Homer J Simpson
I don't push
I can't wait to get started.
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*** Official Real Estate Forum *** (1 Viewer)
- Thread starter jeff_eaglz
- Start date
I can't wait to get started.
Homer J Simpson
I don't push
Found it.Okay, here's a stupid question. On the realtor.com site, how do I search by the MLS #?
The answer will be amoment.
Mike Anderson
Footballguy
Goto the main page, type in your ZIp of 43203, hit enter.Then it will come up with a gazillion properties, look for something like "Too many results, narrow your...." Click that, at the bottom of the new page on the left, enter in the MLS number.Okay, here's a stupid question. On the realtor.com site, how do I search by the MLS #?
The answer will be a
Mike Anderson
Footballguy
Excellent.While on that new page, you can do alot of searches.Found it.Okay, here's a stupid question. On the Realtor.com site, how do I search by the MLS #?
The answer will be a
I search for Multi-family, minimum of 3 Bedrooms (Sometimes 4), but you don't want a 1 bedroom each side, hard to keep full all the time. Having one 1-bedroom is OK, but I wouldn't want a 1/1 duplex.
Always click 2 full baths. I know it sounds stupid, as each unit should have a full bath, just trust me, and don't waste some time I have.
I generally click some total SQft size like no less than 1,500. I don't want two little 500 sqft units, as more space is easier to rent. Do it both ways for the best results. With a minimum, and without. The little places will jump out by doing both searches.
For the search I did for you, it was Zip 43203, $0-$100K, 3 or more beds, 2 or more baths, and I didn't click anything else at all.
Mike Anderson
Footballguy
My Area is EXACTLY what you describe as your area.
Homer J Simpson
I don't push
But mine's bigger!My Area is EXACTLY what you describe as your area.
Is this done a lot in the biz for people who simply want to buy/sell their own properties and not want to wait a whole year?Not unless you want the state real estate comission to send you to real estate jail. Generally the state issues the licensee and although it is the gummit, they can tell 2006 from 2007.Couldn't you just pay a broker under the table to get your RE license and cut the year time table out? Probably not but I remember someone telling that they did something like that where they didn't want to be a RE Agent, just buy properties for themselves and rehab and sell..Homer,I had the EXACT same concerns.Alright, here's a request of the main posters in this thread. Jeff, Ninja, Mike, Bass...I want to become your pet project. I'm starting the real estate classes on Monday, but since I have to finish out my current situation (working for my brother) until the end of June, I won't finish the real estate classes until the end of July. One class in June and the other three in July. By August 1, I'll have my license.
The thing is, I've just learned that even when you've got your RE license, you still need to work for a broker. Crap! Anyway, I've already got my eye on a few properties. I want to do rehabs, be a landlord, and be a residential sales goon. I want to do my own thing when I want and where I want. I'm stubborn that way.
The good thing is that my brother's best friend is a big time real estate broker here in Columbus. The bad thing is the aforementioned tendency toward doing my own thing.
My first question, AS YOUR NEW PET PROJECT, is what do I go into the meeting with Bruce (the broker) to get him to sponsor me? Obviously, it's going to be mainly a financial decision for him, but there's a strong personal connection there. So I've got that going for me, which is nice.
I don't want to be a sales monkey, so do you think it's possible that I can be affiliated with him without giving up half of everything I do?
