All Forum Posts by: Ali Samana

The seller did take 2 weeks (I was already out of my option period) to get me the leases (no rent roles). She also took over a week getting me access to the property.

I guess maybe the seller is partially to blame for the delay...am I mistaken?

so far, the lender is delaying the closing. I still don't know what the closing date will be (the amd says June 12th, but the lender hasn't told me anything for sure).

I am buying 2 units in CC as rental units. The closing date on the original contract was for June 1st, obviously that has come and gone. My realtor draged up the amendment to the original contract and sent it over to me. I signed and sent it over to him for the seller to sign. The seller (or her realtor) hand wrote the following statement on there:

"seller agrees to extend the closing date and earnest money is non-refundable if buyer backs-out."

Is this normal? I am not sure I want to agree to that. The new closing date is supposed to be 12 June. Should I reject it and take my risk losing this deal, or should I just accept and move on?

Josh,

If I knew the material was educational, I would opt in in a heart beat. I am not sure however, how many people would actually take the time to to opt in on a list. You might be better off blasting everyone with the info.

Jon, it seems like a good idea, I have a house that I am trying to L/O right now and have been thinking of new ideas that would work.

Since I have never done anything like this I couldn't tell you one way or the other, but I would be intereted in learning.

Josh,

I had the webinar on my calander and was intending on signing up for it. I appreciate any sincere information that I can recieve without the sales pitch.

Thos,

This is a short sale, I am not too fimiliar with them but I will pitch in my .02.

From my understanding, your offer does not matter much as far as the bank is concerned. I would get myself a good SS negotiator (Scott Hubbard, James Ward on this site) and have them work with you. Once you put in a package, the bank will have a BPO done and then the real negotiation begins.

I wouldn't want to put a too high of an offer in just to see what the BPO comes in at.

Good Luck!

Thanks Josh,

3 questions:

1. is there a deadline as to when you can register by?

2. Is there a limit of attendees?

3. WIll there be QA time available?

Congrats Frank! Way to go.

J G,

What offer did you have in mind?

There are many factors that determine how much I am willing to pay for a property. First, how much work does it need? Second, what is your exit strategy? Third, what are going to be your DOM, and cost of holding?

If it needs rehab, the best I do is ARV * 65%-rehab = Max I am willing to pay.

The above formula is conservative and has worked for me.

As for how do you make a low offer, to me that goes into the art of negotiation. First, I would ask the seller what his bottm dollar was, if I could come in and buy his property today, in cash, what he would take(lets say he says 110). Second, I would ask him if that was the best that he could do.
Then, I would take his number and say, well you know if someone offered you 105k you would probably consider it, right? Then I would tell him about the closing costs, realtors commisions, DOM, holding cost etc. I would also tell him that I need to make a living, so I have to make a small profit, so, the best that I can do is XXX (65% of 110 is 71500, assuming no rehab). If he is not willing to come to you number, than I would walk.