All Forum Posts by: George Ramsay

From the little bit i know wholesaling is tough unless you can buy on the courthouse steps, or have a personal relationship with someone in the loss mitigation dept. But as for flipping, you can specifiy your criteria based on schools, number of beds and baths, when it was built etc. I like to think that if youre flipping in a good school district youll have better success.

Im listening to her webinar and She is offering a course called "Foreclosures gone wild"

Just wondering if anyone had any feedback regarding her program.

I passed along your post to my agent and the first words out her mouth were "I couldn't agree more, your weakening your position"
And just to clarify I've had access to the property and know exactly what the numbers are and what the property would sell for, but you just never know with appraisers some times. And my lender has kind of redone their appraisal's a bit so i'm not exactly sure what to expect from them this time around.

But appreciate the response, it's been very helpful

The loan is not subject to anything other then the bank's appraisal of the property. For instance say that they think the ARV is 160,000 and will loan me 112,00. Now let's say I have CMA's that put the property at 170,000 That means i have a loan for 119,000. That's a $7,000 difference in the level of rehab i can do, and although i might be able to shave some of that off during the project, it's going to lessen the property and ultimately my profits, hence the need to be able to walk away, if my CMA's and my lender's appraisal are not on the same page.
Also i'm primarily submitting offers on REO's so adding a financing contingency is not an option.

Thanks for the feedback though

I have a lender that will loan me up to 70% of the ARV of a property. That 70% is only applicable to the Purchase price and rehab costs. My concern is that if i estimate the ARV over what the bank says it's worth I need to be able to walk away w/o losing my earnest money. So me and my agent have been trying to find a way to word this into the special stipulations, but were struggling to do so.
Something like
"Buyers Lender must appraise property for X amount of dollars"
Any ideas would help.

Thanks Mitsu,

The selling agent never returned our phone calls.
When we submitted the offer, we were told by the listing agent that our offer was in the middle of 2 other offers, and that he would let us know one way or the other
We kept asking for an update but the agent never returned calls. After 2 weeks and over 5 unreturned voice mails we moved on

Well for whatever its worth
I made my offer in February, we received no reply from the listing agent & this property is still listed is still listed in the FMLS as active

So much for that 3rd party mitigator

Apologies if this should have been posted elsewhere.
I have a couple of property analysis tools that i use for rental properties. But i have yet to come across one that is specific for re-habed properties that i would like to sell. Since the exit strategy is different and there are different costs and income considerations, i was hoping some one could point me in the right direction for a re-habers analysis tool.

Thanks much!

I started my REI career at GAREIA and was a member 2 years ago.

Since then theyve undergone enourmous changes, some good some not so good

My advice is to be very wary in dealing with GAREIA, there are snakes there looking to prey on newer investors. The people i work with now are not GAREIA members and are much more ethcical and helpful then anyone i met there. Additionally after there was no response to an ethical complaint i had against one of their members i saw no reason to renew my mebership.

1)Im going to pay my General Contractor 200$ to look it over, and am adding a special stip in the offer. This is a BIG project and its the one area im most unsure of.
2)No property in this subdivision has sold under 170,00 in the last year, and this house is bigger then thoose and has an in law suite
3)Since im not using a bank, unless im missing something there would be no escrow. I would be making the $500 monthly payments however.
4) My closing attorney charges $250

Keep em coming!! I want to make sure ive done all my due dilligence