All Forum Posts by: Darron Stewart

On the buying side, bought estate house here for 60% of value with contents included and should pull about 1.7% rent.  Hoping to sell contents and it pay for all repairs!

@Justin Pierce 

Sounds like my situation, helped Mom buy a house in 76, we lived in for 2 years and rented for 29, she passed in 2006, rented for two more years and sold it for about 10X what we paid for it...but sold for market value at peak, all about timing!

@George Smith For me, wanted to get into the game for many years, but truly timing was not right.  So, after my first career was able to call the shots...  First a flip, now several buy and holds later, really enjoying playing Monopoly for a living!  Our latest buy was an estate, more or less bought a storage unit and get to keep the container (house) - lol.  Seriously fun to use the rent from my other units to pay for this one!!!

@Ryan Schuler I would make an offer at 20% or more below list.  The system is automated and will kick back a counter based on minimum acceptable price.  I found that like mentioned by Imad, the price drops 10% every 30 days and they usually accept at 19% under marketed price, so make an offer in the 80's or even 70's and see what happens.  Please update us on the outcome!

@Ed L. Like the way you think, it takes a while for me too, but buy with lots of equity up front and making 1.9% in top school and great areas, not worth the headache buying OSI (other side of interstate) and paying higher taxes, etc even though would easily top 2-3%. 

@J Scott Seems like my returns are closer to 15-20% return on rental, unless I am calculating wrong and 12-18% on liens...but who cares, tenants buy them for me and with next house it will only add 5 months to the payoff timeline!!!  woo hoo

@Carole G. @Nathan J. The deals are out there, 61k for Carole - great going, I am averaging slightly over 62k but could make $40-60k if flipped and if I was 100% financed would net about $500 per door.  It is really all about the negotiating and patience, if the numbers are not there, let it go, may see it again and they will eventually come down!!!  Negotiated for 9 months on one, just waited 4 1/2 months to clean up estate title and today put in another bid on sfh that has been on and off market for 4 years - sale, short-sale, now foreclosure...

@marlo 

@Marlon Freeman actually 81% from 0-30, then asking will lower 10% at 30, so if started @100k can get for 81in first 30, then 90k - 19% or 72.9k from 31-60, then 81k so will take 65.61k... Hope that helps.

As I remember a combination of days on market at 30, 60, 90, etc they lower 10% and if your offer is in the negotiable range they will comeback with an offer at their lowest acceptable, found it to be @81% of asking price, so if offered at right time can hit one for 71% of asking almost every time.

@Ramon Castillo 

Welcome!  In flipping, take your time in the search process and while looking line up the financing.  I use the 50% rule, look to buy at half of what I believe it is worth and then factors in repair, carrying costs, and PROFIT!  Slow and steady wins the race...

@Nixon Vayupak 

I wonder too, several properties were bought here and they did nothing to them for over a year.  One absentee owner almost lost house to back taxes, had it on then off market, know it was divorce case and have made offer based on condition, but still it sits...crazy!