All Forum Posts by: Verna Littleton

Hello @Chen Weng! Hubzu will not show what the other bidders have bid. It looks like no one  met the reserve price that the bank wants, so they are asking you all for your highest and best offer. If none of you still meet the reserve, they may relist it. Therefore you will just have to make your best offer.  Maybe go up $500 if you think someone will go up $100 and out bid you.   If no one bids the reserve, they will let the property stay out there until someone does bid the reserve at least OR they will eventually reduce it once they see they cant get the reserve.  Good luck!

I agree with @Mark Munson You really have to verify the repairs and the ARV yourself. I wouldn't be concerned with the number of people at the walk through. I have attended several "cattle calls" and still had the wholesaler calling the next day begging for an offer. Just do your due diligence. Ask the wholesaler how old the roof, water tank, ac unit and furnace are. Some stuff you can get an "estimate" for from a GC just off the square footage. Take good photos at the walk through and if the wholesaler gives you an estimate of repairs then shoot the video/pics to the GC to get their opinion of the wholesalers estimate. Until you establish a relationship with a GC, it may be hard for them to come give you an estimate every time you want to estimate a deal.

I buy at auction often.  You definitely want to check for delinquent taxes as well as potential IRS tax liens. If I am not mistaken, IRS tax liens convey with the foreclosure sale and remain on title for 120 days after the sale.  Here in Memphis, the foreclosure notice usually lists that info with the exception of the property taxes. Also is there a way to find out when the house last had utilities on? The county you live in may require code inspections if utilities have been off for an extended period of time. Good luck!

Sounds like my kind of meeting, but I live, fix n flip in Memphis. I bet this will be great info! 

Sweet deal! 

If you are on Facebook I suggest you join local investor groups for the cities you are considering buying in.  Once in those groups, I am sure there are "boots on the ground" people that will go out and take pictures etc for a fee.  I am an investor in Memphis and we have several groups on FB and I see posts that offer these services all the time. Good luck!

I wish you lived in the Memphis area.  I'm a flipper and could be of help. 

In this market, I would definitely list with an agent and not do FSBO. The market has changed and depending on the area, houses are sitting longer. You need an expert to push to get the house sold. Also listing it in MLS will put it in front of way more buyers. I fix n flip and I always add the cost of paying an agent in my budget.

You will be able to get insurance.  Call NREIG (National Real Estate Investors Group) They specialize in insurance for investors.  They have several types of policies especially for investors that plan to purchase as is and renovate.  Tell the insurance rep what you are doing and they will help you select the appropriate policy.  Good luck!   

Hello Gaia. I too am a fix n flipper and this is a challenge most fix n flippers across the country are facing. I agree with a lot of the answers you have received. You will need to put time and money into getting off market properties. The properties in MLS are low hanging fruit and there will always be bidding wars on those and the buyers will bid those up. I've gotten a couple lately from wholesalers that have been great deals! Network with investors, find investment groups on facebook in your area, meetups etc. Good luck!