All Forum Posts by: Doug Haisten

Jimmy & Brooks,
have you done a subject to deal similar to Patrick's situation?

Doug

Happy New Year all,

How are you out of state investors finding your deals/properties?

Doug

J SCott:
I have had the problem withlisting agents not returning my calls and began using a buyers agent. Amoung other things the buyers agent makes sure my offer is submitted to the bank. My experience with the buyers agents I have used is they want me to bring them the properties. I have only had a buyers agent "bring" me a property twice and thsoe were so far outside my desired property profile as to not be worth the effort for me to look at them. Do your buyers agents bring properties to you?

Doug

Congrats John on that fast turn around. If I may, what was the amount of repairs needed and the ARV of the property?

Doug

Thanks guys, good information. I am leaning to demo'ing the existing house and building 2 duplexes with maybe a small play area. The area is already zoned for apartments.

Again, thanks!

I have been looking at a property that has a large lot. The lot is narrow and deep. At the very front of the property and all the way to one side there is a 50 yo 3/1 frame house. The house has been been divided (un permited) to make a 1 bedroom/1 ba apartment (the bath is unfished), making this a 2/1 and a 1/1. There is an unattached small garage that has another un permited apartment (not finished). The entire lot is .61 acre so about .55 acre is behind the house. The long narrow lot is fenced and has houses on all sides of the property so the only access to the empty back portion of the lot is a 14-16 feet space between the garage the edge of the property. There is a small apartment complex across the street and around the corner of the street. There are no comparable sales in the area for a lot of this size.

I can come up with a MAO for the house but how do I value to the property for the added land.

Doug

Ok, I was just going to write about this when I logged on. I was told over the last few days that on Fannie Mae and Indymac properties if the offer isn't 85% of list they won't even look at the offer. I made on offer on a couple houses where each house had almost exact comps (age, size, type, etc) and even on the same street (as well as other supporting comps within 1/2 mile) that were sold for $40K below the listing price of my properties. Each of these houses needed from $20K to $40K of work. The two different reo listing agents basically said the banks don't care about the comps or the repairs and they would rather send them to auction before going less than 85% of list. Has anyone else been told this? I do agree with Jon though, I'm moving on to the next property and staying away from the fanniemae and indymac until I know better whats going on.

Doug

Thanks Jon.

I like this website!

I have the same question as Lisa. I read people turning in 10 or more offers a day all with EMDs in varying amount; $1K, $3K, even $10K.

Working with an all cash buyer (I was the birddog) we turned in 2 offers one day, each with a $15K EMD. I was surprised the realtor took a faxed copy of a check written to Escrow. Are EMDs always backed by cash in the bank? Is it okay to send a EMD check without the cash in the bank as long as I get a cashiers check once the offer is accepted?

Doug

I kinda lost sight of the forrest because of the trees