All Forum Posts by: Andy J.

As a seller, I've had 4-5 VA buyers in the last 3 months or so. Every single one of them that used USAA for a loan regretted doing so. They had to delay closing multiple times, were difficult to get in touch with, and had extremely poor customer service. This is not one isolated case, or my brothers friends uncles sisters hear say, this is my first hand experience of multiple closings this year. They have been by far the worst lender to deal with.

What really gets me is that all of this nonsense was between contract and closing where they should be working hardest to appeal to the consumer, after all, my buyers were trying to give them business.

If it's a four level house call it a four level. They're fairly common in my neck of the woods. For those of you having a hard time picturing this, think of a tri-level with a basement underneath the main (middle) floor. Sometimes the basements are partially, sometimes fully below grade.

Is your end buyer an individual or an entity?

Add a pair of gloves to that list.

Closer, but it really depends on what other people are paying. If there's a glut of investors in your area paying 75% - repairs then you're fighting a losing battle at 65% - repairs if you all have access to the same properties. If you're the only fish in the pond then by default that makes you the high bidder............but it looks like you're in Chicago, and that's a big pond to have only one fish =)

Jason, I just wanted to point out that if you're looking for a house with $130k ARV that needs $15k in rehab an offer around $50k is very low. That would be 50% ARV - repairs where (at least in my area) investors will pay anywhere from 60-75% ARV - repairs. I don't know your market so maybe that's perfectly feasible, but I would suspect that you going to be offering far too less to get an accepted offer, especially considering your financing.

The "already pulled credit" may or may not bear significance, some people just don't think things through regarding different property managers and application fees, etc.. However, the downplaying your property right off the bat throws up a big red flag for me. It sets the tone for the rest of your relationship as landlord/tenant, which based on that conversation, I would not want the relationship to continue any further.

Great story, thanks for posting that.

If you can justify that you deserve to be paid, then go for it. More details would help. What do you believe has earned youself a cut?

50% MLS
25% My own marketing
25% Wholesalers

On the MLS I'd say about 10 offers for every one accepted. If it's the listing agent calling my buying agent then it's more like 80% acceptance.

I look at every property I put an offer on. There are a lot of wholesalers/rehabbers that take the shotgun approach and throw offers on everything until they get one. Inevitably they back out on a fair amount and the listing agent gets pissed. Then the listing agent gets ticked off they stop looking at offers from those people and call my agent to have us submit a real offer. I've picked up quite a few deals after 2 or 3 offers fell apart because of incompetent rehabbers and wholesalers, and I got it for cheaper then they had a contract for.

I get more deals from the MLS because I have a reputation of closing on what I offer, I don't back out from inspection contingencies (I know what to look for and have yet to find any big surprises when my inspector comes in), and my cash (or financing) is always ready at closing. Short inspection deadline, large earnest money, and short closing deadlines are always in my contract.