All Forum Posts by: Gary Parker

The first thing I would do is do a Comparative Market Analysis (CMA) to determine what the value is after you put in the $2000 in repairs. Look for exact properties in the same condition that have SOLD. Then I would find out the rental policy. One you know this information, it will be easier to talk to other investors that may want to partner with you.

If the pre foreclosure was in the West Valley Utah area, for example, pursuing a sub-2 deal that is pre foreslosure should start by contacting the home owner.  Learn the law for your area concerning what you can and cant say to a home owner based on if you are or are not licensed, and figure out how to solve peoples' problems.

Find an agent that will help you learn the area you want to invest in hoping they will get future business or get your real estate license and learn the area yourself.    And if you want to work pre-foreclosures, I would think having your license is a must.   Learn the area and talk to people.  While not licensed, learn what you can and cant say to someone in foreclosure before talking to people in foreclosure.

I agree with @Russell Brazil.  There are a lot of moving parts to a short sale and each one is different.  I currently have a listing the the bank has approved they will accept X based on an appraisal.  The seller lived in the property until 3 weeks after the approved price came form the bank.  An appraisal was never scheduled with us.  The approved price is for properties like my listing only fully rehabbed.  My listing has major roof leaks with interior damage.   All we can do is submit an offer at the bank's approved price then get another appraisal.    We have already done a full value dispute package and the bank wont budge.  Short sales are a crazy world if you do enough of them.

My company uses ACT!  It works well to manage the direct mail and client follow up we do.

@Jay Hinrichs My son and I are talking about him getting his license and him starting to learn the business when he gets out of high school this year.  I was thinking of making him go to at least 2 years of college to learn about accounting and things like that.   I was curious of your opinion of that and what other training you would advise for an 18 year old.  I would welcome any opinions.  

Hello @Brian Ewell and welcome to BP.  I like to work vacant properties, so if you run across one I might be able to help.

I would be interested.

Hi Rebecca BP has been a wealth of information for me.   Which association are you with?

I really like the Taylorsville area for both rehab and rentals.  Thanks for the links to the articles.