All Forum Posts by: Rizwan Qadri
Rizwan Qadri has started 8 posts and replied 19 times.
Post: What do I do with this nightmare property?

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
Hi Marc,
Glad to hear that you found some relief. Any insight on how your realtor tackled this?
Thanks
Riz
Post: Sept. 27 Meetup in Manhattan w/BP Podcast 88 Guest Matt Faircloth

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
I will be there. Can't wait for next weeks event.
Post: Buying REO property - Tips and tricks

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
Listing agent is suggesting 250k.
I just spoke to listing agent and she mentioned there are offers of way above listing pric like 450k and 550k. Listing is 372k by Fannie Mae. Crazy offers.😐
Post: Offers of 25% over listing price? What do banks do?

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
Hi Friends,
I am interested in a Fannie Mae property that is listed for 370k and need already a roof to live in. It's 30 years old house and no upgrades have been made to it. Needs at least 50k to upgrade kitchen,appliances and bathrooms. It's a multifamily property with potential rental of 4k per month.
There are crazy crazy offers as per realtor ranging from listing price to few offers of 450 and 550k ( I was stumped on these).
I would like to get your opinion as to:
1) What do banks usually look at while accepting offers? Just money and in reasonable offers like!e highest one or they do consider other options. I would say money only as trivial answer :))
2) is it worth going over the listing price like 400k for this property as a reasonable offer?
Thanks
Riz
Post: Buying REO property - Tips and tricks

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
Or how to get correct assessment of the property..
Post: Buying REO property - Tips and tricks

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
I had a feeling about what realtor had recommended is way too low but I trusted since they are the ones assigned by bank to sell this.. not sure why would they recommend this low... anyways. how much should it be less than listing?
Post: Buying REO property - Tips and tricks

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
Hi Friends,
I am interested in a Fannie Mae property that was foreclosed and is going to come back to market this week. I know many folks in the neighborhood are interested in that property.
Besides the actual offer price, what other steps should I take to stand out if there are competing buyers. As per realtor the bank is looking for 379K as listing price but again this property need lot of work and realtor thinks 250k should be a good offer including the 50k rehab cost. This is going to be a FHA 203KLoan.
Looking forward for pointer and tips etc.
Thanks
Riz
Post: Should I buy personal property for living first or investment?

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
Thanks a lot. Great advice.
Post: Should I buy personal property for living first or investment?

- Investor
- Jersey City, NJ
- Posts 20
- Votes 5
Hi Friends,
I am planning to buy my first property on FHA and looking for an advice on if I should spent the down for investment property first or primary residential. I have limited down payment for 1 property at this time but certainly looking for investment/cashflow/flipping properties?
Thanks
Riz