All Forum Posts by: Bryan Balk

1. How many properties do you buy/sell per year? 100

2. Where do you find the majority of your deals? Direct mail? Foreclosures? Referrals? MLS etc....? Mainly Sheriff Sales 50% wholesellers 10% Direct Bank contacts 20% MLS 20%
3. Do you finance your purchases or pay cash? Pay Cash mainly then apply a loan its easier then use that money to keep the train moving. With $300,000 you could pay cash for 3 $100,000 homes get 70% LTV on them buy 2 $100,000 homes cash again and so on.
4. What is your average pretax profit per deal? $22,534 we mainly stay at first time homebuyer FHA level and try to move them out fast, First time home buyers and FHA is still strong no house to sell and still easy to qualify
5. How volatile do you think your income is?
Not volitale at all about 30% increase in income each year.

How likely is it that something would change in the market that would prevent you from being able to earn a consistent income at this? If so what?
Very why we want to get in and out fast. Current worry is this BS Quantitative easing and rates increasing.
6. From purchase to sale, what is your average hold time? 90-120 days
7. How many offers do you make before getting an accepted offer? REO 1/20 or more maybe stopped doing direct mailers and negotiating with motivated sellers. Found it more profitable to team up with local wholesalers and pay them to do the BS.
8. How many hours per month to you devote to this? We have 5 Full time Employees and a construction company of anywhere from 15-30 depending on how many jobs we have going on.

It means the Bank is using either Auction.com or Hudson marshal to sell the home to the highest bidders. You should call the listing agent and ask her the specifics.

no money = wholesaler you'll probably end up liking it more anyway plus you'll learn a lot without putting up much cash. If you can succeed at that and you meet a lot of landlords. You'll probably end up not wanting to get into that side of the business. Being a landlord sucks.

A. Probably not enough
B. You'll spend 600-,1000 including time and a headache to get nothing. I'm sure she has nothing. You will have to find her to serve her, is that even possible.
C. You own the building how DO YOU ever let anyone in without a lease and the proper documentation???

Could be 2nd mortgages, could be large liens could be unpaid taxes the house could no longer even be there. There are very many reasons. Just because there is a judgment of X doesn't mean that the opening bid on the property is going to be X. Go to the auction a few times try and talk to some of the investors there. Surprisingly most are very friendly.

I think some people are getting confused between the 90 day Fannie Mae deed restriction and the Fannie Mae anti-flipping rule that used to be in place and some lenders still enforce.

Deffinetly talk to community banks they have access to the same lenders but are often just easier to work with. Just pick up the phone book and call banks to see what they can do. Unfortunately more than half will lie to you an tell you they can get the deal done but after paying for the appraisal and other fees you may learn that they can't. That is the going rate for commercial if you shop around you mat find 25 year am. Where are you located? We work with some lenders that are nationwide. I may be able to send you to the right place. Like usual your income and credit will have to be in align with traditional lenders.

You have to deal with it its a deed restriction that is put into the deal. The attorney can't waive it the asset manager can't waive it. You will just need to make it part of your deal. You can whole sale the property if you need to get out otherwise you have to wait.

I don't 100% agree with that especially in this market. A wise man once told me "In this market its a fashion show and a price war" If you can cosmetically over do it, you will a significant result in market time which equals real money. We have put granite and SS appliances in many homes under $150,000. Obvioulsy its very cheap stainless and granite but someone in that price range isn't expecting that. It may cost us $2,000-$3,000 more. We may see a very minor increase in price if any but the Market time is often significantly reduced which saves us a ton of carrying costs and lets us get our money back in play that much faster.