All Forum Posts by: Dave Passey

@Jacob Beirwagen Helena is an interesting area right now. There are more houses that are on the market than there have been in a while. It seems like more people have been trying to get in on these higher prices as of late and there just aren’t as many buyers that want to buy at higher prices. Prices will start to drop as more inventory sits for longer which will cause a leveling in the market. People have already started lowering prices to get them to sell so it will probably do that for a bit. Send me a private message if you are interested it in chatting about selling your house and I’ll get you an offer.

@Account Closed

Maybe instead of doing the price drop this month you add in a note for the other realtors that you are willing to give a $3000 bonus in addition to commissions to the agent that brings a buyer for your house. You can bet that the agents are going to be more motivated to put them in yours over a similarly priced property.

Originally posted by @Tavares Melton:

thanks dave i will look into the hard money lender's it's just the internet (search data base) is so over-saturated and it becomes overwhelming a bit at times

 If it feels like there are too many to choose from, just call the very first one and talk to them. You may feel like you blunder through it a little, but the next one will be better! Then after you have called 20 or 50, narrow it down to which ones you liked. Take notes when you are talking to them so you can remember them. Call them back again if you need more information.

@Tavares Melton Find some wholesalers and get on their mailing list so you can start analyzing deals. Your financial situation will often determine what financing situations will be available to you. Start by looking for hard money lenders and talk to smaller banks and credit unions.

@Theodore Bullock If there are no renovated houses it means you are not going to be able to get an accurate ARV because you have no idea what it will sell for. The best you will be able to “prove“ is that it can sell at the rate of the nicest unupdated comp. I like to be very conservative with my numbers and if I can make it work with that type of ARV, then I would probably go for it because there is the potential that your sales price could be higher. However, that would just be further speculation.

@Ryan Keenan Do your normal process. Take out necessary deductions (including legal fees). And get the remainder to her as quickly as you can. As long as you make sure that everything is done before you return the money, there is no reason to wait extra long to return the remainder of the money. You can wait until the last minute, but how is that helping you? When your process is complete, there is no reason to hold back the money longer. Let’s be decent people here.

@Mat O'Grady Find out what makes him think it is worth so much more than the market value. Then show the comps and do the cost breakdown and ask “How am I supposed to pay above the market value for the property when it needs $X of work?” then shut up.

He will either have an answer for why you should pay more than the market price which will let you know to move on to the next deal, or he will help you solve the problem of he price being too high.

Find out more about the property being condemned because if he is going to lose it all together then you can certainly use that as a bargaining chip. But more than all of that, find out what is motivating him to sell. Does he even care if he loses the property and gets nothing? Right now he has a property that is just costing him money every year and bringing him nothing.

Additionally, buy the book called Never Split the Difference: Negotiating As If Your Life Depended On It by Chris Voss. This book will make you into a master negotiator if you work at applying the principles. You are negotiating every single day of your life whether you know it or not, so you might as well become good at it.

@Matt Gilroy I’m upset that so many people here are telling you to lie, or to make up a reason. A few people have told you to be honest. To me, that is the only option. All of the people that are telling you to lie about it need to take a look at why they are shying away from being truthful and, honestly, it makes me question their character. You can be truthful and respectful of the tenants privacy and concerns. Allowing them to have notice will be beneficial to them and they will appreciate you caring for them so much. Make a reputation for yourself as someone that cares about his tenants and not as a liar.

@Shabar Marshall If it bothers you, then you could set up just a DBA (doing business as) as John Marshall or whatever. Your name is still the same but you can do business as John Marshall. I have one for myself. I am David Passey Doing Business As Passey Contracting. I don’t use it all the time and it just goes off of my SSN so it is not a separate entity at all and does not give you any sort of liability protection.

@Jason DiClemente Yikes, I didn’t know that about FHA loans. Tough spot then :/