All Forum Posts by: Ashley Wolfe

 In the event of a short sale, could I make a higher offer and dissuade them from going forward with the short sale?  (I'm really asking this in theory but will call the agent again tomorrow because I'm pretty interested in this one.)

 That's an awesome idea.  Another one on many BP podcasts is to talk to the people at the big box store Pro Desks early in the morning and make connections from there.  Would you suggest that?

I just looked on Realtor.com and next to House for Sale it has a red square that says "Pending."  I assume this means sale is pending?  Damn.

Has anyone ever done a full rehab using The Home Depot or Lowe's sub contractors and materials?

In my newness to house flipping, I find this method to be more reliable than finding a GC on Craigslist.  I don't have an immediate or extensive list of subs in my area whom I know and trust.  I find a bit of comfort knowing that subs working under big box stores like Home Depot can't just skip town with my money and leave the work unfinished.  I assume I'd be paying the subs through the store.  Plus, I'd have a "boss" to report to regarding the work done by each sub contractor and therefore, accountability.

What's your perspective, experience, or words of wisdom in this regard?

PS.  My long-term goal is not to work through Home Depot on every project.  Maybe my first several until I get the hang of it and develop more relationships in my market.

 Let's pretend we paid the full $65K for it, put in $30,000 worth of work and sold it for $110,000.  That would still be a nice little profit of $15K.

So if everyone thinks they can get a deal, how do you structure your deals or what's your approach?  

I KNEW I had something off... Let me try again.

ARV of $110,000*.65=$71,500 minus $30,000 in repairs = $41,000 That's still $24K less than their current listing price. I need to walk through with a contractor as suggested above by @MaryB and really see what's going on.

LO is Lease Option correct? I forget about that as an approach to REI. Thanks for looking over the "deal" and letting me know your thoughts.

There's a 3/3.5, 2,250 sf 1959 SFH that I found on Zillow today that is priced at $67K. Its been on Zillow for nearly 6 months. Its in a decent part of town. I would no be opposed to living there myself. The description says its got an updated HVAC and roof. Driving by, the roof looks good. Siding needs to be 100% replaced. The house doesn't have a garage or carport, just a concrete pad in the back. Small but cute yard. Indoor pics show the need for extensive updating. Its next door to a church and within walking distance to the local elementary school and town library. The school district has a good reputation.

In driving the neighborhood there are all different sized houses, some old, some new. Looking at the comps on Zillow (please note: I don't have knowledge of any other market research tools and I don't currently have personal access to the MLS), this house has great potential. There's a 3/2 2,700 sf house priced at $140K on the same street and several others nearby in an adjacent neighborhood that are in the $110-$150K range.

I called the listing agent and left a message.  I want to know why this property has been on the market for so long.  And, why else do properties like this sit for so long?  Would a low-ball offer of $25K be passed up if we had it in cash tomorrow?  I feel like I'd like to get it under contract and start some due diligence.  I would have thought that a seasoned investor in my area would have snatched this one up long ago!

With a house this big, would it be silly to think of doing a rental rehab and trying to rent it out?  On rentometer.com it came up as around $1400/month potential rent rate.

Doing the math on this one is tricky to me because the asking price is already so low.  

$65,000*.65=$42,250

minus repairs of $10000 (only a preliminary estimate) to get it rent ready - $32,250

So, our MAO for renting it out would be half of what they're asking. Does that seem crazy to you?

Since I'm on the far end of the learning curve in not only REI but RE all together, I see great value in having a buyer's agent because of their ability to help me through the home buying process in addition to market knowledge, connections/relationships, etc.

Some of these are bank owned but I haven't come across the same agent name.