All Forum Posts by: Bill P.

@Carrie Jones Great job in accessing this information for the BP community.

Gordon-

Great to see a "subject-to" property in Marketplace but at first glance the numbers don't work. Assuming I buy at your price , take over the home with a $197K loan, put $20K into improvements while I have a negative $200/month cash flow, my ROI is zilch assuming $234K to $245K are the comps. The only way this would make sense to a creative finance person is if the deal was done at $197K or lower depending upon the condition of the home and its true value today. This may be an instance where wholesaling does not add value.

@Bill S.

But I think the best part is that you handled it with grace and dignity and that shows you go the extra mile. Certainly, we can't solve all the world's problems but you did the best for the 86 year old lady who ran into a number of difficulties in her later years. Kudos to you, especially since you were able to get your property back although it took longer than you wanted.

@Bill S.

Hopefully that will be your worst day. Many people on here have reported things more terrible.

@Joshua Jarvis

We have standardized on Mailchimp after experimenting with it for over a year. Has a lot of features and is really affordable. Have tried other systems as well but the costs can run out of control unless you have the sales volume to compensate. We just decided to minimize our front end market cost without impacting our image and MailChimp made the cut.

@Greg Horn

While the DOSC doesn't get processed many times, it does get processed more from people that don't know what they're doing. The usual culprit is the notification from the insurance company. How did you take care of that? Doing the creative stuff takes a certain amount of experience or you can really make  gigantic mistake. I couldn't agree with @Jay Hinrichs more.

I have always learned two things from the economists that are quoted in these types of articles:

1) They have predicted 10 of the last 2 recessions

2) A broken clock is right 2 times a day

Do your own research and make sure the deal works for you. Sure, hot money drives the price up, but they have a minimum purchase price and a lot of good things fall in the cracks.

@Zamir Kazi Dollar for dollar you best bet in your situation might be Buildium. Very robust except it isn't as functional in the accounting area as an accounting package would be. But then, an accounting program can't take care of all of your rental needs like Buildium. Decent trade-off for most people.

@Jarrod Gregory

Do your own due diligence and make your own offer. You are the one who will be living with the terms. I personally believe that I make an offer on every property I see because you never know the motivation of the seller. Every property has some value to me for the right price. Never pay retail!

@Nate B.

Sounds like a great deal on your end but it might be a lot to handle absentee. Unless family members have experience in real estate. If not, I'd consider your lucky stars and see if the guy would buy it from you +$50,000 but be willing to come down for a quick sale. You never know until you ask.