. Neighborhood tax appraisal is $142,200 to $220,200. Although there are sales in this neighborhood up to $400,000 the sales prices range from $140,000 to $300,000.

1st lot is 8,600 Sqft. Tax appraisal $11,790

2nd lot is 16,550 Tax appraisal $12,901

3rd lot is 15,153 commercial Tax appraisal $15,143

How should I go about evaluating these lots and making an offer. I would like to wholesale these lots to another investor. How do i go,about my due diligence and make an offer?

Hey Derence, Here in Texas the fences are shared so each neighbor is responsible for 50% of the fence. I just recently flipped a property and we replaced the entire fence. We split the cost 50/50 with the neighbors and there were no issues. We built what we call down here a good neighbor fence where the fence slats alternate facing forward section by section. I believe you should get a coupled of estimates and present them to your neighbor I am sure they would like to have a brandnew fence for 1/2 the price.