All Forum Posts by: Account Closed

Okay so has anyone else out there ever deal with Ofori and Assoc out of Atlanta after your offer has been accepted on a HUD property? These people are total clowns! After my offer was accepted and completed the contract on my end using THEIR forms that auto generate from the answers you type in for mandatory fields they kicked back the contract with errors. The errors they claim were that it was never signed by me, which it was, and that there is missing info on the contract. Now that is not even possible because you cant continue with the contract unless you fill out the mandatory fields that then take that mandatory info and place into the contract that they claim isnt there! Then when the lady from Ofori calls my broker and tells her that the contract is incomplete she gives us less than 24 hours to get her a new contract! There is no way I can get a re signed contract from me here in VA, to my broker in NC for her to sign and then have her get it to GA by tomorrow. These people are just absolute idiots! Plus when we tried calling the agent at Ofori that called my broker she wouldnt return our calls all day. My broker has copies of our completed contract that was overnighted to them and it is completely filled out and not missing any of the information they claim is missing! How in the world can people do business like this? Now my concern is my EMD of $1000 and the possibility of losing it because of some idiot in Atlanta that cant even see that the contract we sent in is done and not missing any info! WTF is this all about??

@Elizabeth Colegrove

The purchase price was to be $35K with a rental potential of $750. The HOA was $80 a month. The property was pretty much move in ready. Either way it never panned out, I got beat out on the offer. Oh well on to the next one.

Chris,

Thank you, I have to agree with you there. I think I might go for it.

Pat,

Its just a one level 1 bedroom 1 bath town home. It does offer more privacy than an apartment and it does have a fenced in back yard with a little stone patio area. Really super nice place.

A foreclosed one bedroom town home came on the market recently. The way the town homes are set up in this area is 3 3 bedroom town homes together with 1 bedroom town homes on each side of the 3. There aren't many 1 bedrooms in this complex. Its move in ready (with a coat of fresh paint) is it worth picking up? Anyone have any thoughts at how well the desire is to a single person renting a 1 bedroom town house compared to renting a 1 bedroom apartment? Its much larger than your standard apartment and offers a little more than an apartment would. The numbers work out, my concern is the ability to get someone in there. As for comps there wasn't much to go with since there arent that many 1 bedrooms for rent in the city as apartment complexes pretty much have the market cornered on that.

David,

Not much of a horror story with this one, but it turns into a failure and big waste of time. The property was a short sale, put the offer in back in May they accepted. We gave them 60 days with an additional 30 for closing. Well 60 days came and the agent would never get back to us and when she did she never had any news for us. So I got tired of screwing around with them and canceled the offer on day 60. Well two days after the cancellation the agent calls my agent and says "okay we have everything we need we are ready to go forward". So since I cancelled the original offer I had to sign a rescind letter and jump back on board. A week goes by when the agent calls my agent and proceeded to inform us that now we would have to wait until October 2nd to put in another offer and wanted to know if I would wait that long. My agent asks why and was told that since the owner was not in default of any payments that she would have to stop making payments on the property and default on purpose then we can buy it as a short sale. Seems the property owners agent was a total tool. What a HUGE waste of time!! Lesson learned, I will never deal with a short sale again! Even though as much of a disappointment this was as my very first venture and as pumped as I was in getting started into investing it hasnt stopped me from moving forward. Still hitting road blocks and left hooks, but im taking my lumps and learning from them.

Okay so quick question to those that are way more knowledgeable than me. So a property is on the market for $105K, move in ready just needs a fresh coat of paint and new appliances (they were removed) the previous owners were foreclosed on. The house has brand new siding, carpet, tile and a roof thats not even 10 years old yet. Comps in the area are anywhere from $135K to $150K, would this be something to pick up, freshen it up and do a quick turn around sale on it for quick 20K? I doubt I would even get anywhere close to 10K to do the paint, appliances and minor touch up stuff. I have 3 days to get my offer in.

Dell,
Thank you. I think what you suggest is fair for both parties and Ill toss it out there and see what he thinks. I think by adding a little more into it since he will be checking on the property from time to time will also be good as well. I think it will be an extra benefit and after this one he may want to continue.

When dealing with an investor whats the standard cut on their loan? For example a property that I am looking at with a cash offer of $35K and an estimated $35 to $40K in repair work. The house has a fair market value of $110K when all done. The investor would like to put in $10K which would go for the repair work since I am buying the house with my money. This person also lives close to where the home is being bought so he will be able to check on the contractors and make sure everything is being done and on time. What would the standard percentage be for his loan after the home sells? This investor is not your typical hard money lender, just a friend who wants to get into the market with me. I did not seek him out to join up with me, he approached me with the offer.

Looking for someone who is in the Panama City area that would be able to refer a solid and affordable contractor to do some rehab work. The first one I had come out gave me a quote of 43K which is ridiculous, the house is not being gutted and redone, its replacing and repairing the usual, carpet, cabinets, flooring, vanities, doors etc.,. The only major project is the master bath that has to be redone because the previous owners thought they could redo the bathroom on their own. Either way, he is way over pricing the job. Any info is greatly appreciated!