All Forum Posts by: Ryan Farr

For example, someone owes $50,000 on a house and I get it under contract for $30,000 cash and wholesale it to another investor.

The $20,000 that person owes to the bank is between them and the bank.  How is the title of the house handled even though they still owe and my buyer has purchased the house?

In other words, how does the bank allow that person to sell their house, even though they are selling it for less than what they owe?

How do you actually put bandit signs on a post?  Do u use some sort of nail and hammer to do it?

Looking for serious CA$H buyers!

Less than a mile away from Dollarway High School

4 miles away from UAPB

$5000-$7000 in repairs (paint, flooring, minor repairs)

Can rent for $650-$725

Call now for more info about the property! 

501-749-3976

He just called me back and apologized...says he thought about it and felt horrible for acting the way he did. He still doesn't want to sell though lol but I asked him if he knew someone or if he met someone who's house needed work and didn't have the money to do it to give me a call and he agreed!

Hello BP!

I am looking at a HUD property and on the PCR it says "Plumbing system tested with an air compressor. Supply system did not hold pressure due to an unknown leak. DO NOT ACTIVATE WATER. Property was fully winterized. Main shut off was zip tied."

I know the price varies to fix leaks, but around what should I be expecting to pay to fix it, just a ballpark?

Also can someone better explain exactly this PCR pertaining to plumbing means? What does it mean for a property to be fully winterized?

Thanks,

Hello BP!

I just got my first call from someone I sent a letter to potentially purchase their house and he told me to go screw myself! I told him okay thanks for calling to let me know that and if you change your mind please feel free to call me again. Lol why would someone take the time out of their day to call and tell me that if they don't want to sell their house? No discouragement here though. That actually made me feel good and I know I'm getting better every day. Its a numbers game! I know that I'll eventually land a great deal! Keep pushing through the times when it seems like everything you do isn't getting you any progress. Just wanted to offer some words of encouragement to the BP family!

Thanks, 

Hello BP!

I just ran across a property when I was out driving for dollars and it isn't in the best shape of course.  I looked up the owner on the county site and a non-profit organization owns it and it is a housing development organization helping low income people become homeowners. I called there and asked if people call to purchase their houses and they do and I want to purchase one of their houses.  I was told that the board of the company actually brought up selling the house because it needs updated siding and I'm sure some other updates and the guy I spoke with acted like the board was pretty motivated to sell it because he said we can get it under contract and close it quick.  I need to call him back and get all the details of the house to see if it is actually a good deal.

If anyone else here on BP has purchased a property from a non-profit, I would love to get some feedback on how to get it under contract. Would I treat it as a FSBO?

Thanks!

@Matt Fishthank you for your reply and info you provided. I was running scenarios through my head of the possible things people ask about in this situation when its a FSBO

A lot of people start out wholeselling and I'm thinking about the process of actually meeting with a seller and taking a look at the property. Obviously you should come prepared with knowledge about the property, contracts, and an offer. 

What if the seller asks for proof of funds and I don't have it because I am going to assign the contract to another investor for a fee? Do FSBO sellers normally ask for a proof of funds or pre-approval from the ALL CASH buyer? If they do, what should I say?

Is it okay to call yourself an "investor" when you are a newbie and haven't made any money yet?  Should I admit that I am new to real estate investing when calling people about potential deals?