I had a short list of Brokers that I already worked with. I went to each of them, and laid it out like this:
I am getting my License because I want the ability to Manage property for others down the road. I have to hang it somewhere for at least a year before I can take the brokers test. I will not be selling any of MY property while my License is hung with you, however, if I do, I want you to list it for me, and take the commission (Selling as an Agent here requires me to provide a Year warranty, and an Agent cannot sell a property in an "As-is" condition, I would want someone else to list it anyway). And I am busy enough will my own properties to take a listing, SHORT of it being one of my best friends, if I get one, it's yours.I already use you (Broker) to buy houses. If you hang my License, I will run every deal I do through you. I want to be added to your E&O insurance (the cost is MUCH less than having your own policy), I understand that I will pay dues, and the MLS fees.I am in this for myself, to build my company, and not be a working agent. You don't have to train me, I will not be selling or buying for other people, I will only buy, and everything will be run through you/your office so you can sign off that everything is correct in my dealings.Think of it as free money that you are not going to be getting if I end up with this deal at another brokerage.I will do no assigned floor time, however, I will be happy to answer the phones when I am already on property doing research for me. Everyone of those phone ups will be passed to you personally. I will not pay a desk rental, however I want the ability to access the MLS from a computer. My "footprint" on your office will be next to nothing.I will pay you nothing directly ever, no monthly fee, anything. When I buy, if it is a repo where a buying agent earns no commission, you are my agent, and you take all of the buyers commission, and work the deal. When I can earn a commission, I will work the deal, run it through your office, and give you 30% of the buyers commission. It's free money with zero additional work on your end, and I am 100% exclusive to you.I was prepared to give up 40% of the buyers commission on my deals. I figure that getting anything is better than the nothing I get now. Even 3 OF MY OWN deals a year where I only get a share of the buyers commission more than paid for any costs I would have in a structure like this.At the end of the day, 3 Brokers jumped at the chance. One of the brokers that jumped I had never spoken to before in my life.
You can't get what you don't ask for.
Mike Anderson
Footballguy
Here is one for you Homer:
1225 Fulton
Bought it in November of 04 for $33.5K with seller concessions. Rents for $675 a month, and a few months ago, I was thinking about borrowing against it, and it appraised out at $87K.
Those are the kinds of deals you find in an old Historic area where it's just starting to become a young downtown professional area.
1225 Fulton
Bought it in November of 04 for $33.5K with seller concessions. Rents for $675 a month, and a few months ago, I was thinking about borrowing against it, and it appraised out at $87K.
Those are the kinds of deals you find in an old Historic area where it's just starting to become a young downtown professional area.
I supposed anythings possible as there's four pages in out state's quarterly magazine devoted solely to people who have been suspended, reprimanded, revoked license, and surrendered licensee. I'm not sure how things are in other states, but the industry here is moderately policed. I think it's enough to keep the crooks slightly below the level of crooks in the general population.Is this done a lot in the biz for people who simply want to buy/sell their own properties and not want to wait a whole year?Not unless you want the state real estate comission to send you to real estate jail. Generally the state issues the licensee and although it is the gummit, they can tell 2006 from 2007.Couldn't you just pay a broker under the table to get your RE license and cut the year time table out? Probably not but I remember someone telling that they did something like that where they didn't want to be a RE Agent, just buy properties for themselves and rehab and sell..Homer,I had the EXACT same concerns.Alright, here's a request of the main posters in this thread. Jeff, Ninja, Mike, Bass...I want to become your pet project. I'm starting the real estate classes on Monday, but since I have to finish out my current situation (working for my brother) until the end of June, I won't finish the real estate classes until the end of July. One class in June and the other three in July. By August 1, I'll have my license.
The thing is, I've just learned that even when you've got your RE license, you still need to work for a broker. Crap! Anyway, I've already got my eye on a few properties. I want to do rehabs, be a landlord, and be a residential sales goon. I want to do my own thing when I want and where I want. I'm stubborn that way.
The good thing is that my brother's best friend is a big time real estate broker here in Columbus. The bad thing is the aforementioned tendency toward doing my own thing.
My first question, AS YOUR NEW PET PROJECT, is what do I go into the meeting with Bruce (the broker) to get him to sponsor me? Obviously, it's going to be mainly a financial decision for him, but there's a strong personal connection there. So I've got that going for me, which is nice.
I don't want to be a sales monkey, so do you think it's possible that I can be affiliated with him without giving up half of everything I do?
