All Forum Posts by: Greg B.

@Andrey Y.

Are you advising him to have his girlfriend sign a lease? I hope not because that would make them roommates. Disaster after the break up. Now she's his Ex with a legal contract allowing her to stay put. She's a girlfriend with no rights to his place. Her staying there is a privilege of being in a relationship, that's all. Would you also advise him to make her new boyfriend sign a lease???????????? That would be the perfect scenario, smh 

Boyfriend of the Year!

She's your girlfriend dude. Why do you want to treat her like a tenant? If she is late on the rent will you make her pay a late fee? What happens if you have to evict her? Are you going to charge her for repairs and keep her deposit? There's a litttttttle bit of a conflict of interest here. Did I mention she's your girlfriend?

Best of luck

Great post. Love the choice to use the blue door. Good job.

I'm pretty sure its 2016 and ALMOST EVERYONE can access their loan information online. Sellers saying they can't get the information doesn't work anymore. If she is really motivated to get out of her house then tell her to sign into the lenders website and get the info or at the very least, call the lender.

The problems I have with the MLS are the agent gets paid off the selling price. The higher the better. The agents usually over promises by over pricing the property.

If you use an agent have them send you properties that have been sitting on the MLS for a looooong time. The thing with that is the seller is still delusional and since you'll have to deal directly with the agent, negotiations can be tough. The best would be to have your agent send you expired listings. If anything looks promising have your agent earn their commission by contacting the owner and negotiating the best price.

Good luck

The problems I have with the MLS are the agent gets paid off the selling price. The higher the better. The agents usually over promises by over pricing the property.

If you use an agent have them send you properties that have been sitting on the MLS for a looooong time. The thing with that is the seller is still delusional and since you'll have to deal directly with the agent negotiations can be tough. The best would be to have your agent send you expired listings. If anything looks promising have your agent earn their commission by contact the owner and negotiating the best price.

Good luck

Why not buy a multi to live in and rent out the other unit(s)? This will give you your first rental with a very low downpayment and on the job landlord training. Buy it right and give yourself instant equity.

All of the above plus many homeowners do list their properties and after months sitting on the market overpriced they give up and just want to be done with it. Then they get a letter/postcard in the mail from you and decide to give you a call

You might want to read up on how to wholesale a property. Read some blogs and watch some podcasts. From the sounds of it you're not ready to make an offer. I know you want to jump right in and others say that is the way to go but you need to educate yourself about what you're actually jumping into.

That being said, you need to get your numbers squared away. Where did u get the ARV of 300k? How did you come to the rehab figure of 100k? Also, with this property being on the MLS for 140 days, its fair to say you're not the first to see it. My problem with listed properties, especially those that need repairs is the agent over promising the seller. The seller has most likely entertained offers from other investors and isn't willing to budge on price (not motivated...yet).

Take this time and educate yourself on what you need to do. Dealing with an agent they will want to see some sort of proof of funds, they'll expect a nice deposit as well. Thus is after you put in your offer at less 95k to make this deal work (with your numbers).

Good luck

Go on craigslist and call all the 'we buy houses' ads. Tell them you require a sizable deposit to weed out the wholesalers.

If its a good deal, it should sell