All Forum Posts by: Nick C.

This is every investors nightmare. There's guys like this in every facet of investing; contractors, tenants, agents, it's terrible. If they spent as much time and effort being productive as they do on their scams, they would be far better off in the long run. 

You hit the nail on the head in your last paragraph - forget about trying to figure out how much they have in it and just make an offer. Make an offer based on your numbers and what makes sense for you. Doesn't matter if they got the property for free and didn't do any rehab. 

On another note, I'd avoid the above strategy of wasting all the GC's time. Eventually you will need work done, and burning every GC around isn't going to help anyone.

Looks like terrazzo.

The best way is to get experience. Work with/for an established investor in your area. Someone who is doing what you want to do. If they aren't hiring offer to work for free. You'll learn more by doing than reading.

You could use realtors to help you, but no one is going to care about your project as much as you are, and you'll probably have to burn through a few to find the right one. A major reason to get a license is access to the MLS, it's the best way to comp houses to figure out ARVs. You will also save a lot of money on the back end by listing the property yourself and not paying a realtor. It's beneficial to know in real time what properties are selling for and not having to wait for a realtor who has other priorities.

If you have equity in the rental it could be possible. Find every small bank and credit union within 50 miles of Phenix City and speak to the decision maker. Remember you only need 1 to say yes. 

I think you're jumping the gun a bit. The problem isn't the advanced project, the problem is there is no asking price. This could come on the market grossly overpriced, or if it's a great deal, you'll be bidding against at least the individuals that came to the open house. And if it hits the MLS you'll be bidding against everyone in South Florida.

Your best bet is to get ahold of the agent before it hits the market. If you get it at a great price you shouldn't have a problem finding someone to do the deal with you. 

I don't think living in it would sway buyer one way or another. Just don't personalize it. Keep pictures of yourself off the walls, minimal furniture, keep it tidy, no books, magazines, dirty dishes, clutter, etc. 

Think of it as an opportunity to stage your house for free. 

You could use hard money, although most would want some kind of down payment. You'd have to have something liquid for that. 

Then refinance using a traditional lender after the purchase. 

How do you define best? 

Making the largest spreads? Offering the best deals? Quantity or quality of deals?