I had a short list of Brokers that I already worked with. I went to each of them, and laid it out like this:
I am getting my License because I want the ability to Manage property for others down the road. I have to hang it somewhere for at least a year before I can take the brokers test. I will not be selling any of MY property while my License is hung with you, however, if I do, I want you to list it for me, and take the commission (Selling as an Agent here requires me to provide a Year warranty, and an Agent cannot sell a property in an "As-is" condition, I would want someone else to list it anyway). And I am busy enough will my own properties to take a listing, SHORT of it being one of my best friends, if I get one, it's yours.I already use you (Broker) to buy houses. If you hang my License, I will run every deal I do through you. I want to be added to your E&O insurance (the cost is MUCH less than having your own policy), I understand that I will pay dues, and the MLS fees.I am in this for myself, to build my company, and not be a working agent. You don't have to train me, I will not be selling or buying for other people, I will only buy, and everything will be run through you/your office so you can sign off that everything is correct in my dealings.Think of it as free money that you are not going to be getting if I end up with this deal at another brokerage.I will do no assigned floor time, however, I will be happy to answer the phones when I am already on property doing research for me. Everyone of those phone ups will be passed to you personally. I will not pay a desk rental, however I want the ability to access the MLS from a computer. My "footprint" on your office will be next to nothing.I will pay you nothing directly ever, no monthly fee, anything. When I buy, if it is a repo where a buying agent earns no commission, you are my agent, and you take all of the buyers commission, and work the deal. When I can earn a commission, I will work the deal, run it through your office, and give you 30% of the buyers commission. It's free money with zero additional work on your end, and I am 100% exclusive to you.I was prepared to give up 40% of the buyers commission on my deals. I figure that getting anything is better than the nothing I get now. Even 3 OF MY OWN deals a year where I only get a share of the buyers commission more than paid for any costs I would have in a structure like this.At the end of the day, 3 Brokers jumped at the chance. One of the brokers that jumped I had never spoken to before in my life.
You can't get what you don't ask for.
Homer J Simpson
I don't push
Wow, that's a great place. Lots of character.
That's what I'm banking on...
Homer J Simpson
I don't push
Mike, how much rehab work did you have to do on that property?
I don't have a RE license nor if I was to get one would I want to risk breaking the law but I don't see how older people who simply want to buy and sell their own properties waiting a year and/or having to sell a certain amount of properties until they get their license. Am I wrong about this? Probably, that's why I posted it, hopefully can get the info on this.I supposed anythings possible as there's four pages in out state's quarterly magazine devoted solely to people who have been suspended, reprimanded, revoked license, and surrendered licensee. I'm not sure how things are in other states, but the industry here is moderately policed. I think it's enough to keep the crooks slightly below the level of crooks in the general population.Is this done a lot in the biz for people who simply want to buy/sell their own properties and not want to wait a whole year?Not unless you want the state real estate comission to send you to real estate jail. Generally the state issues the licensee and although it is the gummit, they can tell 2006 from 2007.Couldn't you just pay a broker under the table to get your RE license and cut the year time table out? Probably not but I remember someone telling that they did something like that where they didn't want to be a RE Agent, just buy properties for themselves and rehab and sell..Homer,I had the EXACT same concerns.Alright, here's a request of the main posters in this thread. Jeff, Ninja, Mike, Bass...I want to become your pet project. I'm starting the real estate classes on Monday, but since I have to finish out my current situation (working for my brother) until the end of June, I won't finish the real estate classes until the end of July. One class in June and the other three in July. By August 1, I'll have my license.
The thing is, I've just learned that even when you've got your RE license, you still need to work for a broker. Crap! Anyway, I've already got my eye on a few properties. I want to do rehabs, be a landlord, and be a residential sales goon. I want to do my own thing when I want and where I want. I'm stubborn that way.
The good thing is that my brother's best friend is a big time real estate broker here in Columbus. The bad thing is the aforementioned tendency toward doing my own thing.
My first question, AS YOUR NEW PET PROJECT, is what do I go into the meeting with Bruce (the broker) to get him to sponsor me? Obviously, it's going to be mainly a financial decision for him, but there's a strong personal connection there. So I've got that going for me, which is nice.
I don't want to be a sales monkey, so do you think it's possible that I can be affiliated with him without giving up half of everything I do?
