All Forum Posts by: Jeff Gebhart

@Tom Mole Thanks for the advice!  We have never done a short sale so I am not sure how that process works.  I was just thinking of that being a possibility in making the deal better but wsa thining there is risk in losing the deal.  I am not sure how you or anyone could tell whether the deal is good or bad as I haven't gave any information.  I was just asking about this process on short sales and purchasing direct from a buyer that is about to be foreclosed.  

The house is presently about 20% under market value, as is.  We pulled comps in that nieghborhood of recent sales the last 6 months.  The market is very strong so no problem getting solid comps.  We inspected the house fairly good.  It needs some interior lipstick and the house will compete with houses that have sold for 35% more.  The neighborhood is very desirable.  The numbers will cash flow nicely if we decide to buy and hold to add to our rental portfolio.  

Thanks Jose!!!

We have always bought our properties that are REO, Auction or through Realtors. We have someone that is running behind on their mortgage payments and wants out. Bank is threatening foreclosure with her but have not processed it. They would be willing to sell for what they owe on their house. We would be willing to buy for that amount. We know this market very well. Do we mess around and try to do a short sale with the bank or would that possibly cause this thing to go longer? What do I need to know going into something like this? Thanks!

30 years on a $50,000 investment does not sound like a good investment.  I would suggest you get with someone successful in this industry in your area to look at your deal.  

Found a house in a neighborhood that we currently are flipping a house.  It is the typical house with the stickers from the city on the windows showing its vacant and looks foreclosed.  Through property records at the city I found that the present owner is a real estate company 3 states away.  No phone numbers are listed.  I did some research on the company and found its address is a large apartment/condo complex.  So I assume its probably someone's home base business.  Any suggestions on how to get in front of the line on this house?  If we wait till the sign is put up in the yard it may be too late.  Or is that our only option?  Thanks!!!

We have had a few of our houses get bats in the attic.  The company we work with seems to do a great job with bat eviction.  Problem is in Michigan, bats are like bad tenants and they won't leave in the winter no matter what you do.  You have to wait until spring to get them out.  The cost to do this for us has been around $600.  They seal any holes, install one way doors and fix soffit/step flashing and everything.  Probably all something I could do myself but not sure I trust just an average handyman to do this.  Anyone have experience with this?  Is $600 reasonable or sound high?  Did I mention I hate bats? :)

We recently just rehabbed a house and have it on the market.  Rehab took about 30 days to complete.  However our Realitor just told us that she is worried about new regulations being put on banks that affect flippers.  Not sure what type loans this is pertaining to but she said she thought the house has to be on the market for 6 months for several to qualify.  Appraisal of the house has no barring (as ours is priced at a competitive rate with the market).  

Has anyone heard of this?

Mark

We own several properties in Grand Rapids area.  It is a great area for rentals.  We own mostly college rentals and have great luck with getting good tenants.  Good luck to you!

We have bought and sold always through a realtor.  However we are going to be selling our next project on our own.   I assume we just contact a title office to handle the closing.  Any advice on this?  Thanks!!!!

Kyle Not sure if this is the advice you want but it's the honest advice that I will give. Real estate is an investment. Like all investments it is not for sure deal. Be prepared to lose money. We all have lost money on a deal or two. Or at least had to spend some, then took some time to recover it. We all made more mistakes when we were less experience and just starting out. As you said, you are in college and don't have the money to invest. So what I would recommend you use this this time to learn on someone else's dime. Go volunteer (or better yet get a job) with a developer or property management company. Partner up with the right person that will share all that is involved (expenses and revenue) and you will learn more than any college class you are taking now. Keep doing that and you will fall into a deal that will be less risky for you. Maybe your mentor will finance the deal for you and take a percentage to mentor you??? Either way. There is much to this business but it is not brain surgery. You can learn all you need to know by rolling up your sleeves and shadowing someone that is successful at it. The money will come if you spend the time now learning. Good luck !