All Forum Posts by: Herm M.

LMAO!

So let me get this straight...

This guy is lying and saying he's made half a million dollars off a prior transaction, and is currently working on another transaction that will also yield half a million dollars?

To impress people on an internet forum?

LOL.

BEFORE:

After some cleanup:

After rehab:

I'm gonna go ahead and go with laminate.

What do you guys think of laminate flooring in the kitchen? I know it's not as good as tile, but is it sufficient?

The problem is that this house is only about 650 square feet downstairs. I don't want to have 500 square feet of laminate and 150 square feet of tiles. I don't feel that it will look that great with the wood-tile transition...

A while back, I read that you can get a 15% or so discount at Lowe's if you go talk to someone at a particular desk at the store.

Anyone know what I'm talking about?

I really don't have any updates. I haven't been on here for about 2 months...

But pretty much what smitnlit said, I can offer some of my profit.

Who is the guy on BP that does short sale negotiating?

Justin, I didn't use transactional funds on this one.

If my spread is large enough, I can pay the broker a larger fee on the B-C listing commission.

Scott, here's what happened:

We got into an contract on April 8th. Her loan docs were ready to sign on May 26th. On this day, she discovers that there is a community property law, and that 50% ownership would be her husband's. The problem is that "my husband left the country 5 years ago. I haven't spoke to him for years. I think he's in Sweden. I'll try to email him and see if he will sign a quitclaim."

You can guess the rest.

They should have never been in contract to purchase a property. And they're trying to use the loan contingency as their loophole out. Too bad for them the escrow company has loan docs.

I closed my first flip, and my bottom line is between $51,600 and $57,300*.

Anybody who hasn't closed one, here's the most important things I learned:

1) TRY TO HAVE YOUR OWN FUNDS TO CLOSE THE A-B.

2) ALL YOUR PROFITS ARE IN THE LENDER'S BPO.

* = I had an idiot buyer who couldn't close, they wasted 60 days of my time...so now I'm working on keeping half of their deposit. That's going to determine if this deal made me 51k or 57k.

So how is everyone doing with their flips? What's new in the past couple months?

My goal now is to meet with 3-4 brokers...show them my final HUDs, and ask them why they're working on short sales to make $8000 instead of $50,000.

I need to work on 10+ of these simultaneously now.

I'm in a similar scenario.

We offered $235,000 on a house that has termit damage.

Comps range from $280k-340k.

The realtor is preparing a CMA, and is asking me to pay for an appraisal. Should I do that?

Or should I request the lender to send for another BPO?