All Forum Posts by: Scott Pirrie

I agree with Grant P. this is what I do. I have a full time job as well and I can't go look at properties all day, in fact we just run numbers based on comps and estimated rehab. Then make offers once we get them under contract that's when we go look. But, our market is very competitive and the majority we don't get under contract because we are coming in too low.

I look at it as a waste of time to go look at it until you have it under contract. Otherwise I could spend endless time looking at properties that have no potential unless we get them for much much less than asking price. I probably look at between 10-30 properties a day, the majority I don't spend more than 5 minutes on in front of my computer.

This is market dependent I believe. Up her in Seattle area we shoot for 30k plus. But, just getting going on our first couple projects in the Dallas area. Down there we are shooting for 20-30k.

I did the same thing on a park here in the Seattle area, the home was newer but, a 2 bed 1 bath. Nice park in a good area, 710/mon lot rent.

Biggest mistake made in RE investing we ended up giving the home back to the park after a year of not being able to sell mainly due to high lot rent. 2 beds did play a part but, another investor we know who got the lead on this deal had a 3/2 in the same park and lost about 15-20k on it.

So don't do it the lot rent will kill any potential profit you have! If you want to make money buy the park and collect 1k a month! Now that's some serious cashflow!!

Jon Holdman I successfully used a dummy POF letter two weeks ago to close a rehab property that B of A owned.

It's actually a transactional funder who is based out of WA but, I just go on their site to get one.

Up here in Seattle we are using Hard Money and just going after properties with more margins. But, we are getting outbid on 9 out of 10 offers or more because we have to keep the price low enough to get those margins.

We are also just ramping up going after properties in Dallas using Hard Money, those seem to be a lot tighter with the fees and points.

At least in the Seattle area Zillow's comps are very accurate but, Zillow was founded and headquartered here. The majority of the time I pull the same comps as found on the MLS here.

I don't use the Zestimate it's garbage. In Texas as mentioned before you can't use it, it's very market specific and dependent on public record accuracy.

Thanks Buck I will PM Josh!

We have been looking into purchasing properties through a couple of wholesalers in the DFW area. I need another set of eyes and opinion on the deals because I know the majority will not be as good as they first appear.

So I am looking for referrals to agents who work in the DFW area who work with investors doing rehabs. I am mainly looking for someone who can run comps, drop by the houses once in a while to check progress, and list the properties.

Any referrals will be really appreciated!

Welcome Jessica! I am in Seattle too and getting together with others and networking is a great way to get started and learn. I would suggest you go to REAPS it's over in Bellevue and the next meeting is next Thursday evening. There are a lot of good investors there to meet and network with, bring cards if you have them!

We just got beat out on a deal here in Seattle where there were 20 offers and 70 showings in less than a week!