All Forum Posts by: Philip Williams

@Jim K. I get some of what your saying but some of it is the nature of the business, I drive a older car never flaunt anything and still had workers complaining. We had several guys quit because they thought they were underpaid and should get a share of the flip profits. Where in the world they got that idea I have no idea since it was no where in the contract. I should have just agreed they got 50% of the profit and that was it I would have saved about 15k. Everyone made more than we did since it was our first year in business but I was perfectly happy to make almost nothing to learn because I could afford too. It still didn't stop the jealousy and envy, sometimes just doing something that others are scared to do will bring that regardless. 

Yeah I don't want to tell you to ignore some of the banking language but.....I once got a loan on a personal residence that ended up saying we could never rent the property lol. Not only did we rent it after the year we went back to the exact same bank for our next loan on a personal residence and the exact same banking officer. 

Go ahead and put in that low ball offer, you never know what the seller is ready to accept. They might be fed up they might know they overpriced it, most sellers expect some negotiation. Plus you shouldn't be getting every offer you put in accepted, hell I would say if your getting over 10 percent of your offers accepted you are definitely offering too high! You are not in this game to make people feel great about there asking price your goal is to make money offer accordingly!

It's better than a quit claim deed from my understanding a special warranty deed is basically the seller warrantying the title was clear and that there are no defects while they owned the property. 

Well I suppose that depends who the seller is, when the property is a foreclosure it's a little harder to confirm whether or not your offer has been presented. With most of the foreclosures we are dealing with there is no negotiating it's pretty much here is our offer and find out if we win at some time in the next week. A few times there has been a highest and best counter back to my realtor but not often. My realtor is excellent but he can't control the other side of the deal and how there realtor's ethics are. I haven't looked into the south shore area very much but if I hear of any off market deals i'll shoot them your way!

@Account Closed Well part of this that you have to consider is what are your personal goals for this property. As someone stated above he would offer x based on wanting a 10% return. I personally wouldn't buy any rental without at least a 15% return so it makes sense that his offer would be higher than mine. If you wanted a 5% or 20% whatever will definitely change your offer, so consider what your personal goals are. This might lead you to determine that whatever market your offering in may or may not be for you. 

well with this lack of info on the market what you are looking for etc i'll throw out a number right around 120k what's your number. 

@David Worker Please I beg of you don't put carpet in any of your rentals lol! Ok maybe I'm exaggerating slightly, I have carpet in a few of my rentals but only the A class single families I own. All of the duplexes or apartments which range from B-C class tenants have nothing but hardwood or some kind of laminate. I'm not intimately familiar with Springfield but from what I know I'm assuming these are not A class rentals so save yourself some money long term!

Trust me @Calvin Lipscomb I feel your pain, I know my realtor always presents my offers but I'm pretty sure some of the listing agents haven't shown my offer to the bank. A lot of listing agents really do want both sides of the commission which is pretty under handed. Not much you can do without proof though which I am actually working on.......What areas in Illinois are you looking at?

What kind of auction was it? If it was a foreclosure auction although you technically shouldn't get in right away you certainly can but you won't get the deed or even legal possession for at the very least a few weeks. In our state the law firm representing the bank sets a court date usually at least 2 weeks out. Then the judge automatically give them a 30 day extension even if it is vacant. You can get around that by filing a motion for immediate possession if it truly is vacant which will speed the process up.