All Forum Posts by: Steve Gregory

I found this one through court docket research, contacted owner through FB messenger this morning, she wants to sell and pushed me for an offer while messaging (sight unseen at the time) I walked around house and is in pretty serious disrepair, etc. But it looks to have good bones, sits on 1+ acres, 1,500 sq ft. I haven't seen the inside yet except for minimal through the windows. Owner said it's been over two years since she's been in it and she only lives about 15 miles away. We've yet to actually speak, but  I messaged her and said that I needed to see the inside prior to making her the offer.

Owner hasnt made a payment since 4/1/14 and to payoff mortgage in full would be around 22K, not including lawyer fees on the filing, etc.

This would be my first deal, so here is my "things to do" list, Please correct me if it's out of order or missing important points!

• Meet w owner at house and if all looks ok, make an offer. (I'm thinking of "I'll take care of existing mortgage payoff, lawyer fees on the foreclosure, closing costs, and you can walk away with 1K in your purse!)
• Q. When / do I contact the atty for the plaintiff and what do I say/ask?                           I assume that I would say I am interested in purchasing the property and am in negotiations with the seller and that I need the grand total due for a complete dismissal of the foreclosure case including any fees due them. Or maybe my atty would handle that for me?
• Q. At what point do I get a purchase contract signed? BTW- I have no intention of doing this transaction without an attorney, I've already spoken with one about a sub2 that I was entertaining a couple weeks back, and I plan on using him. I'm just trying to wrap my head around the whole process.
• Take title to the property, fix it up, sell it, and make at least 25K!
• I'm sure I'm forgetting some things............What???

Mina, 

I don't know if vynil siding is used much in your neck of the woods, but here in Okieville it is and around here it would run around $2 to $3 per sq ft installed. Obviously, that,s $200 to $300 per 100 sq. ft. 

To me, the plus's are that the existing siding can remain as long as it's generally sound (nailed on good), And, when installed, it's done (no painting/maintenance. 

Hello BPrs,

I'll start by saying that this would be my first purchase, I could purchase for all cash if there is a sufficient reason to do that, but I want to be prepared to make several offers. It's the creative offers that I'm having a hard time coming up with. I've analyzed the #'s as best I know how with my limited knowledge. My Exit strategy is to sell for profit after fixing up. I am a remodeling contractor, so that won't be a problem. I met with a hispanic realtor yesterday who is hooked up with the hispanic community and would find a buyer on a contract for deed for a 3.5% commission. She is doing that with another investor and looks to be moving desirable properties quickly with a good down payment and an above market sales price.

I am going to be looking at a SFR 3/1/2 that I have a lead on through probate searching. They say they plan to list soon but that I can look at the property. The house looks excellent on the exterior and after I see the interior I'll obviously have the complete picture. I believe the house is free and clear. Most houses in the sub are 3/ 1.5's and 3/2's , but there are several 3/1's and most of them are less sq ft (1,050) as compared to the one I'm looking at (1,244 sq ft.) The best sales comp I've found sold for $89K ($85/sqft) in May, also a 3/1/2 , but it is 196 sq. ft. smaller. So, If I use a conservative SP/sqft of $80, I come up with the following analysis:

Puchase price ($52/sqft) 65,000

Closing costs 2,000

Updates/renovations 10,000

__________________________________________________________________
Total invested 77,000

Exit Analysis:

Sales Price ($80/sqft) 100,000

6% commission (in case the 3.5% doesn't work out) (6,000)

4 mos holding costs (taxes, ins,utils) (1,200)

closing costs (again) (2,000)

____________________________________________________________________

Gross Profit 90,800

Less amount Invested (77,000)

___________________________________________________________________

Net profit $13,800

Cash on Cash return (ROI)

13,800 / 77,000 = 17.9% (4 months)

How does all this look? If they don't go for the 65K offer, how could I creatively purchase and still come out with the same profit in the end?

Wow. This is my first post and I thank you for all of your insights and knowledge and your willingness to share it with me! Thank you so much.

Heres the story on this one. Driving for dollars I find a vacant house and use assessors site to get owners name. Neighbor across street tells me the lady passed away about a year back. With my new people finder subscription I'm able to get her son's phone # and so I call him up and he tells me that she had a reverse mortgage on it and it should be up for auction in the future. I really didn't know what to say to that? The assessors site still shows her as the owner and C/O owners name as the owners mailing address. My Q's are these:       How does a reverse mortgage work?                                                                                      Is it possible with cooperation from the estate (son and whoever) to pay back what the owner received on the rev mortgage and get clear title on the property?                                       If so, how should I approach the son and what would he need to do?                                         All inputs would be much appreciated!

Hello everyone, my name is Steve Gregory and I live in Tulsa, OK. I grew up in So Cal and have been in residential construction for almost 30 years now. I have been in business for myself in Tulsa for about 14 years and do mostly remodeling and room additions. I'm busy as I want to be with no advertising and word of mouth referrals from happy clients. I just now signed up but I have been listening to podcasts like crazy and staying up way too late studying my local market and analyzing deals. I have some $ to work with and plan to have my first deal under contract within 3 months max. I definitely have the bug and I expect and plan on putting in the time and effort necessary to be a success in this business.

So glad to be here!