All Forum Posts by: Vernell D Watson

What am I doing wrong? Has anyone ever been a listing agent during a bidding war. As an investor I have put in a few offers towards foreclosure properties I wanted to flip. My last offer included an escalating clause that I thought would beat out my competition but I still lost the bid. What am I missing? In your experiences, who usually wins these bids and what are they doing to come out on top?

Thanks in advance,

Vernell :-)

Hello Everyone,

Question, does anyone out there that is a Real Estate Agent/Investor who has their own business/LLC have conflict of interest issues when buying properties? We have an LLC and my wife is an agent. What issues pop up with your broker when you purchases properties to flip or to catch and hold? How does your commission workout?

Vernell

I love this site!!! Thanks everyone for the great advise. I will take what I've learned from each of you and move forward.

Vernell

Thanks for the advise from all of you. I also noticed that the first and second floor had started to buckle (hardwood floors and subflooring). There was also mold throughout the entire home. How much would you all budget for mold removal or do the drywalls normally need to be replaced? What type of inspector should I use to determine the overall damage?

Thanks in advance,

Vernell

Hello All,

I've seen quite a few properties in Camden and Burlington County. In most cases, you can tell if a property is worth the time an effort to acquire, renovate and resell. However, I always get confused on what to do with properties that appear to be diamonds in the rough but they have water in the basement. What steps should you initially take to ensure you can purchase a property, take care of the water issue along with other repairs and still make money on the deal?

Vernell

@Morshad Saami Hossain Thank you :-)

@Dave Van Horn Thank you :-)

Hello Everyone,

I was wondering if someone could suggest a good Real Estate Attorney near the Cherry Hill, NJ area. I'm trying to establish a relationship with someone that I can work with throughout my Real Estate endeavors. Right now I need someone that can review a purchase contract during a three day attorney review period.

Thanks in advance,

Vernell 

@Jody Schnurrenberger That's awesome Jody. It sounds like you're on your way to bigger and better things in the realm of REI. I really like the way you did your financing to acquire your properties. I wish you continued success in the future. Thanks for sharing your story :-)

@Jody Schnurrenberger Thanks Jody!! I will definitely identify my strengths and weaknesses along with my wife's. I will also take heed to all of your other suggestions. Question...When you acquired your rental properties how many homes would each bank finance you for before they decided that you were at your limit? Will one bank finance 10 properties for example?