All Forum Posts by: Tim Mcbee

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I was driving for dollars recently when I found a great opportunity for a rental.

After a week of search and calls I found the home owner. He attempted to put the home under bankruptcy about 2 years ago and it "fell out". Not sure what that means or how that happens.

Currently there is 30k in an unpaid balance. The remaining mortgage amount makes it a great value for a short sale.

What are my options here (creatively) I don't want to list this as a primary residence just yet and right now the owners lender says they need the remaining balance paid to CONSIDER a assumption loan. 

Has anyone gone through this?

What is the best way to acquire this property without bringing hard money into it. Loaded question, I expect a very different answers...

Thank you

thanks guys for the replies.

I had a list agreement with them, that I did not have in front of me at the time of this post.

We negotiated the percentage and will likely be under contract with potential buyers today.

I hand fed them 5% of my profits. So anyone who reads this make sure you are ready to list when signing. This particular company doesn't do coming soon or in renovation signs so I provided the leg work, got the buyers to inspection and just passed them off to the agents. Not worth 5% maybe 2%.

I need advice on a real estate contract. I signed a list contract with a local agent. The house at the time was not ready to list. I came back this weekend to finish the renovation at this time potential buyers came to me to make an offer. I don't feel it is fair to pay a real estate agent 6% if I did not use them to the full potential. I want to negotiate their fee down or find out if I need to stay loyal to that contract. I plan to execute the deal and purchase contract through the title company. Any advice?

Hey guys. We should set up a time next week centrally located for all of us. New and old this place is truly the best place to grow your network.

I am new to investing in the area. I am a Construction Project Manager locally and would also like to apply my skills to help out with your investments.

Who is up to meet?

Steve,

I am a contractor in the Corpus Christi area, I have a few contacts you may be interested in for hard money and private money

I am a general contractor in the Corpus Christi area of Texas. Throughout my years in construction I have found that there are numerous people who have gotten hurt on their first deal, home, or even small renovation. Let's face it there is a extremely successful TV show all about it...

The best thing I recently heard was from one of the podcast that the gentleman said something along the lines of 'if this was your family member or friend how would you see the deal going differently?'

My question to the readers: Is there a market for a consultant to the newbies and first home buyers who are signing their first contract? Every time I hear of project gone wrong or a new home charging 40% over budget  I say 'you should have called me, I would have walked you through the construction process and made sure to keep XYZ Contractor honest!'

I have been a construction manager representative for the government for several years overseeing contracts, purchase orders, quality assurance, etc., how can I introduce this concept to the real estate industry?

Please feel free to share your stories and suggestions.

Tim McBee

Galante Renovation and Management LLC

If you make your way to the coast near the greater area of Corpus Christi, please send me a message

Tim McBee

Galante Renovation and Management

I thought the rule was live in the FHA house for 2 years or pay early sell penalty? Anybody know why this (rumor) is out there? I just bought a foreclosure for $30k less than market value, doesn't meet Jay Scott rules but I told the real estate agent I may fix n flip and she said I can't because of bank penalties.

Thanks guys both are great ways to approach. It's not that I don't know how to approach people but it's the little things like the candy man that make large impacts. I would just go randomly and say "hi I'm Galante renovations" and they probably get tired of me. But everyone loves free chocolate!