All Forum Posts by: Tom Doherty

@Ron Flatt Thank you for your response, very helpful.

When you said Hubzu doesn't bid against you. Auction.com will bid against your bid?

BP,

Anyone familiar with auction.com? Have you bought from the site? I assume it is similar to a sheriff sale but just online. Any success? What is the process?

The reason I ask is there was a proeprty (REO) on the MLS but it was in the owner occupant period. I reached out to the realtor and she explained that the property is now going to auction. Any reason why?? vs just leaving it on the MLS.

I apprecaite all of the help and the advice.

@Stephanie P. awesome. thank you for your help.

@Stephanie P. When you say credit, is that credit of the investor? I presume it depends on the lender but do they focus more on the property or the investor? Thank you for your help.

@Kerry Boyle @Troy Gandee @Jason Hirko @Deadrick Colbert

I appreciate the help!

Hey BP - Hoping someone can help me understand a question that I have regarding proof of funds when using hard money/private money when purchasing a property off of the MLS. When purchasing a property to fix up on the MLS, majority of the time the listing agent will ask for proof of funds. I've been told by a couple hard money lenders that they have never needed to provide proof of funds, does that sound correct? I understand if it is an off the market deal but when it is a deal on the MLS the listing agent will most likely ask for proof of funds. It sounds like a grey area and I can't seem to get an answer. I understand where the listing agent is coming from when asking for proof of funds. How do I go about it? Do I ask the hard money lender for a "pre-approval" or a copy of a bank statement?

Thank you.

@Glenn Russo

I hope all is well. I am an investor friendly realtor with Space & Company (22nd & Walnut) More than happy to help.

@Jason Rivera

Congrats on your first flip! Doing your first flip is sometimes the toughest party. Which section of Philly?

Great investment opportunity to own a completely occupied duplex in Collingdale, PA. Turnkey property for a new investor or one looking to add to their portfolio. Cap Rate 9.3. Unit #1 is a 2BR/1BA. Unit #2 is a 1BR/1BA. Plenty of street parking available. Walking distance to trolley and public transportation routes. (Limited pictures due to privacy of tenants)

@Dave Lyons - Welcome to BP! I'm from the Delco area. I have a couple multi family properties on the market in Delco, good numbers. Let me know if you have any questions.

Good luck!