I had a short list of Brokers that I already worked with. I went to each of them, and laid it out like this:
I am getting my License because I want the ability to Manage property for others down the road. I have to hang it somewhere for at least a year before I can take the brokers test. I will not be selling any of MY property while my License is hung with you, however, if I do, I want you to list it for me, and take the commission (Selling as an Agent here requires me to provide a Year warranty, and an Agent cannot sell a property in an "As-is" condition, I would want someone else to list it anyway). And I am busy enough will my own properties to take a listing, SHORT of it being one of my best friends, if I get one, it's yours.I already use you (Broker) to buy houses. If you hang my License, I will run every deal I do through you. I want to be added to your E&O insurance (the cost is MUCH less than having your own policy), I understand that I will pay dues, and the MLS fees.I am in this for myself, to build my company, and not be a working agent. You don't have to train me, I will not be selling or buying for other people, I will only buy, and everything will be run through you/your office so you can sign off that everything is correct in my dealings.Think of it as free money that you are not going to be getting if I end up with this deal at another brokerage.I will do no assigned floor time, however, I will be happy to answer the phones when I am already on property doing research for me. Everyone of those phone ups will be passed to you personally. I will not pay a desk rental, however I want the ability to access the MLS from a computer. My "footprint" on your office will be next to nothing.I will pay you nothing directly ever, no monthly fee, anything. When I buy, if it is a repo where a buying agent earns no commission, you are my agent, and you take all of the buyers commission, and work the deal. When I can earn a commission, I will work the deal, run it through your office, and give you 30% of the buyers commission. It's free money with zero additional work on your end, and I am 100% exclusive to you.I was prepared to give up 40% of the buyers commission on my deals. I figure that getting anything is better than the nothing I get now. Even 3 OF MY OWN deals a year where I only get a share of the buyers commission more than paid for any costs I would have in a structure like this.At the end of the day, 3 Brokers jumped at the chance. One of the brokers that jumped I had never spoken to before in my life.
You can't get what you don't ask for.
tommyGunZ
Footballguy
Bass, in your opinion, what's the future for the Raleigh market? I have a couple of my best friends who have purchased ~ 750,000 in property over the past 2 years and are currently leasing them to own to folks with credit problems. This works out for everyone if the tenants pay rent, maintain the property, and the property appreciates.
Has the Raleigh market seen a large runup like we've seen on the coasts, or has the market been slow and steady growth that will likely continue over the next 4-5 years?
I'm curious b/c where I live, the market has reversed and we're looking at price reductions and declines for a couple of years - but I have no idea what the market is in the capital city of NC.
Has the Raleigh market seen a large runup like we've seen on the coasts, or has the market been slow and steady growth that will likely continue over the next 4-5 years?
I'm curious b/c where I live, the market has reversed and we're looking at price reductions and declines for a couple of years - but I have no idea what the market is in the capital city of NC.
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Norman Einstein
Footballguy
JerseyToughGuys
Tough Guy
We have heard through the grapevine the bank is foreclosing on a house two doors down from where I live. Similar (in structure) to this house in the area.
The house was on weichert for awhile but I can't find it now.
My question, what kind of "discount", if any, will the bank sell it for?
We are in a pretty hot market. The house needs a little work, but my interest is piqued.
ETA:
actually, the house in the picture is in another area of Randolph. Our area has the better schools, so the list price isn't necessarily indicative of my area. will look for another one.
ETA(2):
The neighborhood house was listed at $429,000 before being taken off Weichert.
The house was on weichert for awhile but I can't find it now.
My question, what kind of "discount", if any, will the bank sell it for?
We are in a pretty hot market. The house needs a little work, but my interest is piqued.
ETA:
actually, the house in the picture is in another area of Randolph. Our area has the better schools, so the list price isn't necessarily indicative of my area. will look for another one.
ETA(2):
The neighborhood house was listed at $429,000 before being taken off Weichert.
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Jeff Pasquino
Footballguy
The bank will likely take it back for what's owed at auction, plus fees and back payments.You can contact the bank's REO department (or contact "Loss Mitigation") to see what they would take for it. Ask if they will entertain a "short sale".
Banks don't want RE - they want $$. RE is a negative to them - they now have a bad debt on their books which hurts their lending power.
What state is this in?
Maik Jeaunz
Footballguy
I entered into a deal to buy a house that was being built in Vegas last June. since I live in CA, I planned on renting it out. the house was supposed to be built by December of last year. I signed the contract and gave an earnest money deposit of $6K on 6/18/05. the contract was signed by the seller on 6/29/05.
well, the house is still not finished, and the builder wants me to come for the walkthrough and close on 6/27/06. given that interest rates have gone up, my financial situation has changed a little, and the forecast for Vegas isn't very good, I'm not interested in the house any more. it has been almost a year since I agreed to buy it, and builder still hasn't finished the house. according to the contract, the builder has 12 months to finish the house, and they've conveniently scheduled the walkthrough/closing 2 days before it would have been a year since the seller signed the contract. due to the delay, I don't want the house any more.
