All Forum Posts by: Evan Wiesner

Todd, I can't give you a property manager in Bend but I know a great one in Eugene who may be able to give you a reference. He's tied in with the business throughout the state and one of the best property managers I know. Mike with Northwoods Property Management. Tell him I sent you if you call.

The reality is that on 95% of short sales the bank will require that it's listed for a period of time before accepting an offer. This is to ensure that they are getting a market value (taking condition and situation into account of course). That means that you may need to convince them to list and then you'll need to write a competitive offer. I've been successful doing this a couple times when properties were brought to us that weren't listed yet, but you need a motivated seller. With the foreclosure looming you would need to execute the process quickly and with a RM they're going to want every penny out of it they can get. Some RM lenders won't take less than they are owed prior to foreclosure no matter what.

We handle that internally. My team on the acquisition side and our construction team will work together to review the full scope of your plan. So no formal appraisal or inspection but we do have a form you'll fill out and we are looking for photos, comparables, and a broken down remodel plan. Inspections are always encouraged but not required. The reality of our structure is that we want to work with you and develop a system around your strengths and fill in the gaps where you may need support. With our experience we believe we can truly grow your business.

We have our own accounting department that pays all the bills during the course of the rehab. We ACH twice a week and all you would do is send us photos of the completed work. Our system is designed around support. Eliminating the ancillary tasks that keep you from finding the next deal and managing the current ones. In the end, we all profit more from more inventory right? So we have set everything up to allow you to find more.

We operate nationwide and we're an alternative to HML's. We have a different deal structure that's based on growing your business and creating a long term relationship. We are looking for some deal history prior to our first deal with anyone though. If you're interested, check out our website and I can answer any questions for you via DM.

Good luck Tyrone!

Every lender has their own deal. Most HML's are smaller groups who have pooled or raised funds and they are often beholden to where the money comes from. Hence, the money dictates what their deal structure is.

In many cases the fees are split, some up front and some cut out of the deal. If it's on the back end you can probably be sure they'll record a deed of trust which in some states will cost you more. Some are more traditional with a monthly mortgage payment. It's all in the research you do.

When you do decide upon a funding source, be sure you know your deal structure inside and out and overestimate your numbers on the hold time. It's almost a guaranty that you'll run longer on the remodel and probably over budget by some. It's better to be wrong on the long end financially than on the short end and walk away with nothing at closing.

Good luck Kionnon!

Daniela, unfortunately there aren't quite enough details to give you a full answer. Yes, legally you certainly can. But if you're buying from a bank they may have vetted you both already and not want to change. If you're buying from HUD, probably not. If you're borrowing your lender may not allow you to change.

The reality is that it's as simple as an addendum stating one buyer is being removed from the transaction and is no longer a party to it and then state the vesting as it should be on the deed with the other partner in place. Then wait to see how the seller responds.

Good luck!

The number one suggestion I have is to really understand your numbers first. Know where you are getting the money, what it's going to cost, what your rehab costs will be, and do your own research on the ARV (don't take the word of a broker, look at the numbers and pictures of homes).

The reality is that even if you get a good house and have numbers somewhat in line, most good potential flippers take that part of the plan for granted on the first deal. In the end it will burn you.

As far as funding, I always suggest to find a good hard money lender and there are sites that can help or the forums here. Don't underestimate the time on the remodel, it will always cost more and take longer than you think until you have a system. Get a couple deals under your belt and then look for a more permanent capital partner.

Once you have the capital lined up, start writing offers. Don't be afraid to offer your number, not the number you think will buy the house. And be prepared to write a lot of them. We buy through a number of different mediums and for the good deals we usually anticipate a 8-10% success rate on offers/bids.

Good luck Ryan! Hope some of that helps!

Check out our web page,  and look for 1545 Tudor Way SE, Albany OR under property search. Granted, it's not a rental play, but when we rehab for rental buyers they tend to look the same. Market to market is obviously different but the level of remodel is similar. 

Hope that helps.

I hear you with regards to pricing high. Our position is to always price it lower and more often than you would think you'll sell it for over list faster. It's amazing, we've done over 2,000 flips in 25 states and this almost always makes more money than shooting for the higher price. I know that wasn't the question, but I thought I would offer it up.

As for the contingency, counter with a first right of refusal instead. If you get an acceptable offer you submit an addendum to them giving them 24 hours to remove the contingency or the contract is terminated. You get to keep marketing the property and they can proceed towards closing knowing they have a chance to keep the home. It's a win-win as long as both parties understand the process once an offer is made. 

Good luck Tony!