All Forum Posts by: Spencer Rossie

My first deal is currently underway. 2/1.5 condo purchased for $19,947 (after closing cost). Lead came from my direct mail campaign. Rehab is almost complete (day 12) and cost me roughly $3k. I'm hoping to have the property listed next week for $39K. If I can get at least $36k I will stand to net $10K. If all else fails it will rent for $650 a month. 

No one??? Anyone? 

What is the lowest accepted offer (percentage off asking price) you have had on a Fannie Mae foreclosure? 

I'm getting ready to make an offer 40% lower than asking price and want to know if I even stand a chance. The offer is justified, I'm not just low balling on a whim. I have had multiple contractors view the property and with the condition it's in (fully gutted) it's severely over priced. 

Also, will submitting any additional information with the offer such as bids from contractors, comps I have personally pulled, maybe even having the property assessed, be looked to or beneficial to my offer? Is there anything else I can do to increase my chances of the offer being accepted? Thanks BP!

I have had one property under contract through HomePath (ended up falling through on Fannie Maes end) but I used a RE agent to take care of everything. 

Thanks @Jasmine Lee and @John Santero I'll definitely have a GC take a look as well, and having the city code enforcers swing by too will definitely be something I look in to. 

What questions should I be asking? 

Wednesday I will be meeting with my first lead/seller to be shown about 10 different properties. What are some of the more important questions I should be asking? These properties are all highly distress and 50+ years old? What would be your big concerns? Wiring? Foundation? Roof? Etc? 

My objective is to find properties for myself, however if it's not something I see working for me wholesaling it would be ideal. 

Any "do's" or "don'ts"? Thanks! 

@James Wise Because of your earlier reply I made sure to bring up there would be zero rental history on the property when talking to my banks VP and he said that would be no problem. I definitely glad you brought that up so I was able to be sure it wouldn't be a problem going forward. 

I spoke to my bank VP today and he informed me I could NOT get an FHA loan on a 5plex and that my only option would be a business loan. This would be a floating rate. So my next question is there any other way to get a fixed rate?

Thanks James! The property was very distressed and an unoccupied for several years before the current owner did a full renovation. So there is no history on the properties income. From talking to the owner it seems he got in over his head during renovations and has decided to sell rather than holding it himself. 

Left out something pretty important hah..

Mortgage, insurance, taxes, $2400 month (based on terms above)