I'm in the process of getting a consultation with an attorney to see if I have any claim to get the earnest money back, but it doesn't look good. should I be willing to walk away from it and lose the $6K, or do I have other options?
TIA, and this is an awesome thread.
well, the house is still not finished, and the builder wants me to come for the walkthrough and close on 6/27/06. given that interest rates have gone up, my financial situation has changed a little, and the forecast for Vegas isn't very good, I'm not interested in the house any more. it has been almost a year since I agreed to buy it, and builder still hasn't finished the house. according to the contract, the builder has 12 months to finish the house, and they've conveniently scheduled the walkthrough/closing 2 days before it would have been a year since the seller signed the contract. due to the delay, I don't want the house any more.
I'm in the process of getting a consultation with an attorney to see if I have any claim to get the earnest money back, but it doesn't look good. should I be willing to walk away from it and lose the $6K, or do I have other options?
TIA, and this is an awesome thread.
Jeff Pasquino
Footballguy
Randolph, NJ?
I know it WELL.....
I know it WELL.....
JerseyToughGuys
Tough Guy
awesome. Trying to pry the information from my other neighbor's grip as we speak. Sent the Mrs. over. on some recon.The house is in Randolph, NJ. approx. 45 miles outside of NYC. suburbia
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Jeff Pasquino
Footballguy
PM me on this one. I know the area.
The house is in Randolph, NJ. approx. 45 miles outside of NYC. suburbia
Norman Einstein
Footballguy
wouldn't they be breaking the contract by not getting it finished within 12 months?
Mike Anderson
Footballguy
I had to re-plumb the Drain side. While I was there, I went ahead and put in new Water supply for the house to the Kitchen and bath.Huge tip of the day here --> PEX Plumbing. You can buy it at Menard's. Any idiot can run it, it is simple, no wrenches, no soldering, easy, flexible, and won't break down to -33 degrees. Awesome stuff.
We re-did the Hardwood floors, but honestly I have gone to a much easier way in redoing floors for rentals. Sand anything really scuffed up, knock down high spots, don't bother taking all the old Poly and stain off, using a paint brush, put a new layer of "Golden Oak" Minwax stain, and two coats of poly with a paint brush. The end result still looks GREAT, and it is a TON less work. Expect that tenants will scratch your floors anyway.
Found some interior doors in the basement, cleaned them up and put them on.
New cabinets and counter tops, but I buy most of my stuff at the local Habitat for Humanity re-hab store. Outside of that, I took a contract to clean out a building of doctor and dentist offices a few years ago. I would have actually done it for free, as I salvaged enough cabinets for probably 20 kitchens out of that building, and got paid to do it. Cabinets and counter tops are cheap and easy when you look at bang for the buck.
The Kitchen floor is Press down squares. Sure, they don't hold up as well, but only one or two every seem to have to be pulled up and replaced, instead of getting a whole new sheet of Vinyl.
Got a great deal on 10 HIGH end digital, self cleaning stoves a while back for $250 each. Monster deal. New Fridge from Lowe's for about $400. (I think they are $421 with tax)
Got the Bathroom re-finishing kit from Menard's for about $17.00 or so (Get the middle color - Bisque), and refinished the Claw foot tub. The key here is prep work, poor prep work won't last.
Put up some $4 mini blinds.
I think that was it.
The rehab was $1,077 in supplies (Including a stove and fridge) and my Labor. There was some additional labor of maybe $400, but only because I had it rented out the day I bought it, and we had to move lightening fast.
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Mike Anderson
Footballguy
When you talk to the bank, the term you want to use is "Short Sale", and that's the only term you want to use.
JerseyToughGuys
Tough Guy
I have the MLS if any of you gurus want a peek. PM me.
Maik Jeaunz
Footballguy
supposedly, the contract isn't binding until signed by the seller, which was on 6/29/05. closing is the end of this month, the 27th. so they might beat the 12 month period by 2 days.
