All Forum Posts by: D.L. Berry

Congratulations on the first short sale. Hopefully there's many more. Talk to me about expenses. I see that the house needs 30k in updating, but we've allowed 65k in expenses. Also, do we have the full roster of subcontractors lined up and a timeline laid out. Management is everything!!! BTW, good job undercutting the market with the instant equity...

Gigi, with barely 6 months in Chapter 13, an institutional lender is out of the question. Beyond the family, who else do you know to ask about Private Money? There are some great articles here at BP that may help. Good luck...

Mike, I wish you luck on that collection. District Court or Small Claims will be the place to go. You may not get anything out of her, but you send up red flags for every future landlord that runs a credit check...Also, report her to the housing authority (those that oversee Section 8)and have her removed from the program. Good luck...

Terry, just think how much better the pricing might have been if you'd have gone through the master bedroom floor during the walk through with owner. Great job, love the pics...

You know your a real estate investor, when you and the wife go out for a drive and you end up having her write down the addresses with overgrown yards...

Becky, when there are two owners listed, by all means send to both, just because you never know what those dynamics are...one may love the property and the other hates it. P.S.- What kind of response rate are you getting on the letters?

William, I live in a town of 20,000. My entire county (900 sq. miles+) has approximately 100,000 population. I'm on tract for 20 flips and a handful of wholesales this year. All this, at a time when our local Realtors are bemoaning the state of the market. Typically, in areas of smaller populations you'll need all the tools in the toolbox, but it's out there...

Interesting thought...I've seen a lot of car guys make the jump into real estate investing, but can't remember it going the other way. A number of similarities though; you're looking either for that niche, that's still profitable or you're looking for a way in which to add value to the product. Since "Cash For Clunkers" the used car market has changed significantly. A much smaller pool of product being fought over by the same number of dealers. Think real estate in '05. Just remember, it's a business, not a hobby...Focus and hard work will yield the profit.

You are on the right track. Locate the last listing agent for the property to discuss condition and access. Don't assume for a minute that the "teaser bids" are the selling bids. Typically, 70% of the "previously valued at" number is where they'll actually let it go. Beyond that, it's a waiting game...Who knows, another 6 or 8 months and that $59,900 may start to look good to them...

Before I'd consider a rental, I'd think in terms of doing a light rehab and retail. The added experience will make you more valuable to your wholesale customers, that is to say you'd have a better understanding of where they're coming from. Also, it should kick up a larger chunk of cash, with which to expand. Always be looking for owner financing and always be looking for private money sources...BTW, congratulations...There are many of us out there that wish we were smart enough to have started investing at your age. Good luck.