All Forum Posts by: Theresa Slocum

I was wondering if people that have gone through multiple deals could help paint a picture of what the offer writing process looks like. A lot of postings on, ex. Zillow, don't have nearly enough info (in my opinion) to comfortably make a hard offer.

Do you reach out and ask for more info first? Do you make a best estimate based on the info available and make an offer at that price (even if its somewhat below asking) and ask for more info then? I'd appreciate help understanding the process of going from "property looks good on Zillow" to "signed and closed the deal".

Moreover, I'd like to know at what point you get "locked in", either fully or you lose your deposit.

Lastly, any comments about general etiquette around writing offers would be really appreciated!

Thanks,

Victor

Hi Victor,

I have used:

https://lime-realty.com/agents...

Clayton Elmore, Lime Realty.

I think he did a good job for us.

0 Votes

Investment Info:

Single-family residence fix & flip investment in El Reno.

Sale price: $89,900

Description and more pictures on REALTOR.COM.
Just type in the address.
1104 W. Wade Street, El Reno, OK. 73036

How did you find this deal and how did you negotiate it?

HUD home, HUD website.

How did you add value to the deal?

Modernized and updated. We made it move in ready..

Lessons learned? Challenges?

Older properties have unanticipated challenges. Figure this aspect into the deal. Have plenty of cushion for unexpected issues that arise.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Phill is currently a REALTOR.
Theresa is a lic. Assoc.
We are giving our license up in August 2019.
We are finding that it ties our hands by a lot of regulations by real estate industry.

0 Votes

My two cents is to take the money you would spend on those expensive mentor programs that cost a fortune, instead get busy. Take that money and buy property.

Learn from books by reading great books; watch YouTube videos, free stuff from famous mentors. There is a lot of free stuff.

If you must have a mentor, my thoughts on the topic are go to your local REIA. Find a successful person who is actually doing it.

Someone locally who can personally mentor you, like they say, "belly to belly, eyeball to eyeball" You can actually work with them personally.

Meetup.com will have local groups in your area. Find a local successful mentor.

Facebook has groups also.

Follow the greats. Read their books, Watch their videos. They also usually have seminars you can purchase to watch which is a lot cheaper than attending and you get the same information without the expense. I would do all I could to find reasonable purchases from the greats, but Personally, I think it is better to take that huge amount of money to use it on a deal.

From

Phill and Theresa

We are both investors and

Phill is a REALTOR,

Theresa is a Lic. Assoc.

3 Votes

All Forum Posts by: Theresa Slocum

Theresa Slocum has started 1 posts and replied 4 times.

Post: New to investing in OKC

Post: Questions about writing offers

Post: Investment Property, Fix & Flip

Post: Kelton Todd Coaching