Jeff Pasquino
Footballguy
That's good stuff.I've talked to many a loss mitigation department. Can be very tricky. Depends on the bank.You're going to want to get this place before it's foreclosed on. Once it's been taken back by the bank, they're probably going to want to go to auction, because they know that it will go to close to market value when there's competition, and they've already had to go through the hassle and cost of the foreclosure.What you want to do is called a "short sale" where you negotiate directly with the bank before they've foreclosed on it. Many banks are a total bear to deal with, and this isn't a quick process, but it can be well worth it.
The house is in Randolph, NJ. approx. 45 miles outside of NYC. suburbia
email the address of the property to masonatmasontdotcom and I'll send you a report with some pretty cool information - like who holds the loan, and how much they owe, among other things.
"Short Sale" is the term. "Loss Mit" is the department.
Jeff Pasquino
Footballguy
Found this house. Bought in 2001 for $232K. Could be a deal - really depends on the refi's.Get the report from ProNinja, and I'd actually like to see the report as well (curious).That's good stuff.I've talked to many a loss mitigation department. Can be very tricky. Depends on the bank.You're going to want to get this place before it's foreclosed on. Once it's been taken back by the bank, they're probably going to want to go to auction, because they know that it will go to close to market value when there's competition, and they've already had to go through the hassle and cost of the foreclosure.What you want to do is called a "short sale" where you negotiate directly with the bank before they've foreclosed on it. Many banks are a total bear to deal with, and this isn't a quick process, but it can be well worth it.
The house is in Randolph, NJ. approx. 45 miles outside of NYC. suburbia
email the address of the property to masonatmasontdotcom and I'll send you a report with some pretty cool information - like who holds the loan, and how much they owe, among other things.
"Short Sale" is the term. "Loss Mit" is the department.
I can help with Loss Mit as well. We've put together many a Short Sale package.
JerseyToughGuys
Tough Guy
any chance of negotiating directly with the seller/neighbor?You're going to want to get this place before it's foreclosed on. Once it's been taken back by the bank, they're probably going to want to go to auction, because they know that it will go to close to market value when there's competition, and they've already had to go through the hassle and cost of the foreclosure.What you want to do is called a "short sale" where you negotiate directly with the bank before they've foreclosed on it. Many banks are a total bear to deal with, and this isn't a quick process, but it can be well worth it.
The house is in Randolph, NJ. approx. 45 miles outside of NYC. suburbia
email the address of the property to masonatmasontdotcom and I'll send you a report with some pretty cool information - like who holds the loan, and how much they owe, among other things.
JerseyToughGuys
Tough Guy
sentYou're going to want to get this place before it's foreclosed on. Once it's been taken back by the bank, they're probably going to want to go to auction, because they know that it will go to close to market value when there's competition, and they've already had to go through the hassle and cost of the foreclosure.What you want to do is called a "short sale" where you negotiate directly with the bank before they've foreclosed on it. Many banks are a total bear to deal with, and this isn't a quick process, but it can be well worth it.
The house is in Randolph, NJ. approx. 45 miles outside of NYC. suburbia
email the address of the property to masonatmasontdotcom and I'll send you a report with some pretty cool information - like who holds the loan, and how much they owe, among other things.
JerseyToughGuys
Tough Guy
damn, got my juices flowin'
JerseyToughGuys
Tough Guy
Proninja = got it. Awesome.
You guys are awesome.
You guys are awesome.
JerseyToughGuys
Tough Guy
GREENWICH HOME MTG MTG = First Horizon
on the phone now
on the phone now
JerseyToughGuys
Tough Guy
alright.They are telling me the short sale request must come directly from the owner. I guess I have no other choice but to call them and see what I can do.GREENWICH HOME MTG MTG = First Horizon
on the phone now
JerseyToughGuys
Tough Guy
Further reports as this story develops...
Thanks for the info guys.
Thanks for the info guys.
Background info I have right now:1. Room to build another smaller house out backYou should pay as little as possible. Assessed value has nothing to do with market value. Some background info on the property?Excellent. So how should I use this information in regards to possibly purchasing or not this piece of property? Do I go by the assessed value? Or the comps around it?Should be in your inbox.Done. Thanks a bunch!
2. In a VERY hot area, near UT and downtown.
3. Few blocks from hike and bike trails
4. 4/2 / 1400+ sqfeet on 46x147lot size
This area is right now the hottest, lots of rehab/total overhaul going on. Strange thing is that a piece of property can go on the market for 150k (like this one) then another for 70k with nothing really different (unlike NYC).
