All Forum Posts by: Rob Williford

Our experience is that our institutional clients don't like the following

- Fire damage

- Foundation issues

- Bad neighborhoods

- Rural areas with well water/septic systems

While some may see these as a goldmine, the big boys tend to shy away.

- Glynn

Welcome to BP Jeremy from balmy Memphis!

Welcome neighbor!

South Jackson here on BP

Developed a relationship with an emerging REIT.

Just want to make sure I get paid for delivering exactly what they say they want.

They are looking for bulk portfolios in major cities.

-SFR

-1990 or newer

-3/2+

-Price per unit of 150-275k

What advice would one give that has this specific experience with selling to the big guys.

Thanks in advance,

Glynn

Just found a copy for $45 on eBay.

Good Times!

Glynn

What has been your experience BPers?

Have you found success?

What has been your unfavorable experience?

Thanks in advance,

Glynn

Guys,
Thanks for this painful lesson.

Fall in love with the deal, not the property.

OUCH!

I'd love to visit the Memphis REIA Kevin perhaps during the next meeting.

First up however, who's going to the Shelby County Tax Sale next Monday 14/3/2010 ?

I will be there and hope to meet some of you there!

Much continued success,

Glynn

Gentlemen,
Thanks for your honest input on this thread.

The home sits vacant. It's much larger than any other in its neighborhood. The neighborhood has no other vacant properties. Other homes are much smaller, around 4-5000 sq ft.

If the bank owns it at $550k, what would be a good price to buy?

Thanks again,

Glynn

Guys,
Thanks for the replies.

Brandon, the property is near Memphis.

Jon,
Please forgive my lack of correct language as this is entirely new to me.
According to the Substitute Trustee's Deed, the bank was highest bidder at $558k. I assume they now own it.
The lack of education on this subject is apparent and any apologies for inappropriate posting.

Gentlemen, is this a dog with fleas?

It truly is the biggest home in a good neighborhood. But, it sits vacant and has for some time.

Please advise.

Glynn

Tod,
Thanks for your reply.

The home has been on market since mid-2010.

It needs no work from outward appearance.

I suppose, and this is a total swing in the dark that it would sell for $485,000. That is following a 40% drop in value.

Local Assessors office says annual taxes are aboiut $4,300 per year.

Glynn