All Forum Posts by: G Simpson

Will,

Can you comment on the approximate cost of the rehab in your video. thx

Uwe,

you say it is impossible...but look at the cost per sqft to build new...anywhere from 75-150$ / sqft depending on location. If you strip it down to the studs a large percentage of new build cost is incurred. $35-$45 /sqft is reasonable for complete gutting depending on finish level.

Jon,

I like your advice as I can speak first hand of the benefits. I am from Canada..and wanted to invest in the phoenix market. I went to phoenix and stayed there for 2 months. I have bought and sold a few homes there now but I stick to certain postal codes. I know my areas well enough now that I can make sight unseen offers after my agent views and then I fly in for contigencies.

I dont think this would work as a wholesaler as the profit would not be enough to justify travel expenses. JMO

I used a new type of direct money transfer similar to a wire but was incredibly easy in comparison. The transfer is an interac transfer in which you go on your own internet banking site...select interact (email money) transfer. You type in recipients email address and which acct you want the money taken out of. The transfer is a same day transfer and cannot be reversed or stopped. Ask your local bank about it. This was a Canadian bank transfer however US banks should be offering a similar transaction.

http://www.interac.ca/consumers/productsandservices_ol_emt.php

Looks like Kirk and Mike are gonna go toe to toe again.....ding ding!

As an example...I am just accepting a cash offer 7k lower than an FHA offer. Why you ask....there is nothing more frustrating than having the deal fall apart late in the game. Cash is King

I find zillow to be a major overestimate in the west phoenix area. I find that "eppraisal.com" is much closer to true values in my area.

Melvin,

I wish you luck with your partner scenario...however it may be difficult to find someone as you dont share any of the negative risk of the investment. JMO

Mike,

In your experience. what are the odds of you receiving your august rent which is owed to you after she is evicted.

Out of the 2 REO's I have flipped, both bank contract addendum's stated that I cannot transfer directly to an end buyer..has anyone seen this, or did I misunderstand the wording. This was not my purpose at the time so it made little difference to me.