All Forum Posts by: Suhendri U.

We want to buy it for rental. With potential after repair monthly rental we think the property worth $240,000, but it's a risk we are trying to mitigate and $65k repair is quite a lot from cash for us.

My thought is to negotiate price to around $220,000. And ask seller to provide seller financing for portion of sales price (+/- $50k-100k, so we have extra cash for repair).

Can you give your thought on my strategy?

How could we structure the deal so we have extra cash for repairs?

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@Cheryl C.

Thanks for sharing your story. At last encouraging thread to me to consider pursue deals on Hubzu. I have been avoiding Hubzu from all the horror stories.

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If it's murder or violent crime, i would be more concerned. If it's natural death i think people can be more ease.

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@Account Closed

I am not experienced flipper but have a friend who is RE agent, he refused to work with a buyer who want to buy property from FSBO.

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Originally posted by @Danick St Jean:

Hi all, I am advertising a rental property, so two "cashbuyers" call me under the pretense that they would purchase my property. They went out to see it and fell in love with the property. They even submitted a contract to close, but did not want to sign the initial contract I had on the property as the wholesaler. Instead they sent me a contract that was strictly between them and the original seller, stating they would pay me my fee at closing. Mind you my name was nowhere on their contract. At this point it was clear they were trying to steal the property from me and cut me out of the deal. My partner and I refused to signed their contract by this point they notice we were catching on so they agreed to sign our contract but wanted a 14 days due diligence, why? "because they wanted to make sure everything was ok" lies, lies lies, they wanted the 14 days so that it would give them time to advertise and get a new buyer and they would wholesale it. Now we later caught on and simply said we can double close, they still insisted on prolonging the contract because they would be out of town, stories just weren't making sense, it's a team of two, and they lie. So all in all, I told them they would not get the 14days and would only get 3-4 days max to close. By this point they wanted to have me hold on to the property until their cash buyer came back from out of town. I cancelled the deal! Wholesalers need to identify themselves as wholesale not pretend to be a cash buyer!!!! wasting peoples time!!!

Thanks for sharing this. As a newbie in RE, this kind of story make me aware of what's tricks scammers use out there.

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Originally posted by @Tyas Frantz:

Follow up on the 1% rule. I purchased the house for $82000. Am I basing the 1% rule off of it's purchase price or it's current appraisal price of $150000?

Based it on appraisal or market value.

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Shout out from Houston.

I found networking event to be the best venue as well as local RE club.

Your profile said your brokerage buy property so isn't that somewhere you can start?

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Originally posted by @Pete Crutchfield:

Did you assemble those RTA cabinets yourself? If so how long did they take?

I wanted to ask same question.

This is great rehab! Impressed with the details! Good job!

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If i have the same problem, I would:

1. Install censor-sensitive floodlight.

2. Install camera (real one).

3. Keep reporting to local police so they pay more attention to your area (hopefully).

4. If things get more serious, consider talking to landlords/managements of surrounding area, if they have same issue, host a meeting to address the issue. This could mean come up with night watch, or even paying police or private security.

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@Jayson Greenblatt I would check with local attorney on partnership/llc law in your state.

My biggest concern, owning 50% of the property could mean owning 50% of the mortgage as well, and if your partner screw up it might get to you, but you will need to provide more details to your lawyer.

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All Forum Posts by: Suhendri U.

Suhendri U. has started 4 posts and replied 27 times.

Post: Negotiate MF deal so we have cash for repairs

Post: Just closed on my first HUBZU!

Post: Death on Property - How Much Does This Decline Property Value?

Post: experienced flippers, do you ever FSBO?

Post: be aware of fake cash buyers

Post: My first potential rental

Post: Flip/Rental Property Packages

Post: Pictures of a Not So Junk $30k Rental....

Post: Tenants reporting their cars broken into - LL responsible?

Post: Buying into a partnership