All Forum Posts by: Catherine Coy

Wow...I really appreciate your candid feedback. You may have saved my arse.

On the other hand, the entire building was recently completely renovated, so maintenance costs may not constitute 50%+ of rents.

What can I do to make it a good deal? Steal it? (If you tell me to, I'll try.)

Except in the case of a SS, the seller (homeowner) isn't going to get anything, anyway. The "most money," in any case, is going to go to the bank, so it's in the homeowner's best interests to negotiate the lowest price possible so the homeowner can get outta Dodge. Only the shorting bank needs to be convinced.

I (mortgage broker), too, see some people attain 700 scores relatively soon out of bankruptcy. They may have to massage their report quite a bit, but it can and does happen.

I'll post some encouragement in a little bit.

Thank you so much, Jon. I'll sharpen my pencil even more based on your input.

Rents are $400 per 1B/1B unit and, depending on the financing, should cash flow nicely. It appears to be priced moderately under market, considering that the building is vacant.

Unfortunately, in the two counties in which I work--Los Angeles County and Orange County--Craigslist charges $25 for certain listings. I think I'll buy that guy's guide to see if he has any get-arounds for this very unattractive feature of Craigslist in my area.

I'll report back! :wink:

Actually, that's all this listing agent does is list/sell investment properties in and around SW OH. She just has a mental block against spending more than $50-60,000 for a single property. Good lord, 60K wouldn't buy me a dog house in Southern CA. :-)

A ringing endorsement! Thanks, Mike. I'm going to purchase it.

Would you create a buyer's list first of rehabbers, retail buyers, and such before even considering it? Yes.

If so, would you share how you would go about it? The investors for whom I negotiate build their buyers list through Craigslist, their own websites and the typical other methods: signs, referrals and MLS.

I know it's tricky to list on the MLS without first having lender approval but if you list at a realistic price and disclose ahead of time, you may catch that buyer who has the time to get "mortgage ready" and doesn't mind the wait.

In fact, one investor I know has a program called "Get Mortgage Ready." I help him with the credit repair aspect of that.

I'll try to always back my posts with credible citations. I think that's important. :-)

Short sales are going for about 80-82% of FMV. It seems that lenders are reluctant to pay the loss mit fee. When that happens, we get it from the end buyer.

Speaking of around the country...I'm considering a purchase of 12 units in southwest OH at a considerable discount to FMV for $285K. This morning, I said to the realtor, herself an investor: "Why didn't you snatch up this gem?" She said, "Oh, I don't buy properties that expensive." That expensive?! I couldn't laugh, cuz I want her to keep thinkin' that way. I said, "Send all the 'big' 'uns to me!" I guess it helps to be assimilated to outrageous purchase prices. :-)