All Forum Posts by: NA Jones

"I hear that story all the time about "the seller already had several offers above $xxx" to which I say "Well, he should have taken one of those offers."

AMEN!

If the house is listed for $650k for over a year and they got an offer for $630k, they were probably strongly advised to take it.  I call BS on 7 other offers $600K+.

I wouldn't put too much weight into someone else's opinion unless they were living my dream.  Who is this person to tell you what you can and can't do?

If you find the right deal, there will be a way that you can make it happen, regardless of what your nay-saying attorney thinks ;) 

Looking at a property condition report, and it says 'pressure test fail' and 'Pour Water/Antifreeze In Drains Fail' 

What does that say to you?  What is the purpose of the antifreeze in drains test?

thank you so much @Ursula B. for remembering to update me... And congrats on your bump in score!

I'm confused about what you want to do with this deal.  Are you looking to buy and hold? Flip it?  Could you negotiate the price down to the point where you could wholesale it?  

When you say "list price" - is it already listed with a realtor?

Howdy neighbor, and welcome to Bigger Pockets!

@Mitch Coluzzi Your post stands out to me because the deal I'm working on has all 3! ;)

@Mike Mosby 

I used a combination of pay for delete calls, goodwill letters and emails, and started out with a little secured credit card with a $300 limit :)

10k could nearly cover the closing costs and 5% down on a 70k house. If you are a homeowner, you mustn't forget you'd need 6 months of your own mortgage payments and 6 months of the new mortgage payments in liquid reserves. In our case, we'd need 24k in the bank to buy a 70k house - and there's not a 70k house in my area that would qualify for FHA financing. Not to mention I hate the idea of PMI eating up my cash flow.

I would figure out a way to grow that 10k. Partner, flip, side job, hustle, wholesale - whatever it takes.  Whatever you do - don't spend 10k on a burned out shell of a house in Irving, NJ.  "Some fire damage"...  ha!  Leave those gems for Jassem.  

Welcome to BP!

The only word of advice I have - fix your credit. It can - and will prove to be - a huge asset to you in the future when you get to the point that you are ready to make your first deal. Your credit is literally your reputation with the people (besides HML) you will be asking to lend you money for your deals. There's no reason to have bad credit - and nothing you have done is completely irreversible. I'm in my 30s with 2 kids as well but I don't have even a "worthless 2 year degree - went from the low 500s to the mid 700s with effort and dedication. Being your word when it comes to money is a good thing to carry with you in life whether you are investing in real estate or not.

Good luck!