All Forum Posts by: John K.

Whats the best way to contact you regarding above? I tried reaching out as a colleague. Thanks

Ive been reading a few articles and listening to podcasts where investors in competitive markets are bidding on homes (up to 90% net to HUD depending on initial walkthrough, which is scheduled through the MLS prior to a bid being accepted) and then immediately listing them on the MLS at or a few thousand less than it was originally priced (after HUD has accepted their contract). Has anyone done or heard of this? What would this look like transaction wise? Im familiar with the purchase of a HUD home for investment purposes, but that usually involves getting a way lower bid accepted and then either wholesaling or rehabbing it. With bids that are as high as 90% net to HUD, that leaves little room for reno if needed. Maybe somone can clarify this for me? Thanks in advance.

My name is John Kenny. Ive been a member of BP for a short time and am just now making my introduction. I am a licensed realtor, working in the Broward County area. Ive had my license for almost 1 year and also work as an AV Technician. I am currently looking to venture into investing and have educated myself on the business for also almost 1 year. Glad to be here!

@Wayne Brooks Thanks for the input. That clarified things. I see you're a fellow SouthFloridian, salute. @Manny Cirino thanks for the response. If I pull the trigger on this, I would offer near or at full price. 

@Brett Goldsmith Thanks for the response. I need to verify the points you highlighted. As far as the 90 day and the 120% rules, where would I look for info on that? 

@Jeff Copeland Thanks for the response. I will adjust the numbers according to the points you made and reply.

First-time investor. Ive been an agent for almost a year now. Ive done my hw as to what areas would be ideal to do a fix and flip, or possibly a prehab (making a property rental ready.). I found a property that I think would work as a prehab but need some guidance as to if my numbers sound right and whether or not to bother with an unapproved short sale. Here goes:

Property: 3/2 SF; 2000 sq. ft.

List Price: $209,900; Unapproved Short Sale; Terms are All Cash with Proof of Funds or Non-Cash w/ PreApproval Letter

Repair Est: From the info I have now, there is no major repair needed. I would have the property inspected prior but for now I'll assume $12 per sq ft. 2000 x $12 = $24000

Holding Costs: $1800/ month for 3 months = $5400

Closing Costs (Buy and Sell) = $5000

Based on MLS Comps there were 3 non-renovated properties with the same floorplan and less sq ft that sold and/or pending for: $285K, $299K, $289K. I would list this home on the MLS. My reno plan would make it one of the most aesthetically pleasing homes in the area.

Thoughts, suggestions, criticism... Im open to all of it. Thank-you in advance.