All Forum Posts by: Nina Grayson

With major fixers, Cash is Queen in any market! So, even if you come with Hard Money, they may not get the deal if the Hard Money Lender needs 7 days to get in to appraise the property. A Cash Investor can close in 7 days...

You can also talk to the Personal Representative and offer to JV the deal with them for 50/50. It only works if they have full authority to sell the property, and if there are heirs, the PR may want to run it by them first.

Also, if there are any claimants on the estate, like mortgage liens, tax bills, creditors, etc., that might impact the value. And check if the PR only has Limited Authority, it would be a court confirmation sale, which requires listing in the MLS before the bidding process on a set court date.

@Will Barnard

Agreed, Will. However, many subcontractors are now not doing work while another subcontractor is present, so that can delay deliverable. But it is clear that this option is not ideal for flipping, especially since material choices are limited, which we discovered early-on on in the process. But the no up front cost option is great for basic updates and upgrades for a retail home seller. It’s too bad their service fell way too short of quality on all levels.

I just finished a project with Curbio and what could have been done in 4 weeks took 8 weeks.  Poor communication from the PM, poor subcontractors that had to come back multiple times to fix what they didn't do correctly the first time, delays upon delays with materials deliverables.  Curbio kept emphasizing it's a small project, it's mostly paint, it can be done in 4 weeks.  

And now water damage to a downstairs condo unit due to poor installation of tub spouts.  Fortunately, that's covered by the 1 year limited warranty.  But why use the same subcontractor to fix the problem, when they kept doing pooer work that delayed the project in the first place?

But the worse part is how they disrespected my client when she asked for a credit for all the problems before the warranty issue.  

I was going to use Curbio for my own flips and in my Listing Presentation.  The disrespect of my client was the last straw.

I'm going to give Revive a try. 

Has anyone heard of Revive or worked with them?

Hi

I tried to download the Rents and Prices spreadsheet and it asks for a password.  Where can I get it?

Thanks,

Nina

It's coming to light for Wholesalers and Investors alike: the 70% rule is fading fast.  Well, definitely in So CA.  And in GA?  Well, there are way too many Wholesalers who don't know how to bring a good deal or attempt to sell you on a deal that doesn't meet your criteria.

In CA, my Top 3 Flippers only work with Agent contracted deals because they simply don't think Wholesalers know how to bring a good deal, where they look at all aspects, and analyze the deal. When I look at deals, I'm looking at it from my Investors' criteria. If it doesn't match my top investors, I put it on the MLS (which is now required for off market deals that are shared publicly, like email blasts). One of my investors bottom line is 15% profit, and his max acquisition price is $750k. He knows 80-85% is more likely in So CA.

In GA, I have Wholesalers sending me deals that have no profit in them at all!  It's nuts.  They come out with these very low Rehab Costs ($25k for a 2400 sf home - what?!?), and the ARVs use comps from a year ago with some of them having more b/b and sf that the subject.  Nutso!  

I've learned that there are only a small handful of good Wholesalers who are willing to know my criteria (including if I'm using leverage), how to analyze deals based on my criteria, and appropriately comp ARV. They know they may only make $5k-$10k, but they also know that's what the market will bear.

Alas, I don't bother with Wholesalers much anymore for our own flips in GA.  I just go direct to Seller.  For CA, I will Wholesale to my Buyers purely to get the contract for them.  I keep my fee reasonable and give them a credit on the flip sale.  

Bottom line, true market research that looks at trends in units and prices sold for cash and retail is the first step to finding the right deals for Buyers.  Sadly, Wholesalers don't seem to do much of that these days......

@Terrence Evans

I did a weekend workshop with a highly experienced Note Investor a few years ago. Cost was $597. The NI required this workshop for students who wanted to take the Mastermind, which was $5k, and you get 1-1 time access to Asset Managers, Loss Mit Team, Servicers, and a deep dive into building and working systems, with the intention of buying at least one, but ideally more, Notes.

Well worth it, IMO.

@Mindy Jensen

Yes and Yes!

It would be fabulous for different listing types, maybe a drop down, and their unique inputs to be included.

I think this would also help reduce the forum violations!

Thanks so much @Mindy Jensen

@Mindy Jensen

Ok. So, what about my question?

Is there a way to say a

Listing is a JV, a wholesale deal, a lease option?

@Mindy Jensen

Does this include looking for Investors to partner on a deal?

The listings doesn't have options to say it's a JV or Wholesale, or Lease Option, etc.

It would be great to have those deal types as part of listing entry data.

I’m sure more deals will be made...

I always pull Title Prelim when I take a listing.  I review it for any clouds and make sure the seller clears them, ideally before accepting any offers, but at least before COE.  I also tell buyers to get their own title policy and check with their lender to see if they can roll the cost into the loan.  The policy is worth the cost relative to the potential loss.  Thanks for the reality check @Jeff S.