All Forum Posts by: Mark Freeman

@Michael Mcghee The end buyer will usually see your fee show up in the escrow documents he has to sign, if its an assignment.  Most guys are okay with what they might consider a reasonable fee.  Over $10k will set some people off and might kill the deal.  In my area the escrow companies won't allow over a $10k fee anyway, so you are forced to double close.  With a double close, you close with the seller first and then sell it to the end buyer.  He doesn't get to see what you paid for it.  I don't know if they use title companies or closing attorneys  in your area, but similar principles seem to apply.  Hope this helps.

I used to listen to Dave Ramsey every chance I got.  Then I listened to podcast 108 with Grant Cardone and realized that Ramsey is preaching: conserve, contract, lack, scarcity, fear, and make your world smaller.  Grant says CREATE, and I find it almost impossible to do both.  I don't think I ever listened to Ramsey's show after listening to Grant's podcast.

 Do you work for Bayer?

 Yes.  It is risky to try and flip the biggest, best house on the block.  I would be conservative on the numbers and if you can purchase the house cheap enough that even conservative numbers work - it might be worth while.  If things go great there will be more upside, but work out the numbers where worst case scenario you don't get burned.  (Some of my best deals have come when I was concerned and extra conservative on the buy side and things worked out nicely on the sell side).

@Bobby Holley Based on what you've said the $275k ARV seems off. If you can find someone to agree to that price when it's finished, I'm afraid getting it to appraise might be a nightmare. Make an appointment to see inside fsbo house and get a better feel for the value. Check the condition and how it might compare with yours - when finished. (Many by owner sellers are at the top of the market or overpriced as it is). Also, Just because something is off market doesn't necessarily make it a deal.

@Account Closed Loved your post.  I think you have earned a nicer house, a plane and a personal trainer!  Get those things if it helps you feel better and then start figuring out how to help others, as has already been said.  It will give your life new purpose.  There are hundreds of people on this site who would love to have you as a mentor.  You have been blessed greatly.  Find something you really enjoy and use it to bless others.  I can't wait to read your next post.  You are helping others already.

 Montana is right!  Get at least 2 offers to come in and then you can go to highest and best like the banks do on REO's.  A savvy buyer will try to get you to accept his/her offer before a better one comes in.  Resist the pressure, take your time, and get the most you can out of this property.  Good Luck.

Okay, yes, I know the house.  When the previous owner bought it at the top of the market about 20 years ago his wife was running around telling anyone that would listen, "This place cost me an arm and a leg.....!"  Hard to say exactly what she left behind.

 I like Steve's idea.  I would also be interested to see if I could pull out a lot of the equity within the same time frame, say $200k+, and keep it - if it would still cash flow some.  Then the money you pulled out would be tax free until you sold it. (This way you get the cake and get to eat most of it too).