All Forum Posts by: Marc Dube

I looked at a property near my home which is in foreclosure and the bank will entertain a short sale. Borrower owes 220k but is listed at 169k. The house needs work, roughly 30k. In this market it may sell for 219k to 229k which is an aggressive price. In a regular market it would probably sell for 259-269k. I'd offer 149k and see if they take it but above that price I don't feel comfortable. Feedback?

Thanks Jon. I was planning to fix and flip but don't have anyone who would go 70% ARV. 65% Max...Maybe I'm better off wholesaling, but I'm not sure how to do that as I'm new to this anyway. As it is a bank owned property how would I get them to negotiate with me on the sale of itin order to give me time to wholesale it? I'm sure someone out there would buy it to live in,but the numbers are so tight it doesn't make sense for me.

I spoke to a Bank that owns a SFR and is asking 80K. I checked town assesment and it is 142k. Property needs about 6-7k in repairs. Another home on the same street is listed at 150k but am not sure it has sold yet. The bank is offering 100% financing at 3.75% for 3 years, including the repair. I can't qualify for financing because of my credit. How should I try to work this deal?

I'm wondering if you can point me in the right direction. I have a SFR in Maine that can be purchased for 50k. Needs 40-45k in rehab. ARV is 135-140k. Is this a deal? Bank owned property. The contractor doing the work does great work but I'm wondering if there is just too much work required on this one. I also can't seem to find financing on it. Maybe because the numbers are too tight?

Any advice? Who might I ask for financing on this sight? I don't know anyone on the site and am afraid to do this without knowing them first...thanks
marc