All Forum Posts by: Account Closed

@Jeff Moore I would advise you get informed about your state laws and see if you can cancel the agreement. I don't care how "good" is your agent, a property will sell by itself as long as it's priced correctly. Now, if your property is valued at less than 50K, then it might make more sense for him to list it somewhere between 7-10 %. 

@Johnathan Mark Run an MLS search with purchases from the last 18 months. Use the Finance Code "cash" and find properties below the 70 % ARV. Then contact the buyer's agent and tell them you'll pay a generous referral fee if they present the deal to their clients.

Percentage wise, this is a deal that looks great on paper, but anyone buying this deal will have to bring in cash, as most hard money lenders have a 50K loan min. I personally wouldn't purchase any deal netting me less than 20K and of course, only if I'm using leverage. However, with these numbers you should be able to find a buy and hold investor as long as the area is not super flooded with inventory.

you are about 85 % of arv all-in. It's not worth it IMO, specially if you're putting 30K into a condo. After 10 % of selling costs, you're making peanuts and it's a terrible ROI. Never start work on a property before closing. Either bring the price down or walk away and find another property.

@Account Closed Just file notice. I ran into the same problem, the tenant's daughter had cancer. I felt terrible about it, but this is not charity, it's a business. Eviction took 4 months because cook county has terrible tenant laws. If you let them stay, it will just become  a bigger issue.

@Eliot M. Maybe this worked back in 08-10. Every market is different but I really doubt this would work in most markets. I tried a similar model submitting REO offers on a daily basis for around 6 months last year (on a much smaller scale of course) . It didn't work out well. Your best shot might be Estate sales or pre-foreclosures that are very close from being auctioned off. You have to be quick and check the MLS hot sheet daily. If you just shoot offers randomly it's not going to work and it will be a huge waste of time. You can also set up an MLS keyword search on the MLS, eg "needs tlc" "investor special" etc. This will narrow your search and save you time when searching properties on the MLS.

If you still want to submit that many offers without annoying your agent you can fill the contract yourself and have him submit the offer or you can just submit the offer through the listing agent. You should strongly consider getting your license as it will save you a ton of money.

@Rachel Degennaro It's a hard pill to swallow. No landlord wants to keep a building that is vacant so there's a good chance someone else offered him more money.

I suggest you just move on. Just 3 weeks ago I lost a 30K profit deal because the seller backed out and he went behind my back to sell the deal to someone else who offered him more money. It's a waste of time to deal with these kind of people, just focus on finding another deal.

@Kimberlee Kennedy I think New Western Acquisitions and Net Worth realty are some of the few brokerages focusing exclusively on wholesaling. They typically  find off market deals, send it to their buyers' list and double close it. I'm not familiar with their training procedures so I can't give you much of an opinion about them. 

I would advice you not to rely on any brokerages when it comes to RE education in general. You have to study RE on your own and you will mostly learn stuff by doing it, reading books and the BP forum. Experience is always the best teacher. 

@Mayer M. Well, it depends what are your financial goals. If you are ok with living of off rental income, you can buy turn keys from a reputable turnkey companies. If you're new, I'd start small, perhaps I'd buy in a C neighborhood that has good cash flow. You should be able to find some affordable SFH and multis in small towns of NJ.

However, if you're trying to flip and do this full-time and you're new, I'd just diversify your funds into different asset types (blue chip stocks, bonds, ETFs, etc) and like Jay said, look also into syndication deals. You can also JV with some experienced investors. Perhaps be their private money lender at a lower interest rate than a HML, and in exchange, you will be helping them supervise the project and learn from them. You will learn a lot from them and eventually you'll be able to do your own deals.

The good news is that you have some room to make mistakes. As long as you don't go crazy with your money and put in the work, you should be fine. 

Hi everyone,

My client is looking for a leasing agent in the Chicagoland area. If anyone knows a leasing company who could help me, please pm me your contact information. I'd really appreciate it. 

Hi everyone,

I'm sitting for my Texas RE test soon. Can you recommend me some brokerages in the area, preferably close to Richardson-UTD area. I'm leaning more towards choosing a 100 percent commission brokerage. However, if there's an office that provides excellent support & training, perhaps I'd consider it.