All Forum Posts by: Rashid Khalil

Hi Rashid, try: https://www.outfastpropertymanagement.com/

When is the auction ?

I'm concerned about the fact that there are two divorced people on the mortgage.  For your plan to work, they both have to sign off on the sale.  You have to clear both names.  I think you could assume that they don't get along and they don't work well together.

Overall, I like your strategy.  

Your first problem, and mistake, is you don't know your market.  NEVER buy in any market until you know it.  Knowing it, is based on numbers with $$$ in front, not %%% behind. 

Knowing it means understanding what the potential (real) cash flow will be, based on what you are looking to pay.  Actually, that's backwards.  You need to start with what cash flow you need, then work backwards until you find out the maximum you can pay to maintain that cash flow...and DON'T pay more than that.

Knowing it means you need to know what the value of that home is, based on the immediate area (micro-market) and the size of that property.  Don't include properties outside of a 1 mile radius, or properties that are not within 10% higher or lower of the size of the property in question.  The market sets the value based on all the properties in that micro-market that are the same.  Don't include properties that are too large or small.  they mean nothing, but they are usually included in the Agents analysis to make the property look like it needs to.

Include the most recent sales, and work backwards from there towards the older ones.  There may be a trend of sales going up, down, or stabilizing.  The upwards trend MAY allow you to over bid, but not always.  A downward one usually means you should bid lower.  In all cases, you NEVER bid more than what your analysis tells you is your maximum, which is starts with your needs for profit and/or cash flow.