All Forum Posts by: Jenny F.

I don't know if the bank would give you that info but if you go to the county's Registar of Deeds you should be able to look it up through the property ID number or name of the previous owner or by the commonly known address. If you go to your county building, dont be afraid to ask questions. That is what your tax money pays for.

the purpose of knowing the info...sometimes the banks try to make money on the properties based on other RE they have lost money on. If the bank was only owed say, 120k you could see that and know that you have SOME room to really negotiate your deal.

kiddo, your right on track! When i look back at what i passed up when i was 17.....well, im too embarressed that i wasnt as smart as you at that age!

Do your research, take your time. Find a mentor and you will do very well!

My husband and I talk all the time about the deals we SHOULD have gotten when we were your age and a little older because we would be multi millionaire now had we bought when we had the chance....

I dont know if there is some crazy CA law about not taking a contractor and appraiser in but i think it is a good idea.

Be prepared to spend a few hours going over the property with a fine toothed comb. With is being priced so close to the low end of the comps in that area offering 210 may not even get a response (but it is always worth a try). i dont know the CA market at all so i dont know how low banks are willing to go over there.

Do you have any idea how much the owner lost the house to the bank for?

the property that i am working on now i bought at 28% ARV based on quick sale price. I paid 70k, have 45k going in it and expect to sell it quickly at 249,900.00 because it is in the private beach area which is very coveted over here. Even if i were in a position to have to sell it at say 199k, that is still only 57% ARV.......FIXED...If i sit on this property for 2 years it will probably be worth 300k (but i cant sit on it due to lending restraints)...If i had to sit on it, the house sleeps 10 so in the summer months i could easily get 2000 per week renting it out to vacationers from May to September which would net me 40k per year...

So including rehab my total ARV is 46%. If I sell it FSBO and send faxes to all the realtors in my area and offer them a decent percentage (5-6%) to the buyer's agent, i should have a good offer on it within 30 days. We also market them by telling the neighbors to tell their friends and we give them a nice kick back if we close their buyer...

The last one i did ended up being in total 71% ARV because of serious unforseens (electrical issues and plumbing issues) From that i learned to just always account for that in each budget because im a freak about electrical problems....

The one before that 64% ARV FIXED....the one before that 35% ARV fixed....

They are out there you have to keep your eye on all of the properties or have an excellent bird dog to find them for you. The one im doing now i stalked for over 3 months and bought it before it even got onto the MLS.

that said, to answer your question there is no "typical" profit for me anyway. It varies with each property....You really want to strive to buy as low as you can....

so...uh...atarget....where do you live and do you keep it in the flowers or the veges?

:lol:

i started building my corporate credit about 4 years ago and i started with a company called advanta. they started me out with about 7500.00 worth of credit but i did have to have a personal guarantee.

Now my limit is pretty sizable and they offer checks with either 0% apr for 6 mos on cash advances or 6.99% apr for long term cash advances. They have been a great company to work with as far as credit card companies go.

If you are using a dba or llc, they are a great place to start.

interesting! thanks for the link!

My hubby and i watch all those shows. Our favorite was the Trademark team with Richard Davis. When the other guys came onto Flip this House we watched them but Montelago's leave a lot to be desired.

Sam Leccima SEEMED like a pretty decent guy and I was VERY suprised to read about all he is into. He came off as a great family man and business man but....smoke and mirrors go a long way.

They should have stuck with Team Trademark.

This is how i do it. Though i have never had that situation happen to me.

Not as of yet. I have met people losing their homes to foreclosure now or have recently and the banks are not working with the HO's at all.

I hope that they do try to do better at working with the HO's to avoid the foreclosure.

92 sentra gas sipper (has paid for itself more than once since we got it this summer)
00 ford f150 to haul the tools around and gather materials
04 chevy venture soccer mom conformist mini van to tote around the fam.

My next car? probably a honda pilot

My dream car? 1956 Jaguar XK 140 because its beautiful.