All Forum Posts by: Justin Tahilramani

@Fiona S. - You say that you dont know the market very well - how do you know that the house is beng sold at 80% ARV? I would argue that 80% doesnt leave much room. Not to be offensive, but why would they rely on you to bring them a cash buyer? Do you have a list of buyers?

@Nick Versetto - I dont think you are crazy at all. Thats a great way to get additional information about the proeprty. You're right - you may not get the deal, but maybe you can build a relationship with the bank.

@Mark Rogozinski - Congrats on making your first REO offer. I hope things swing in your favor and you get the house. You sound really confident about the fact that its a good place. Your profile says that you are a contractor - what type of contractor are you? Sometimes I wish I had experience in the trades.

Just wanted to pass along advise that I was given early on.....If this one slips by - the next great deal is just around the corner. And who knows - maybe its even better than this deal....

Good luck and keep us posted!

A five unit property is considered commercial - I would recommend sticking with a trip-plex/quadraplex for a first investment. Five unit properties are pretty uncommon.

@Elias Chacon - You also don't know what you are going to get when you build a new property. You know exactly what you are getting when you buy existing property. May seem obvious, but dealing with the unknown can be COSTLY and FRUSTRATING! 

 I really don't agree with this over generalization of college students. Will some be hard on the house? You can count on that, but so will other non-college tenants. Best thing to do is have a good property management company and ensure that students have co-signers (aka parents). 

Also, just because students are only in school for 9 months does not mean that they don't sign 12 month leases just like everyone else. 

Run the numbers and make a decision accordingly. 

@Mark Wallis - What do they cost? Are they sold at big box retailers? Ive seen ones for heat, but not moisture. Thats pretty cool.

@William Donnelly - I second increasing your offer to 150k. That would be a pretty good buy if you can pull it off. You are better off doing the repairs yourself if possible - 60K can fix a lot! I am curious as to why the rented it out section 8. They may have had a hard time finding tenants...

@Kenneth Sok - I really doubt that a fresh coat of paint is going to do a lot to increase the appraisal. Additionally, you will need to scrub the walls down with TSP and primer before you paint. I would not do anything until he moves out of the property.

@Karl James - The value of land locked land is $0. No bank is going to lend you money to buy land that you can't access. Not all is lost - you may be able to negotiate an easement by necessity, but I would recommend speaking with a Real Estate attorney in your area.