All Forum Posts by: Gary Barella

@Remone R.

In Jersey, where I'm at, almost every REO property goes for over list price. If I really want a property I damn sure offer above what they want. But maybe that's just because the competition is bananas out here. My entire point of what I was trying to say is, don't let a good deal for you fall apart because of one person's opinion and a lousy 8k. If it still makes sense for you and you can still make money then do it. It's like not picking up a $50 bill on the ground because just you want to wait to see if there's $100 bill laying around somewhere else.

@Greg H. Then why ever agree on a number before the appraisal? And yes you may be right I don't know I never did an FHA loan, my numbers tell me if I need an FHA then I cant afford it… But you missed the entire point.

An appraiser is just one set of eyeballs that probably took 10 to 20 minutes analyzing that asset. Funny story this big city has tons of inspectors, scheduled my inspection and this young guy hit me up for all this crazy crap… And before I did any of the work I said to myself let me just reschedule another one and see if someone else comes out and see what they say. And it was some old guy with a cane who looked at it smiled and said “good to go.” Saved me a ton. Trust in yourself not somebody else.

You agreed to 268k that’s what you should pay. What if you had it privately appraised through someone else and it came back 8K above your contract, then what? You would handover 275K to the seller? Would you get mad if he did the same to you? Do you agree to that price because it still made sense with your calculations. Don’t get caught up with someone else’s opinion during the process.

Scared money don’t make money. Go tackle the world young buck. You have life by the balls don’t get all scared and worried now. Wait until your stinky and wrinkly for all that scared crap. Go Go Go or you will be wishing you had.

Chill out bro 25 bucks? Probably not even worth the time for them to change the price on the papers. And look I’m just speculating here but if you do something like that you probably bother them with all kinds of little ********. No offense but I would’ve ignored you too and used my time a lot more wisely.

mainly for all the reasons previously stated. Also Hubzu you just win the bid to be countered, you don't win crap, plus paying the sellers commission via 5% ******** fee. Court house, besides what's already been said. If there was any equity in the house (value for us) the owners would find a way to get straight with the mortgage. I tried all those avenues, all a waist of time, for me at least. What's worked for me is finding REO realtors that have properties listed that I'm interested in. And even when they tell me it's in contract already, I build a relationship with them. I say ok call me if the deal falls through, what else do you have listed?, what's coming down the pipeline? Etc. Then email or call them from time to time with same questions. Wholesalers too. I don't even look anymore. Calls come to me and I say yes or no. But there is a fun element around the bidding process if your doing it for ***** and gigs as side income.

👎👎👎. All 3 are doo doo ways to get them.

Scared money don’t make money

I flip homes and I get paid from either at closing as consultant on the HUD or 1099 from my partner after closing. I currently want to show the highest income possible (future borrowing purposes) but pay as little taxes as possible. Thoughts?

I flip homes and I get paid from either at closing as consultant on the HUD or 1099 from my partner after closing. I currently want to show the highest income possible (future borrowing purposes) but pay as little taxes as possible. Thoughts?