All Forum Posts by: Michael Hicks

I have a buyer who is wanting to rent between now and closing. We were set to close May 15th but have to wait another 30 days because of the 90 day FHA "cool down" period. Would you be willing to rent it or decline. She was already packed and ready to go. I hate to tell her no but understand there is a lot that could happen between now and close. What do you think?

I know someone who does this in the Atlanta area and is very successful.  They seller may not be able to object to price but they can object to terms.  It is a great philosophy but requires sellers that need to sell vs sellers that want to sell when you get into terms or discounted cash offers.  I've been with him when he's made offers and have seen it work.  

Take business cards and network, network, network!  Introduce yourself and talk to as many as you can.  You should be able to figure out which cards to keep and which ones to discard.  Don't try and come across as something or someone that you are not.  Just be yourself.  Good Luck, Mike

It seems that every house I've offered on in the past year has been this way.  I feel that more times than not, the realtor is blowing smoke.  What are the odds of a house being on the market for three months and then receiving multiple offers at the same time?  I've stuck to my number and won every time so far.  I know one thing...when I list homes, the offers rarely come in that way. 

I would definitely find someone to haul it off or tear it down for the scrap.  Put the money into a newer unit.  Average move in my area is $2700-$3200.  I've picked up nice mobile homes for as little as $300 at tax sales and $3-5k from sellers that are move in ready.  Good Luck, Mike

I hate to beat a dead horse but check with a realtor.  I searched and found the realtor with the most closings in my area and went with him.  I give him plenty of listings so he doesn't mind looking up comps for me.  I usually have him do it before I ever make an offer.  Good Luck, Mike

I like @Jeff Copeland's idea.  I don't have a business page set up yet but I do have a personal page.  I put my last flip on the local Facebook yard sale page and had over 40 comments within a couple of hours.  Had a full price offer same day from that post.  I would have never dreamed it.  

Others have mentioned feedback from previous showings which is a great way to get an idea of what buyers are thinking.

Also, staging with just a few items in the kitchen and bath go along way.  No need to bring in a bunch of furniture.  

After being on the market for that long, I would look hard at the price and comps.  

Good Luck, Mike

I purchase on all of my buys.  Flip or hold.  The peace of mind is worth it to me.  I look at it as a cost of doing business.  

Not an emergency and it's probably a bad compressor that has burnt up due to dirty coils, likely clogged with dog hair.  Just a guess but I bet it's spot on...

On a side note, I keep a window unit on hand in case of situations like this.  I can run by and put it in until the tech gets there to make the repairs needed.  

Good luck, Mike

I don't ever go to a seller with a pre-approval letter.  I make the offer and if they ask for a letter I will get one.  I work with a couple of different private money investors and it depends on the deal who I go to for the funds.  It has always been my opinion that it's none of the sellers business where the funds come from as long as they come and come by the date agreed to by both parties.  I make "cash" offers on foreclosures all the time without cash in my account but I know that I can get it.  Yes, it's still financed on my end but the bank got what they wanted and so did I.  

As far as buying off of the courthouse steps, where I live, payment is required as soon as auction ends.  If I see a property I am interested in, I go to one of my investors and ask for the amount I am willing to bid on the property.  He cuts me a check and I either purchase or lose the auction.  If I lose, I give the money back.  If I win, we record a security deed and proceed as normal.  

What I am trying to say is that I don't back away from a deal because it says "cash". I just make it work for me. As far as proof of funds letters go, I google POF Letters and there are plenty of HML lenders who will issue a POF letter at no charge without being qualified.

Banks prefer "cash" buyers because they can close quicker so that is why I make "cash" offers.  

Disclaimer: I have worked with and have known my investors for a while and an extreme level of trust has been built.  I would not make an offer if I was not sure the money was obtainable in the specified time frame and I would not advise you to either.