All Forum Posts by: Mike Hibbs

Would you represent yourself in court?

Why would you not want an agent who has your best interests in mind?  Just because the home is new, doesn't mean the transaction will be flawless that will you'll need someone on your side.  I have personally seen builders do things, that without an agent the buyers would have lost $10K earnest money.  

Representation for buyer is typically paid by seller as well.

FYI - I also advise on home inspection for a new home...Seen a brand new home with stairs, that didn't meet code.  They had to be replaced (at builders expense).  This would have possibly been discovered years down the road when buyer sold home...costing him then.

Wayne Brooks from the verbiage on the site it appears that this is a way to purchase the home before the actual action. I would like to purchase this before the auction opens...before more eyes are attracted to the home. Thanks, Patrick L. I am guessing they will wait for these highest n best offers to be submitted until the auction date, then make a decision?

Does anyone have experience with a 'Pre-Auction bid' on Auction.com? Recently I place a 'pre-auction bid' on a home that has an opening bid of $40k, and Auction opens May 18th. I bid once and received an immediate message my bid was too low. (I bid much higher than $40k). I increased my bid and was told to send my POF...etc. And now I'm waiting in the dark, after I send POF. Any experience? Thanks in advance.

I agree Dawn Anastasi I think there are/was partners behind several of those deals!

This may have already been posted, if so please delete, here is how a 19yr old college kid began investing with only $10,000! http://www.businessinsider.com/college-dropout-building-real-estate-fortune-2015-3

Personally my wife and I have relocated 4 times, and had to sell our home through a relo company.  The home will have TWO (Typically) appraisals done, so the relo company has a good idea on it's value. 

From my experience as a Agent, I have seen relo homes sell at a discount due to the fact the relo company no longer wants to maintain the payments and the home.  Similar to a bank owned home.  

I would let the fact that the home is a relo deter you, just be ready to sign a lot of documents stating the relo company owns the home, and they may be stuck on 'number' due to the appraisals.  

If important to you, I MAY be able to dig up some paperwork for Cartus Relo, so you are able to read the verbiage.

Thanks @Masaki Furukawa and @Adam Anderson 

I agree, anything can be fixed with enough money.  Since the original post I went inside this home, and the walls on the second floor are vertical not sloped and the remaining roof is flat.  

After further inspection, the home appears to have several other issues (foundation) and the SOW will be more than I'm willing to take on...Unless I held for 20-40 years in hopes the Mansard roof style will come back. :)

I just came across the attached home, Does anyone have experience fixing/(reframing) a similar ugly roofline like this?  I would like to convert to a 'normal' pitch.  Thanks!

Thanks @Flavio Zanetti and @Justin Howe , Heading to look at the home now.

Hi BP, Long time 'reader/follower/stalker' first time poster.

I've been a RE agent for four years, and have worked with investors in the past.  The past 2 months my wife and I have decided to begin looking for a home to flip.  Here is what I found...

Full brick Ranch 4 Bed, 2 Bath 1,900 sq built 1960 Asking is $129,900 -- DOM 2

AVM conservatively $225,000 up to $250,000 (recent foreclosure flip comp sold at $240,000)  The area is HIGHLY desirable.  I've driven by the home, and it looks like the ugly overgrown house on the block...aka perfect investment!

I will be viewing the property this afternoon with several other agents/investors.  (elderly owners limited viewings)  From speaking with the listing agent, the only 'known' issue is 'bow' in the living room where a grand piano has been sitting for many years and the home is dirty.

AC unit replaced 2000, unknown age of roof.

Finally to my question, I've read J Scotts book, but I'm not 100% comfortable with the estimating part.  My contractor connections are unable to view home with me.  The listing agent (and I) are confident the home will have several offers today.  

I've ran the numbers and used $50,000 as reno costs (which I thought would be be high?) and the profit was acceptable to me ~$20,000.  

Would you take this investment?

Thank you BP for the advice.