All Forum Posts by: Thomas Dionne

I am a house flipper. I have bought almost all my houses through mls (we have re brokerage too). For now, all the inventory on mls is snapped up by the big hedge funds.

So 3 months ago I started reaching out to people who are upside down and behind on mortgage or filling out "sell my house now" type internet sites.

Its going ok, I have 6 short sale offers out and a few just regular retail listings. As investor we offer on the short sales day 1 and one of our Realtors starts working with buyer/bank. Haven't CLOSED on one yet and was wondering what I could expect when it all gets dialed in. SO i was wondering if anyone who does this had any insights on the following:

1. As an investor, what % of the short sale offers you make end up selling to you? Meaning the bank didnt ask for some crazy high price and the seller didnt flake out.

2. My Realtor negotiates with bank now and has experience, but i wonder if this is the right way to do it. I imagine a company that does nothing but negotiate could be better. If so do you pay anything up front?

3. We have to generate the interest in selling when dealing with people who are just behind on mtg. Its the hardest part, we tell them about possibilities of non deficient letters, hafa, etc... I want to offer something more but it doesnt seem you can, or what even could be offered. Didnt know if anyone had any other pitch than "this is smarter than foreclosure"?

@josh rowley. I am a flipper in jax and finally decided to see what other people were saying about hedge funds and where they were not. Or at least try and make sure im not crazy, it is really picked over clean. Low and behold the first guy the pops up is from jax too. Go figure.

We are just creating a nation of renters it seems like. We have buyers lined up that can not find anything who go into renting again... they are creating their own renters market...

I was reading your blog, good stuff. Was the post you speak of on WEDNESDAY, SEPTEMBER 19, 2012 or was there something that showed all zipcodes?

Is there any sites or stats anyone uses to see where real estate investors are most active, which cities.

Or where the rental rates yield the best return?

Im in Jacksonville fl and really want to know if its easier here

I sent a request to be able to send you a PM but wanted to post the answer here minus some of the addresses, im more than happy to email the details if you need.

I am a real estate investor with a buyers list that is around 10k in my area (95k nation wide) that is growing rapidly. I currently buying and rehabbing homes and using my buyers list and marketing experience to find buyers at no cost. With scale I feel I can do even better. Here is a list of the houses I have bought and or sold:

#### loch lomond jacksonville fl 32244 Bought 50k - 11k rehab - sold 99k (appraised for 104k)

#### loch ness ct. jacksonville fl 32244 Bought 31.5k - 17k rehab - value 130k+ *Same neighborhood as above, if it was appraised at same price sq/ft as loch lomond it be worth 144k. Im living in it now and selling after 1-2 years

#### 118th st. jacksonville fl 32244 Bought 59k - 27k rehab - contract on it now for 124k.

## Mitchell ave Orange park fl 32073 Bought 65k - 19k rehab- contract on it for 127,350. Appraised at 128k. should close anytime.

#### sweet rose ln jacksonville fl 32244 Bought 64k - Rehabbing now, anticipate 16k - Asking 119k

The average time between buying house and getting a contract from buyer to buy it is 84 days (this will improve)

Mitchell 61 days
loch lomond 76 days
118th 115 days

I have an accompany business with 14 employees that I have been running for 5 years (real estate investing started 06/11) that allows me to generate a lot of leads of people who want to own a home. I take the best ones and put into my properties, the others I offer

1. Mortgage financing and/or
2. To act as buyers agent / realtor
3. Credit consulting to those who need work to be approved.

All purchases and rehabs have been done with my cash which is limiting growth. In order to scale up my operation I need more homes to advertise. Im looking for a long term partner that can help me grow by financing more houses. I only have a 4 home inventory now but have the scaleable infrastructure and want to be much larger.

As far as what I can offer an investor, im open to any options.

I have 4 properties I own outright now, 2 have contracts on them and one is under rehab. I have 10k local buyers list and get 75 inquires a day on a house. Takes 95-120 days to move house. Want to grow to a 20 home inventory quicker than I can if I have to fund the operation myself. Im looking for a long term relationship with a solid person/company that can help me pick up the opportunities I am missing. Have existing business in place, assets and no real debt, good credit and can put money down. Im in northeast florida
[REMOVED] or pm me

Looking for the right relationship with hard money investor. We have a 5 year old company that has 3 core products, we sell homes (flip and via realtor), mortgage advisement services and mortgages. We generate 1000's of buyers leads very cheaply and are selling them 1 of the 3 products services. Our system generates revenue no matter who calls in. We currently have a 3-4 home inventory at present. Having to buy homes w/ cash is limiting growth.

We seek long term relationship that could result in 20 home inventory in near future as we prove ourselves. We are willing to put down whatever is needed on homes so that you have equity in order to get going and establish a funding source.

The homes I am currently buying are 50-65k, which is to low for some investors. Sometimes I have 2 I can buy at a time but its rare. I feel our volume and turnaround time can make it worth while.

Soon, an opportunity to own a piece of business exist too, if interested.

Please message me or feel free to call Thomas

I am buying houses cash, mostly REO's but am looking to get into short sales before they go on market. I have a pretty strong buyers list and lots of friends and family"investors" that want me to buy them a house and then put one of my buyers in it, like 6 at least, with cash too. It helps me grow my business for now.

The houses I buy you have to bid on in 24 hours or you wont get anything. I bid in my name or companies name, or just help the investor buy it. They want to buy the house in their name.

I never bid on a house I cant buy myself but it would be nice if I could streamline things by transferring the contract that an offer was accepted on to another individual. Is there a best way to do this that causes as few headaches for listing agents and banks as possible?

I dont want to flip it or sell it for more than what they accepted I just want to give the "investor" a normal process they are used too.

Ive looked at bidding as a land trust, or deeding to them at closing(some banks say we cant).

Im just trying to fix the logistical problem that happens when we have all these people. We have been bidding on about 7 houses for every 1 we buy, it would be nice to just bid and the ones accepted. Assign to someone else.

Thanks for any help.

Shawn,

What has your experience be if you have done all that and 40% of the value of house looks to be profit? Would you just give up and take less?
Or find another lender and "inflate" receipts.

yea because its a rent to own person in property, they are pretty much going to follow my lead on where to go to get loan. I am going to have a friend create some invoices for the work we did, but all in all Even really really stretching it, its going to look as if Im making 35k profit on a 95k house and from what I hear there is a good chance they will not like that. This is after sort of fudging receipts.

Do you think they will have issue with that being as its only been 6 mths? And yes its an FHA loan, as in jacksonville fl, conventional loans are asking for 10% down and that cuts a lot of my proposed buyers out of the mix, so FHA seems to be only option.

Thanks a bunch for the advice.