All Forum Posts by: Shanahan Yang

Is this house in Texas?

In California, if you don't get a response within 3 days of submitting an offer, it's technically dead. But to make sure nothing fishy is going on, you can demand a signed rejection letter from the seller to make sure that the agent in fact did present the offer to the seller.

Cash ALWAYS  beats conventional loan if the price isn't too far off. More important IMO are if there are any contingencies with the $155k cash offer. Conventional deals fall through all the time; buyers can get cold feet and fall through, or they can screw themselves over by not being able to pay the DP to get the loan. If the cash offer had no loan/inspection contingency attached to the offer, then it is arguably stronger than the full price conventional offer. What i would have told my agent is to squeeze every dollar out of the cash buyer and flat out deny the concessions. IMO, accepting a 160-165k all cash no contingency offer would have been more preferable than a full price offer with contingencies.

Also, you'd be surprised with some responses you get from lowballing. My last 3 deals I bought homes at:

1. $595,000 originally listed at $675,000

2. $515,000 originally listed at $569,000

3. $570,000 originally listed at $660,000

The reason i got them was because i offered all cash, no contingencies and closed in 7 days. Most wholesalers will lowball offers all the time and hope they get responses from agents about 10 percent of the time entertaining their low ball offers. It never hurts to send a lowball offer, you never know what the selller/LA will say. In this business, I don't ever take anything personally unless my personal character is being attacked.

I find most of my deals on the MLS, some off market with contacts who hit me up

MLS deals can be found if you do your due dilligence. Of my last ten flips, 8 have been found on the MLS.

@ryan murdock I'm an investor but also have my own license. If the buyer is genuine and has the cash and reputation to close, then I'll go out of my way to accommodate the investor. That's why I asked OP if he already had a business relationship with the agent because you take care of your investor, who in turn will take care of you by continuing to use you

In terms of flips, Inglewood, 90062, and 90043 has already been blowing up. Look in that area

Excuse my bluntness, but your agent is an idiot.

Have you done any business investment transactions with him yet? He should know better than that if so

my advice is to buy your own staging. It is well worth the investment.

I've bought about 9k in staging since October that i repeatedly use over and over again. I'll be done with 10 flips by the end of the month and with each house costing about $4k for a good amount of staging, I've already saved about 20k in staging costs. You just have to be able to deal with moving the staging around yourselves.

But if you're asking whether you would do staging or no staging, go with staging all the way. Buyers need vision to see what their house will look like

Unfortunately, cash is king in California. Good luck and keep trying Chris.