All Forum Posts by: Stephanie Simmons

@Tim Swierczek

You can search court filings for Lis Pendens at clerk of courts. Many will have a copy of the actual filing from the bank that is starting the foreclosure process and it will list the actual amount that the bank is suing for - which can give an investor an idea of what the owner will need to satisfy in order to sell the house. Many can be a short-sale situation.

I’m asking if the sellers are able to provide it - not for the actual documents themselves. Yes - I am asking in my initial contact as trying to actually see the property is typically very difficult (multiple tenants). 

If I get into a situation where I need to evict right away then that will impact the amount I am willing to pay...

@Angela Blake. I give 1 week until the offer expires. It isn’t uncommon that I never hear anything. More often I get several “submit highest and best” and a few offers with the same terms before the bank will accept the price.

@Angela Blake.

Make an offer early and submit according to the listing guidelines. Even if they won’t consider it for 10 days - yours will be one of the top ones on day 11. What’s the worse that happens- they don’t contract with you? You definitely won’t get a contract to buy without making an offer.

When I am in buying mode I make 5-10 offers a week.

@Raj Pat

1) go look at the property before making an offer.

2) do not use Zillow to determine sales value. Use comparable sales that are in the condition your property will be in when you finish any rehabs thy have sold in the last 12 month.

3) go walk through listed/ available rental houses in the area and note prices

4) if the condition of the house is bad your lender might not lend on the property (no flooring, no AC, no appliances, old/damaged roof, termites or termite damage. This is the type of property that is the easiest to acquire be said it takes all cash or non traditional lending.

5) get experts to help you with rehab budgeting (or better yet get solid quotes from contractors initially)

I purchased my last property REO - purchased for $168k; $50k rehab budget; sale price $245k. I'm about 6 weeks from listing it. Purchased for cash and it took about 4 months of back and forth with the bank to get a contract.

I learned I suck at estimating rehabs (any specific project I was off as much as 30% in either direction). I was lucky I had as many “good-guys” as “bad-guys”. I also have a partner that used to own construction companies and help me scope work for subcontractors that reduced their risk and reducing my price. Also had some very creative solutions that took more time but saved thousands of dollars.

Always get 3 prices. The roof prices I got were from $7100-$12000 for the same scope of work. Don’t pay any contractor more than what it would cost for them to buy the materials (and better yet when they deliver the materials to the site).

If you were a listing agent for a income producing duplex - what would cause you to not respond to another agent inquiring about your listed property?

There are a few I am interested in (and I am an agent) - but before I spend time trying to work around tenants to see the property I want to know if the sellers can provide copies of the leases and proof that the tenants are paying. Am I asking too much before getting under contract?

@Russell Holmes

I sent him a cancellation of contract and yes he did respond. Fingers crossed on a closing in a couple of weeks.

@Dontrea Riser. None I serve an eviction notice as soon as I can - which in Florida is day three after the “grace period”. That way I can get an eviction started within the same month they failed to pay.

@Brenden Mitchum. You need to find an agent that specializes in investors for future purchases.

It’s super hard to find one which is why I got my own license. Honestly that is it’s own batch of complications too.

They aren’t protected. You can typically go to the tax appraisers website - many of them will calculate how much the taxes has been reduced by SOH “Save our home” legislation. Also look at comps from the year before and see how much those homes taxes were assessed. 

Also the tax I was referring to in the prior post was title transfer tax.