All Forum Posts by: Account Closed

After going to inspect the property in person it seem to be worth about 220k  . She is stuck on getting 220k because she believes it is worth 250k. 

I want to offer her 180 which would leave her 20k after her preforeclosure balance is paid off.  

My numbers would look like this 

217 sell price - 13k realtor fees - 8 in repairs ( finish the basement) - 180 purchase price = 16 k profit 

I really like your idea to buy redemption rights  

 Thank you. I very much agree, you’re right. Going to look to take on a partner with more knowledge on this deal.

@Robert Burris

Why no James is partnered with security first title because I see him at all the options. Who knows maybe he just didn’t work for the deals that we were doing.

Also I’ve found out that banks are not inclined to take short sales with that much equity in the deal. They would rather foreclose and sell the property themselves

@Robert Burris I meant James. Sorry.

@Robert Burris

Thanks Robert.

Your right. Maybe talking with a banker would be a good place to start.

As far as Nick goes, four different friends of mine as well as myself have had negative experiences trying to work with him.

Hello and thanks for reading!

I am located in Wichita, Kansas and I think we have a potential short sale opportunity

The seller has a very nice home that is worth $249k and she owes 165k. I believe she is 65k delinquent. She had gone into foreclosure on the property a couple years back but the judge somehow overruled it. I think that is why her back payments got so high.

Anyways , I have done flips and rentals but I am not educated in this area but I would like to partner with someone who has experience working with banks. I would feel so bad if the seller lost everything.

Has anyone decided to do a court house closing in lieu of closing attorneys and title companies.

I know you wouldn’t have any guarantee of clear title, but couldn’t that be searched myself?

This would be for flipping houses from motivated sellers.

Thanks!

Derek Blades

Wichita, Kansas

@Tony Hale

1. Estimate repairs the best you can

2. Double that number

3. Add 20%

That’s the actual rehab cost.

I know that sounds sarcastic but crazy things happen when you get into a deal. You may realize that the property sets down hill and needs the concrete patio removed the yard leveled ( my current flip)

Or the licensed electrician you hired isn’t actually licensed and you have to pay someone else to do the work properly( my last flip) .

Or you get robbed mid flip and have to buy another Hvac unit.

If none of this happens then you get a nice bonus at the end of your flip!

Good luck, message me if you need help.

@Chris Hanisco

https://goo.gl/images/uc2oMM

I did my first two brrr deals last year in Wichita, KS and got the properties rented out. Everything has been going great, except both tenants like to pay rent about a week late , after I have to remind them rent is due. 

My lease says rent is due the 1st and late after midnight on the 3rd. Late fee is $50 and $10 a day for each day after the 4th. 

My question is how do you invoice late fees? do you put them on the next months rent or make them include it in the late months rent before accepting any of the rent?  

This brings me to the second part. Does anyone know the eviction process in Wichita or know a good eviction attorney they can recommend. I would assume that it would be effective to start the eviction process on the 4th of the month as to let the tenants know how serious the situation is. 

I don't have a problem being tough on tenants, I just need to know the proper process to execute. 

Thanks for taking the time to help a new landlord!!