All Forum Posts by: Leigh C

I hope you get a thicker skin quickly

I'd rather buy beans and water from this guy.     Or maybe just cut to the chase and buy the goose laying golden eggs.

At 30-50% of FMV he could sell the entire list in a few phone calls. This thread is Silly...

If it were me, knock on the door and try to buy it.    

Offer them to rent it for 6 months after you purchase so they don't have to move right away, include the cost of that rent into the purchase price but make sure to document the actual rental amount at fair market rent prices.    

If you sense it will help, also offer to allow them to purchase the property back at that time for a 10% premium.           

Allowing them to think they are "kicking the can down the road" should help you secure the deal.   Odds are you are evicting them in 6 months or doing some sort of cash for keys.

They don't care if you have another buyer lined up for them let alone if they have a backup waiting to take your place.   Your contract is all that matters for your deposit. 

Fannie is by far the most organized and brutal sellers out there.   If your contract doesn't have contingencies to abuse to get your deposit back than you are out of luck.      I'd look over the title policy and hope for a flaw and/or use the remaining time trying to salvage the situation.

Get ready to take this on the chin as part of your learning curve.

I ended up doing a 5% for the PM.    Last year he made 72k where the average retail store manager in the area makes 36k a year.     He managed at our peak inventory 12 properties at once (somewhat poorly but he recovered quickly).      He never had more than 2 in depth flips at one time.   

As for hiring a realtor to do it.    I strongly urge you to have more checks and balances.   I also don't believe legally they can actually take the job, and if the broker found out there could be other issues.    Way outside the scope of a realtor/broker license.

How much money is he willing to put down for the option?   

It doesn't actually make sense.    Base something on current comps and current market trends.    Don't bother trying to figure out what a prior value was once upon a time.   

Whatever someone bought something for is in the past.      Don't judge a cart of apples based on what the seed cost to plant the tree.

Received a list of notes for sale by someone on BP, the names don't match up though.   

Their list of mortgages has a lot of high value properties with low outstanding balances along with a bunch of low value properties with high unpaid balances.    They average those 2 pools together to show you a roughly 4.2 million dollar unpaid balance and a 4.5 million assessed value.

So, if you take the unpaid balances only for the equity properties and then you add their BPO values for the others, you come up with a 1.5 million dollar value.     Which, to any of us means the pool is worth under a million.    They are asking 2.4 million.

I rudely point this out (because i take offense to those that want to rob me)  and I get the following.

"Ok, I am seeing now that you CLEARLY don't know how to talk to people.

You have no tact. No respect. No class. No business ethic. No nothing!!

What is the point of coming to me as aggressively as you are.

Common sense would say to come with some respect and consideration and COUNTEROFFER!!

COUNTEROFFER. Counter....offer.

You are incredibly messy.

If you had have asked like you had some sense, I COULD HAVE possibly accepted your offer but, you??

No sir...you do NOT deserve it. You get more bees with honey.

Your response tells me that you really don't understand how to do business here. 55% of the price is less than $2.4M. That leaves over $2M in equity.

If you could get a better price than that, you would have known to simply counter offer OR you would have had the connection to get it otherwise. Bogarding and bullying just won't cut it.

GET YOURSELF TOGETHER!!

Do not EVER email me again.

The MP Help Desk"

So, i ask the biggerpockets community.   Has anyone done business with these people?   Or are they just another scam looking for someone with too much money?

fix and flip or buy and hold?

And then Dell you have the one I'm trying to sell you that dragged on for what seems like FOREVER.      I hope you make more than the 15k though and at least I think i fixed the deed issues today.     Expect to be able to close on it by the end of the week or first part of next.  Assuming you still want it of course...