Norman Einstein
Footballguy
buy the 70k one instead...Background info I have right now:1. Room to build another smaller house out backYou should pay as little as possible. Assessed value has nothing to do with market value. Some background info on the property?Excellent. So how should I use this information in regards to possibly purchasing or not this piece of property? Do I go by the assessed value? Or the comps around it?Should be in your inbox.Done. Thanks a bunch!
2. In a VERY hot area, near UT and downtown.
3. Few blocks from hike and bike trails
4. 4/2 / 1400+ sqfeet on 46x147lot size
This area is right now the hottest, lots of rehab/total overhaul going on. Strange thing is that a piece of property can go on the market for 150k (like this one) then another for 70k with nothing really different (unlike NYC).
no longer available. The point is that it's very random in this area.buy the 70k one instead...Background info I have right now:1. Room to build another smaller house out backYou should pay as little as possible. Assessed value has nothing to do with market value. Some background info on the property?Excellent. So how should I use this information in regards to possibly purchasing or not this piece of property? Do I go by the assessed value? Or the comps around it?Should be in your inbox.Done. Thanks a bunch!
2. In a VERY hot area, near UT and downtown.
3. Few blocks from hike and bike trails
4. 4/2 / 1400+ sqfeet on 46x147lot size
This area is right now the hottest, lots of rehab/total overhaul going on. Strange thing is that a piece of property can go on the market for 150k (like this one) then another for 70k with nothing really different (unlike NYC).
No promises I guess. I could wait and wait and wait and that shipped has passed plus this piece of property I may have more to work with. Looking back, most in the 70k range is more complete tear down.checked on zillow and it reports a total sq foot lot of 6785 with 1 bedroom so this information is a bit out of date but their estimate is at 105k, about 45k less than their asking price but also with 3 more bedrooms added on since.Explain to me why you're buying the $150k one instead of waiting around for a better deal?
JerseyToughGuys
Tough Guy
So I called the owner. Not a very happy camper. Guess that is to be expected when the bank comes in and changes your locks. 1st call = "I will get back to you". Did't sound promising.
Next, called the bank to get more info. They were extremely vague, but essentially said they won't allow short sales in cases where there is a decent amount of equity.
Sum total= property likely to hit auction.
Next, called the bank to get more info. They were extremely vague, but essentially said they won't allow short sales in cases where there is a decent amount of equity.
Sum total= property likely to hit auction.
Jeff Pasquino
Footballguy
You need to get the owner to agree to sell the property to you for "$X over what they owe".Then you get them to sign permission to talk to the bank on their behalf. A conf. call with Loss Mit often works.So I called the owner. Not a very happy camper. Guess that is to be expected when the bank comes in and changes your locks. 1st call = "I will get back to you". Did't sound promising.
Next, called the bank to get more info. They were extremely vague, but essentially said they won't allow short sales in cases where there is a decent amount of equity.
Sum total= property likely to hit auction.
JerseyToughGuys
Tough Guy
two major obstacles: We have never met these people and they are now locked out of their house and living somewhere else.I took a gentle approach and only started to feel things out when I got the "I will get back to you" response.Hmm. Should have mentioned this earlier. This guy has probably been called by many people looking to make a buck off him. If he's your neighbor, I'd just go over and say hi, tell him you heard about the circumstances, and you'd love to chat about a couple options and invite him and his family over for dinner. At dinner, don't talk about the house right away - just get to know the family. Grab a beer, if you talk about the house you talk about the house, just let him know that you're worth trusting. Then sit down with him and ask him questions - "What's gonna happen?" "What do you want to happen" and let him open up and talk. He'll tell you what you need to do. Then do that, and the best part is, he already told you it's what he wanted.If you don't want to get the family involved, which may be a bit embarassing for him, take him out for a beer, or tell him you've got some good beer and are going to be by the bbq for a few minutes, and you'd love to chat. Be more than a money grubber - if you're sincerely interested in helping him out of his situation, he'll tell you what he needs.So I called the owner. Not a very happy camper. Guess that is to be expected when the bank comes in and changes your locks. 1st call = "I will get back to you". Did't sound promising.
