All Forum Posts by: Jeff Morelock

Even though banks may have houses on their books they don;t release them all at once in an effort to control supply vs demand. If they release all their inventory it will over-saturate the market and prices will drop.

It sucks for everyone but the banks.

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Don't fall for it. All the "super secret software" are just programs that scrape the free websites like zillow and even mls.

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You can also upgrade to PB Pro - it allows you to post your deals which will build your list as potential buyers contact you.

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Is the seller behind on payments? If so a short sale may be the way to go - but its a slow process. If not the deal looks a little tight with the repairs and using the worse case $164K ARV.

Don't forget about closing costs.

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Originally posted by @Bill Gulley:

Bandit signs also say something about those who post them, especially when the public is aware that such signs are illegal. It says "Hello, I know I'm illegally advertising, but it's no big deal, I have a house to sell" Okay, if they are willing to break that little law, what other little laws are they willing to break? Does that owner (or worse yet, not the owner) demonstrate honesty, integrity, truth in advertising, are they playing by the rules.....or, are they a bit shady, ignoring what doesn't serve their purpose, are they demonstrating respect for the law and community? You should be able to figure that out. :)

Good point - I have not used them in a while but after reading this I won't use them again. Never thought of it from that point of view.

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Don't forget to make sure her HOA/maintenance fees are current and remember that you'll have to pay them until the unit sells.

Depending on how much they are they could take a big bite out of your $20K profit.

You might want to check into how long other similar units on the property took to sell because like I mentioned, you'll be paying the HOA/maintenance fees until it does.

The other issue is the tenant and lease. Worse case - you may have to evict them and that adds to time and cost.

That being said, walking away from the table with $15K - $18K is good enough for me and beats leaving your money in the bank doing nothing.

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Very informative post - thanks. I was thinking about upgrading to PRO since I'm an investor/agent in the Tampa Bay Area and have noticed that this market is getting hot again, but I wanted to make sure it was worth it.

Its good to hear that deals are actually getting done and partnerships are being formed on this website and forum. I've learned that real estate investing is not an individual sport. Its a team sport and when you work with others you can accomplish more.

Thanks again for sharing.

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Originally posted by @Ilya Aksenov:

thank you for the input today. @jeff morelock I went to the link but it wouldn't come up. It says content is unavailable. And @robert curls I will do my research on the surrounding areas

Sorry about that - maybe BP disables it. You can find it on Action 10 news' Tampa & Sarasota website.

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I agree with Joe. I'd stick with wholesale for now until you can build up some cash - not only to cover a purchase, but to have some in reserve when the heat or AC goes out and your tenant is calling you at 2 am.

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We do in Florida but its never been an issue as to why I want to buy.

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All Forum Posts by: Jeff Morelock

Jeff Morelock has started 13 posts and replied 318 times.

Post: Foreclosures just sitting and not for sale...

Post: Software used to find properties nationally

Post: Savvy wholesalers

Post: Potential Wholesale Deal Maybe? Thoughts?

Post: Using bandit signs as an Agent?

Post: if i use all my own cash

Post: Success through BP: 3,000th Post: 4 years, a Summit, $1MM+ in RE, 1 wholesale probate deal, 8 rehabs, 1 master lease, 50 Airbnb guests, & 100 tenant headaches later..

Post: Florida or NYC

Post: Buy&Hold vs. Wholesale

Post: Do realtors have to disclose they are licensed when purchasing a rental for their personal portfolio?