All Forum Posts by: Sean Cole

Brent Coombs it's the Golden Rule in action: he who has the gold (the house I want) makes the rules. I can't not buy a house because I don't like the listing agent or seller. That'd be dumb. I also like money too much to not take opportunities to have more of it. To be clear, these are listing agents and selling banks in talking about. I'm my own agent and bank.

@Jay Hinrichs you're right that we don't get a ton of overbidding but we do see multiple offers on almost every property listed on the MLS. I am very often reminded that Twain said if the world was ending, he'd move to Cincinnati because we're 10 years behind. There's just not a lot of creativity here.

I'm seeing more and more people buying houses with implied returns in the 10% range so I'm hoping that these folks will get burned and get out of the market.

I'm posting only to follow this because I am very curious.  I consider myself pretty knowledgeable and I have absolutely no clue what this is about!

@Daniel Y. the escalator clause is written:  "Buyer's offer price is $2,000 above the highest other offer submitted on the subject property, with a maximum offer price of $180,000."

Lots of agents here don't understand them and won't accept them.  None of the banks I buy from will accept them.

@Bruce Clark, I assume this property is in Ohio.  If the property has been inspected by other potential buyers, it is highly likely that at least one of them sent the inspection report to the listing agent.  In that case, the seller and listing agent are required to disclose any and all defects noted in the inspection report.  Basically, you'll get an inspection without having to pay for it.

I know that it doesn't solve your problem regarding paying for the property, but  you've at least gotten the opportunity for an inspection.

Rochelle Davis shoot me a message and I'll help you out. I'm a full time wholesaler in Cincinnati.

Congrats on finishing up your first project @Kyle Burnett.  I always get most nervous when I list the property because then everyone else gets to judge what I did.

We always suggest that you GC the project yourself.  My guess is that you still spent a bunch of hours each week managing various aspects of the rehab, while paying a GC to do those things.  Being your own GC sounds scary, but most find that they're able to find subs that do more than 1 thing well which reduces the number of guys to bring in.

You've seen one of the other challenges in getting GC bids - some quote labor only and others quote labor & materials.  It can be hard to figure out what your allowances are with a l&m bid.  

@Brian Cooke I know that house!  That's an interesting part of Kenn Rd. in terms of quality of houses and traffic.  FWIW, I thought that was a $120k house all done and that I'd spend about $25k to get it there.

Do yourself a favor on your next rehab and call my office to list it on the MLS for you. We list for just $1,000 vs. the 3% that your agent charged on this one. I also see that you're pending as of a day or so ago. Congratulations and hopefully inspections go well.

@David Zheng, thanks.  We're good on that front.  Oxford does have some areas that restrict to <3 unrelated persons, but both current and proposed zoning have no restrictions.