All Forum Posts by: Account Closed

We are currently finishing up our first flip. The only area of weakness that we have experienced is communication. There are four of us working on the project and often two people will buy the hinges we need, or the trim paint...or no one buys it because we thought someone else was.

Does anyone know of a good app that would allow us to communicate with each other, regarding current progress, things that still need to be completed or items needed to complete a task?

We all come and go at different times...so leaving notes at the site is a waste of time if you have to run back out and buy grout that you could have picked up on your way to the site.

Thanks in advance for any assistance.

I would like to know more information about HUD houses. What does it mean that the buyer pays the transfer tax both ways? Is there a formula to figure out what the total of that tax may be? Is it the same in all states or do certain states have different rules on purchasing HUD houses?

Thanks.

When buying a house from a wholesaler how much information do you get about the house? Is there a home inspection, can you physically see the house, or something else? Obviously they will provide bedrooms/bathrooms, square footage etc., but what about a walk through?

Thanks for the advice. Also, have you heard of bidding on a Fanni Mae house before it is available to investors; by contacting the listing agent in writing, then when they call you and explain you cannot bid on the property yet, asking them to hold onto the bid? So that if things "fall through" with other buyers they have your bid in hand.

I am new to Bigger Pockets and rehabbing, I am located in Orange County NY about an hour North of NYC. Much like everyone else I follow houses on the usual sites: Zillow, Realtor.com, Trulia etc. Recently I noticed that many of the listed Fannie Mae houses are originally listed with prices like: $129K - $149K....however rehabbers have been buying them for about for about $60K even though they never listed for anything near that price. 

So from my "limited research" I was under the impression that you would bid at about 5-10% lower than the foreclosure price, but these bids are about 50% + lower. Using the "funnel theory" should I assume that you should just go around offering super low bids and figuring something will eventually be accepted? Also, I have read where rehabbers submit bids in writing to the listing agent before eligibility on a proprerty, just so the bid is already there when the house becomes eligible. Does anyone have experience with this method?

I am also interested in attending meetings in Orange County, NY.