All Forum Posts by: Silvio Brigliadoro

I would not ask the listing agent/broker for value advise, nothing against agents or brokers, but finding out the value and repair expenses of a property is YOUR job as an investor and is what will make you money or make you loose all of your money, all it takes is one bad deal and you are out of the game. If you really want to start your REI career, I would start hanging around other investors in your area, REI clubs, asking lots of questions, etc.

You have owned this property for a while now, I would not record any title changes, specially if your end buyer would be using FHA to finance the purchase. I would just get good liability insurance at this point and get this property sold, decide how you will take title on your next purchase. How to take title would really depend on what you feel most comfortable with, you really can only minimize your liability exposure. Using a combination of a title holding trust and a corp. can give you many options.

There are many other reasons why you are better off not taking title on your own name, taxes, death would be another, taking title under an entity would avoid probate and other issues depending on your state.

1. Inproper tenant screening: ignoring the red flags and character.

2. Lack of management skills "big one": later blaming it on the "bad" tenant

3. Tenant must be a "fit" to the property AND your personality, not just look good on paper.

3. Improper/incomplete paperwork: 1 page lease is ok, IF used with a 3 page addendum!

5. Using same dollar amount for deposit as rent or not collecting deposit or pet fees.

Toni, Can you please clarify, I am not sure I understand your question... Is the property already an REO?

Do you think you may be focusing too much on the risks?

I have borrowed a lot of Hard money, I work really hard at buying with good margins and always have a plan "b". If the deal is good enough there are always multiple ways to resolve whatever problems may come up; private money may be one of them.

If you want to work the NOD list, I would try to go after the ones with equity, otherwise you will have to be familiar with the short sale process. It could take several months to get one negotiated and approved. For the most part, there is not enough margin in short sales to "wholesale" to an investor. If you are only going after splitting a 2.5 to 5% commission with your partner, you will get very discouraged as it would be way too much work for very little compensation. If I were you I would also look into other lists like free & clear, absentee owners, etc. Good luck!

You will have to test your market; you didnt say, under contract for listing the property for sale? for purchasing yourself? equity purchase? Are you pursuing short-sales?

You have to keep in mind that if you are using an NOD list, you will not be the first person contacting them, this is a very difficult list to work with, you will have to test different methods of contacting them and be very persistent. I doubt FB will work, but please let us know. Good luck!

Try taking the pictures a night. The sun light comes thru from the windows and makes your pictures dark, you can also try forcing the flash ON when you take the pictures during the day. I just purchased a wide-angle camera and it makes a big difference.

I also stage flips, but you can have the nicest looking house in the area, staged and all, but it's got to be priced right or it will sit for a long time.

BTW: you did a great job on the staging!

You DO want to maximize your ROI by minimizing your expenses. If you have flipped many houses in the past, and you have read all replies to your original post, I don't really understand why you are still not sure what to do, its a little odd.

If your AVR is correct, and you paid cash, and your rehab is about 30K and you end up selling at $240k you will probably make about 70k, that sounds pretty good to me... I would do what it takes to sell that house pretty quick.

Take a really good look at the actives, pendings and sold comparables, drive by them, go inside, check out the area, etc. Look at how long did it take for that 240k house to sell over the 260k, etc. If the 260K house had a nice rehab but took over 150+ days to sell, is that how long you want to hold on to your flip to get the 260k?

Before you spend a ton of money on upgrades, make sure you know what type of area you're buying your rehab in. You don't want to over spend on granite counter tops or travertine flooring if the area only supports average style upgrades.

Who is your end buyer for this type of property? First time buyer vs. move up buyer... Move-up buyer will know exactly what they want and will demand a better quality rehab. Does your property have any functional problems? That 1/2 bath could be converted into a full bath and bring you more value? You get the point.