Next, called the bank to get more info. They were extremely vague, but essentially said they won't allow short sales in cases where there is a decent amount of equity.
Sum total= property likely to hit auction.
Not necessarily real estate related, just people managment 101.
I will let you guys know if I make any progress.
Thanks again for the help.
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Jeff Pasquino
Footballguy
Best chance is to tell them you can help them avoid a foreclosure / save their credit, and you just need permission to speak with the bank on their behalf.Essentially this is the role of a "foreclosure consultant". You get the short sale done and get a buyer (possibly you, possibly another investor) to buy the house.two major obstacles: We have never met these people and they are now locked out of their house and living somewhere else.I took a gentle approach and only started to feel things out when I got the "I will get back to you" response.Hmm. Should have mentioned this earlier. This guy has probably been called by many people looking to make a buck off him. If he's your neighbor, I'd just go over and say hi, tell him you heard about the circumstances, and you'd love to chat about a couple options and invite him and his family over for dinner. At dinner, don't talk about the house right away - just get to know the family. Grab a beer, if you talk about the house you talk about the house, just let him know that you're worth trusting. Then sit down with him and ask him questions - "What's gonna happen?" "What do you want to happen" and let him open up and talk. He'll tell you what you need to do. Then do that, and the best part is, he already told you it's what he wanted.If you don't want to get the family involved, which may be a bit embarassing for him, take him out for a beer, or tell him you've got some good beer and are going to be by the bbq for a few minutes, and you'd love to chat. Be more than a money grubber - if you're sincerely interested in helping him out of his situation, he'll tell you what he needs.So I called the owner. Not a very happy camper. Guess that is to be expected when the bank comes in and changes your locks. 1st call = "I will get back to you". Did't sound promising.
Next, called the bank to get more info. They were extremely vague, but essentially said they won't allow short sales in cases where there is a decent amount of equity.
Sum total= property likely to hit auction.
Not necessarily real estate related, just people managment 101.
I will let you guys know if I make any progress.
Thanks again for the help.
They save their credit and don't get a foreclosure mark against them. They may even get a little $ to help them move / get on with their life.
You get some $ for putting it together.
The buyer gets a cheap house.
The bank gets their $.
All win.
Mike Anderson
Footballguy
Depending on where it is in the process. The VERY BEST Short Sales come when the current owner is helping you. They don't realize that the Bank can drop a 1099 on them, but they want out from under it, without taking the hit. The Very best Short Sales are where the owner will attest that the place is a dump, and worth half the current loan.Just know what you are doing here. In fact, many Realtors specialize in Short Sales as one of their services. Maybe find one?any chance of negotiating directly with the seller/neighbor?You're going to want to get this place before it's foreclosed on. Once it's been taken back by the bank, they're probably going to want to go to auction, because they know that it will go to close to market value when there's competition, and they've already had to go through the hassle and cost of the foreclosure.What you want to do is called a "short sale" where you negotiate directly with the bank before they've foreclosed on it. Many banks are a total bear to deal with, and this isn't a quick process, but it can be well worth it.
The house is in Randolph, NJ. approx. 45 miles outside of NYC. suburbia
email the address of the property to masonatmasontdotcom and I'll send you a report with some pretty cool information - like who holds the loan, and how much they owe, among other things.
I had one where we went to the wire. We were supposed to close a single day before the sheriff put the Owner out. It got hung up, like they always do when you really need it to happen, and my Title company had to move heaven and earth, pulling in Lawyers to keep the deal alive.
It's one of my top 5 all time deals, and was worth the heartache, but at one point when I just knew I was out a grand never to be seen again, I sure didn't feel that way.
Anyway, the earlier you can get into a short Sale, the better.
Battles
Footballguy
Looks like a decent place rk. Of course I'm in the area, but I've also participated in designing a couple of the lofts being built in East Austin. If I had the cash flow I'd be looking to do what you are. I'm currently remodeling a foreclosure in Taylor for myself and I'm continuing to look for rental property in this area since it's 1/3 of the price. Good luck. If you need to bounce ideas of of me, I'd love to participate. Would also welcome any questions having to do with remodeling. My degree is in architeture, but I also have a decent amount of construction experience.
