All Forum Posts by: George Ramsay

Good god, how many can i think of??

A plumber wanting $180 to install 2 bathroom faucets?
A cleaning company wanting $925 to wipe up the dust in a 3/2 ranch?
$1000 to install a new water heater??
The best was the $1000 in additional fees an AC company wanted me to pay above and beyond the home warranty coverage. For hazardous waste removal and other junk fees.

My rule of thumb these days is to allow
-20% profit on a major systems job (roofing, AC replacement)
-$2-$2.25 per sq ft of fooring (Tile Hardwood)
-$175per day/$25 hour/ per man for painting and handyman work

I guess if a plumber can get $500 an hour then more power to him, but hes not getting that from me.
And I can relate to your plumber story. A few years a go I Paid over $1000 for an licensed electrican to install 4 tiny lights next to my driveway. Took 3 guys half the day

Good thread, made me realize how stupid i am...thanks!!

Cool thanks J scott

My and my agent have a bit of a disagreement regarding earnest money when submitting offers to bank owned properties. She is trying to minimize risk and believes that a maximum of$500 is all we should offer. My thoughts are that in order to be taking seriously we will need to offer at least $1000 if not at least 5% of the offer price.

For the most part I think that trying to chase around bank owned properties is mostly a waste of time. I find that if banks don't get what they want after 6 months or a year they throw it to auction anyways. But would be curious to hear other investors thoughts.

Thanks!

Hey amy,
I was wondering of you would be willing to share what your offer was off the ARV and how much earnest money did you put down?

I would be interested in any atlanta area listing agents that you know as well sir!
Especially anything on the NW side of town, but of course not in your market!! :)

thanks to everyone for the good feedback

So I went to a reia meeting Monday night and the guru pitching his stuff was Andy heller. I don't want to buy his whole system but a lot of it was based on relationships with REO agents. Which brings up a flaw in my business which is acquisition.
So I'm looking for tips tricks, and scripts that I can use when submitting a contract for a post foreclosure. Not only to try and convince the bank to deal with me but also to see if there is anything in their "hidden inventory" that would be a good fit.
One thing to note is that I'm not asking to deal with big banks like wells frog or BOA, this strategy would be developed around dealing with local banks.
Just looking for insight from investors that have relationships with REO agents and how they developed those relationships.

One thing to add...

California is an expensive place to form a LLC. You can form your LLC in cheaper states like Nevada, so keep in mind you dont have to file your LLC your home state

So I just completed rehabbing a property and am listing it for a little over 150,000. Another investor property is selling for 149,000 just around the corner. Last year the bank was offering a 3rd property down the street for 154,000. They just relisted it for 129,000, and it's in decent shape.
So I've been talking to my agent about putting in a lame offer that won't be accepted just to "remove it as competition".
But I'm wondering if there are any other creative strategies for dealing with this situation, and removing this property from the area comps, that wouldn't be considered criminal. ;)

Thanks alls

There's nothing wrong with the report despite the fact that it leaves out a bigger picture. But there is only so much a reporter can cover in a 2 minute piece. And like it or not, but uneducated investors were a part of the foreclosure mess that started the downturn in house prices. It's easy to assume some sort of basis when the is a small element that the viewer may not agree with something they see. but to suggest that there is some sort of national media bias against investors, would also invite conspiracy theories that include shadow people, Bigfoot and UFO abduction.
The national media outlets are extremely uneducated and ignorant about a great many things. We as investors shouldnt feel especially slighted when a pretty CNN reporter fumbles her way through an issue that's way above her head. Give Alison some credit, she's getting off her chair at the NYSE and actually trying to do some reporting.