All Forum Posts by: Sandy Blanton

Just had an idea. I mail an purchase contract, of course with price/terms, directly to the probate attorney. The offer would be contingent upon inspection. I'm a well known local real estate broker, I send it in a Priority Envelop. I think this would ensure the attorney reads it and submits it to the heirs? I think he'd have a fiduciary responsibility to do so. What do you folks think? Thanks for your input.

Jeremiah B. "Good/low cost" is an oxymoron in the management business. You truly get what you pay for. I have a 300 unit property management office in my company. We have a very professional management agreement with our property owners. It spells out what all parties are agreeing to.

The biggest source of our new landlord business are people that are able to escape the $50 a month property managers in town.

Review your agreement with the property manager to see if it spells out your cancellation options. Follow those terms or ask for an amicable split. Maybe they'll cancel their agreement for 3 month's of their fee up front/etc.

I recommend you hire a PM company that's a member of NARPM. Avoid the "cheap" managers, for they will cost your bottom line at least double what a professional/experienced management company would charge. IMO. Good luck.

Steve K I spend half my energy on listing sellers as a broker/the other half in investment. I too have always been amazed at how few agents are investors. The truth is 90% of them get into the business because they "like looking at houses." This was a stat from a major survey I read years ago. The top 10% (who see houses as widgets and not purdy things) make 90% of the money. The 90% can barely feed themselves, must less invest. It's the 10%'ers that are the investor/agents. IMO:)

Congrats! Great deal. It looks like you made roughly a 50% return (total investment 1.6m, 800K profit). The most I ever made on a flip was a 100% profit, but I've never had one with a net of over $150K.

I read somewhere that the average investor net on a flip last year was $30K. You made 27x the average on that one. Damn!

I understand if ss's are your only source of product. Fortunately we have plenty of foreclosures in my market.

Most people who've suffered the travesty of being a short sale buyer never go back again. Foreclosures are the ticket. SS's are the buyer's nightmare. *sigh...IMO:)

Hope the listing agent is an experienced ss agent. If they have the CDPE disignation, chances are 80% it'll close; if not, 50/50. Good luck. **You could have bought six foreclosures in the time/hassle you'll deal with on a ss. IMO:) *sigh

Good idea in theory, but impossible to do on a HUD. Sales price has to appraise/never will since it would reflect the old value of the property. Host of challenges, not possible. Unfortunately.

Robert Adams John Mireles JoHn I think Robert is discussing a short sale he's handling for a client.

Robert we are experiencing unreasonable bpo's and counters to our short sales en masse. This has been going on since last quarter. Short sales in the press "are getting easier," we say the opposite and we handle dozens of them a year. My short sale manager says he's having a harder time than ever before in getting the deals approved and closed...all due to unrealistic counters/bpo's from the lenders. Good Luck.

Meg Hoff Steven Hamilton II Steven, if someone gets a $100K debt forgiveness (ie income of $100K), the worst case scenario is they pay income tax on the $100K, perhaps $35K? They're still $65K ahead.

Can you think of any reason this isn't beneficial, if just looking at the numbers? I can't. IMO:) What say you?:)