All Forum Posts by: Wayne Brooks

Important question. You said the "payment on my mortgage is $1,000/mo" , so this is a wrap around. What's the underlying loan principial amount, terms, etc.

Price will vary widely.
They may spread dirt with excavator or loader/bobcat. Equipment costs maybe $1,000 with delivery in/out.
Dirt-cubic volume of pool, divide by 27 for cubic yards of dirt, plus 25%. Typical dump truck is 16-18 cubic yards. Dirt price depends on local market.

Just sell it traditonal, you Should get a better price. I don't go to an auction to pay retail.

If you use an excavator to knock down the walls, the same machine can dig/break up the bottom in about 15 minutes. I own a couple of excavators.

Shanequa,
An assumption of mortgage is not the same thing as buying "subject to" mortgages. If you are not planning on paying the "subject to" mortgage, particularly if it is in default, you may have some legal/criminal problems.

Lisa,
IF you're that close to the lender's pay off-maybe raise your price enough so that it is not a short sale. Get the payoff amount, and close. With a full pay off, the bank will be more willing to postpone.

I firgot to mention: If you're taking a commission form the seller, then absolutely NO double dealing, making a spread in the middle.

@Jon
If you were contacted by seller, as an agent or working for seller as an agent-yes your obligation is to the owner.
If you are not representing the seller, and are negotiating as an investor-no, your obligation is not obtain highest return for seller-just treat him fairly.
It IS a tightrope sometimes!

In Fl, shingles, 40year, remove and replace roof-$350/square, includes drip edge, stacks, etc. Excludes plywood, facia boards etc. Permit $300-350.

You just have to be careful, and honest. I am a Realtor and I flip, wholesale, rehab. There is also a difference betweeen what you can do legally as a real estate agent as opposed to what you're supposed to do as a Realtor, which is stricter. Example, if you knock on a door as an investor, while revealing you're an agent also, you can make whatever deal you like, as long as it's legal. However, if that same owner had called you/your company about selling his house, in your role as a real estate agent, then you are obligated to advise him properly, and not then sweet talk him into selling to you at wholesale. It's more complicated than that, but you get the idea.