All Forum Posts by: Maurice D.
Maurice D. has started 23 posts and replied 472 times.
Post: Offer accepted on a great deal, but there's lead paint AND kids
- Coppell, TX
- Posts 485
- Votes 310
how much time does the state allow you to remedy the lead?
buy it (assuming lead remediation costs in offer), and once you take possesion you can test it.
if negative, raise her rents to market , if positive evict the tenant or relocate her and raise the rent after you clean up the place?
Post: 2nd Rental Property down
- Coppell, TX
- Posts 485
- Votes 310
Post: Off Market/Pre Foreclosure offers in today's market?
- Coppell, TX
- Posts 485
- Votes 310
What are you offering for off market properties (like pre foreclosures) in todays hot market ? I am sure its above 70% ARV.. 80% minus repairs?
I ran the numbers on a house "selling on the market" versus my offer @ 80% ARV and I come up with a 27k lower net than selling in the open market and paying realtor and closing costs.
This is for a house in under 400k in value, I plan to make a subject-to + Cash offer.
This is in DFW, if that matters, but just looking for a target % ARV as a starting point that isn't a total lowball..
Market Scenario
ARV 370k
Outstanding 1st 135k
additional mechanic liens: 10k
9% Seller closing costs : 33k
Net sale to seller with market offer: 192k
Subject-to
Offer (80% ARV) = 296k rounding up to 310k (paying for their liens)
-135k
-10k
Net to seller: 165k
Would you still start at 70%?
Post: Making and offer to off market property owner
- Coppell, TX
- Posts 485
- Votes 310
the question is how did you arrive at you 100K number? when presenting the offer, simply state it, but be ready to back up the number. "my offer of 100k is in line with the market and the conditions of the property, it needs xyz repairs" etc
Post: Where can I find out what section 8 offers?!
- Coppell, TX
- Posts 485
- Votes 310
you need to lookup the values by zip codes. In some areas the Fair Market rent is higher than market! These maximums vary by city/county/zip. Whats you property zip?
Here is a Dallas example.
Post: Recent BRRRR Success
- Coppell, TX
- Posts 485
- Votes 310
Sounds great! Tell us how you found it!
Post: 2nd Rental Property down
- Coppell, TX
- Posts 485
- Votes 310
what's the rent+ RV income?
Post: I bought a foreclosure! Or did I?
- Coppell, TX
- Posts 485
- Votes 310
Originally posted by @Joe A.:
@Jay Hinrichs I’ve considered knocking on doors, but I just haven’t done it yet. I‘m still trying to work up the courage for that! I’ve skipped traced and called a couple but didn’t have any luck. I know it’s a numbers game and would get a property if I did it more. I’m hopefully getting to that point soon. Still have a W2 job currently.
As Jay said, always go in a couple (male and female). this opens doors and de-escalates.
For example, if the homeowner is female and is alone, she most likely won't answer the door to a unknown male outside. if she sees a couple, she will feel safe enough to open. If the homeowner is a male and is angry about his situation, he will be less tempted to shut the door if there is a female outside. etc
I haven't done 1000's of door knocks but have done more than some and only once did a guy yell and slam the door on me. most people are at least polite.
Post: I bought a foreclosure! Or did I?
- Coppell, TX
- Posts 485
- Votes 310
Originally posted by @Sam Albury:
@Joe A. Was this one is those auction sites ?
Sam I strongly advice against auction.com. Sure you can bid remotely, but you want to at least do a drive by, and if it is vacant take a peak through the windows to gauge interior condition.
Go in person to your local auction and do some dry-runs (bid in your head). do the homework on each property you find in foreclosure, lookup the liens on that county's records database.
Post: HOA foreclosure questions (Texas)
- Coppell, TX
- Posts 485
- Votes 310
none of the HOA made it to sale, presumably cancelled or extended. I went to denton, only 4 properties sold.
This home, 20 PLEASANT VLY in Sanger with an outstanding 1st of about 212k sold for 320k. the Atom valuation for this property is around 346k. very small margins, for an unseen property! by the time you paint it, and pay comission and closing costs you are in the negative!