All Forum Posts by: Blake Messina

What cards are you using? Been meaning to get a more rewarding card for a while but currently using a basic bank Visa card. Thank you in advance!

@Stephen Bennett what about trying to find a money partner. You can provide the project management and also complete some of the repairs that you feel comfortable with, and the investor can provide the purchase price and renovations. You can split the profits however you see fit. The real estate license will help a lot too with profits- 2.5% to 3% on every sale (and buy if on MLS). Good luck!

@Kevin K. every brokerage is different. I would try to get in touch with some brokers in your area and tell them what you are trying to do. A lot of brokerages charge monthly fees, so I would probably try to find someone who doesn't charge a fee but wants to help you. Maybe you know a family friend or an investor who has a broker license that you could hang your license under. Good luck!

Kevin- sometimes homes will sit for months because they are way overpriced and the owner doesn't lower it. NEVER HURTS to throw out an offer, no matter how low! They could be fed up with it and will consider a very low offer. If an REO, or any deal for that matter, hits the MLS at a very low price, there will likely be SEVERAL offers right away. I also recommend getting a real estate license and MLS access. Then you don't have to worry about over-nagging an agent, can look at properties when you want, and have instant access to all information.

Ron- take a look at sold comps in the area. Really depends on the neighborhood as to how much more a pool will get you during resale. I've seen neighborhoods where a pools adds maybe $10k to the value, and then there are neighborhoods where a pool could add $30k in value (I'm in Florida). Not sure about your area. Personally I would not want a pool if i was buying it as a long term rental property.

Deals are a lot harder to come by than buyers. Maybe get a few legit buyers and then work on getting them what they want.

If this was an REO, chances are the total buyer's side commission was 2.5% of $17,500 ($437.50). After split with the broker, you see how it ended up around $300. She would have been aware of this prior to beginning this deal, but I agree it would be nice to pay her extra for her time. $300 is nothing from the sounds of this deal and how much time she spent.

Hi Nadeem Bhatti welcome to BP. I am relatively new to the site as well but it is a great resource. I'm in Orlando as well so if you have any questions about the local area please let me know and I can do my best to point you in the right direction.

Most leases have a timeframe for making changes to the terms such as this one. You will probably just need to give them some written notice of the change (maybe 30 or 60 days out). Or just have them do a new lease or an addendum to the lease to reflect the new grace period. Tenants aren't grandfathered in forever on their terms. I would say handle the same way you would a change to the rent price.

Hi Bobby- just keep in mind that Hubzu is zero- inspection. Once you win the bid you will have to send a non-refundable deposit. Also, Hubzu normally keeps the reserve price fairly close to the listing price on MLS (maybe around 90% of MLS price). I recommend finding the number you are definitely comfortable with and then setting the auto-bid feature so you don't have to sit there bidding back and forth with other investors. Also, keep in mind Hubzu gets fairly competitive. However, keep an eye on the property. Pretty regularly, a property will go under contract but fall through. You would then have the opportunity to bid on the property again. Good luck!