All Forum Posts by: Michael Stole

Hi, J, that information is very helpful. Thanks!

This is the third flip deal I will be doing if I got the offer accepted. The house will be in sheriff sale this month. So it is in short sale now. It is a two-floor 2500 sqft SFH built in 1997 with fair market value 130k. The house is in good condition, except that

1) The roof is original, and several singles fall from the roof. It is time to replace the whole roof. Cost $7k.

2) The central air conditioner and furnace are original. They might work, but it is about the time to replace them. Cost $3k to replace.

3) leaking from the roof into the drywall of the second floor. A new roof will solve the problem of leaking. The cost for a new drywall will be $0.5k maximum.

There are several cracking tiles in the kitchen, but I won't worry about that. They are relatively easy to fix.

So my analysis is $130k*70%-$10.5=$80.5, which is the offer I submitted.

The house will be qualified as rental investment as well, since the rental can easily be $1.5k/month.

My concern is are there any other big things usually need to be repaired or replaced on a house built in 1999? Every thing else looks fine though.

Another question is: How much earnest money to put down? The more the better?

Thanks!

Absolutely Yes.

I find that most REOs in my local MLS offer buyer agent commissions as low as 1.5% in their listings. Then what will eventually be in the pocket of the buyer agent? The whole 1.5% or only half of it (0.75%)?

Do I need to call the listing agent to figure it out?

Should the seller always pay 3% to the buyer agent, no matter whether the seller sell through MLS or FSBO?

Yes, I will. I filled complaints with BBB and Consumer Watchdog yesterday.

Thanks, David, I will give TV Consumer Watchdog a try.

Hi, Jon, where can I find that information (occupancy and rental rate trends)?

They also refused a return of the merchandises that I purchased in the first time. They told me it has passed the 6 month return period.

They suspect that I resell the merchandises, so they refuse to do business with me any more. However, they did not tell me that when I made the first purchase, and still sent me the promotion card. It was after I got the promotion card, they suddenly told me they don't want to do business with me and cancelled my second order purchased with the promotion card, and refuse to refund.