All Forum Posts by: Chris Vasquez

Lmao, I agree completely. I thought the offer was interesting though. Your right about Chad. He was like watching a train wreck in slow motion. Thanks for reminding me of him. I can't stop laughing thinking of that knuckle head.

I don't know if any of you saw the episode last night. The LA based tv show follows a few agents around who deal with million dollar+ listings. Here's the scenario. Two agents co-broker a listing for 5mil. They know it is over priced. The owner thinks differently. We've all been there at some point. One of the brokers brings an offer from a investment group for 3mil but not to purchase out right. They want to be on title of the property with the current owner. They are hoping to share profits in the future sale of the property. When the market recovers. This scenario instantly sounded sketchy.

1. If the investors have that much money to throw down in cash. Why share title and hold for the market to recover.
2. Why not just make a 3mil offer, get it shot down by the unreasonable owner and move on. It's LA. There's got to be other deals that will come along with a quicker turn around.

Here's my cynical opinion. 1. Investors take 3mil control of the property. The original owner loses interest and finally sells his share to the invstors for little or nothing just to get off the title.
Which is what the investors planned all along. 2. Smells of dirty money.
Or, they are just testing out the owner to see how desperate he is to sell. Could be just creative genious at work.
What do you all think?

Hey Jerry,
Just curious. Are you finding Fannie accepting lower offers than there asking price? I seem to find the properties need quit a bit of rehab work compared to there claims. I have not made any offers yet. I've read and spoken to a few people and they seem to think 20% off of asking is a good number. What's your experience with them?

Friends to enemies to friends again. I'm sure some of you have been in this situation at some point in your REI career. The last deal I did. I purchased a property that was vacant for a few years which happend to be accross the street from my best friends of 30years, house. Husband and wife. You know that feeling you get when you come accross a deal you know is to good to pass up. There is money to be made and tunnel vision sets in. As an ex realtor from FL now in Pa. where the prop is. I did my DueDili and went for it. Knowing my friends would help rehabbing. There idea to partner up. My money there help.
You know where this is going already Im sure.
Not knowing the local area. I learned the hard way that he and I would be doing most of the work. We are the fixerupper types that enjoy the challenge. After interviewing over 20 different subs. Roofer, plumbers and electricians and other scum bags that after finding out you are flipping the property think you are full of cash and highball the job. After literally tossing several of them off the property knowing full well what a job should cost. We decided to handle more of the work ourselves. Note to beginners! Do not tell someone you hire to do work for you that the prop is a flip! Unless you have worked with them before and they know what you do. Good help is hard to find.
After close to 8 months of work due to weather. Snow! who knew, right? I did by owner for a bit being an ex realtor. Lack of exposure. I finally listed and sold. Made close to 30% roi. Now pay day comes. I gave my friends 1/3 of the profits. Key word Profits! Which was agreed upon orginally. Invested my money and my full time to there part time help. They have full time jobs. Some how she(friends wife) got in here head a fixed amount of money which was double the amount I paid them. If the property sold for what I had originally hoped for, than yes. I could and would be happy to have paid them. She couldn't get it out of her head a fixed amount. Which at that point would be most of the profits. Her time was more valuable than mine. In her mind. He understood and tried to explain to her. She would not let it go. This caused close to 6months of seperation of our friendship which I thought would never happen. Who is really at fault? In my opinion. Me for not clarifying the obvious. No matter what you think is true. Someone else will see it differently. Before entering something with friends. Make sure they understand A+B=C. Happy Ending? Maybe. After some time she admitted to having a fixed number in her head and couldn't let it go. Back to being friends again like nothing happend. No apology from her to this day. Am I asking to much? Live and learn.