All Forum Posts by: Mark Gallagher

@Boris Peyzner as @Jason Hirko states, hudhomestore.com is the official HUD sales site. If you look on the bottom of HUD.com it says:

"HUD.com is not affiliated with or endorsed by the U.S. Department of Housing and Urban Development"

HUD.com is simply a way to scam people out of $9.95 per week, end of story.

@Daniel Prentice

Anything in eastern PA / send me the list please. 

@Stephen Adams

The only difference in this situation is you're unfortunately dealing with an intermediary. So you can only negotiate down so low before it's below the wholesalers contract point. In other words if they have it under contract for $75,000.. they can't/won't sell it below $75,001. Perhaps if you were dealing directly with the seller you could get it down to $65,000. 

I don't believe it would be against the law for you to mail the owner directly, and let them know you're interested if they decide to sell (likely the same exact method the wholesaler got in touch with them). When this wholesaler can't perform, you could swoop in.

@David Zheng

There's quite a difference between teaching someone how to fish, and showing them where to fish. 

@Stephen Adams

Has the wholesaler provided interior photos? On the surface this doesn't even seem like a good deal AND wholesalers notoriously undervalue their repair amounts. I would say this doesn't even warrant your interior inspection and $500 no matter what. 

@Christopher Bohar

@Jay Hinrichs

Plenty of unlicensed people in PA advertise properties that they have equitable ownership in. I personally haven't seen anyone get in trouble but I don't really run in that circle. Most wholesalers around here have the very lowest hanging fruit and is very rarely appealing to me. 

Regarding transactional funding, you could find a closing company who won't even need your (transactional) funds. They'll just take the 2nd buyer's funds and apply them to your transaction. Make sure the 2nd buyer wires in early enough and you'll be covered. 

Seller A to Buyer B $20,000

Buyer B to Buyer C $25,000 

Buyer C wires $25,000, and Seller A is paid from the $25,000 Buyer C supplies. 

@Jenni Moore

Need to weigh the costs of converting versus your increase in rent. Also, you'll want to stay away from turning it into a "weird" floor plan with a bedroom in the garage if it doesn't flow well.

@Troy Fisher

Perhaps I am more educated than other investors, but I know which electrical panels need to get swapped out and which do not. I know you're just using that as an example. Also, I am glad I don't live near you because a panel swap doesn't cost me anywhere near $3500 :) 

@Troy Fisher

You lost credibility in my opinion when you state number 3. In my opinion, that's in direct contast to ASHI code of ethics 2B. The report is supposed to be a fair objective view of the home. 

I've had home inspectors who do just what you say, make the report a negotiating tool. It led the buyer to terminate, and lose out on a good house. Recently, I've had 2 where someone came along and paid MORE money for the house and closed the same house the inspector was trying to make the report a negotiation tool. 

Experienced sellers like myself look right through that tactic and tell the buyer to move on to the next house.

Give the buyer a fair opinion of the home and leave negotiations out of it.  

@Dianne Phelps

I'm sorry but I consider myself pretty knowledgeable and I still can't figure out what you guys are talking about. Are you talking about joists?