Who has deals in the works?

[smitchell210 0]

Anyone have any deals in the works? I'm still out there looking for my first. I know it's just right around the corner!

[Jason (AL) 1]

I'm currently working on "re-vamping" my strategies.

(No more sub2).

Thought I'd share my adventures here amongst the naked.

I've also created a blog, but have been too busy here

of late to log my progresses.

I'll have to make sure to get that up and running as well.

[MichaelC 160]

Scott, you and I spoke yesterday about this. Just to reiterate, I'm working on two CA's as we speak. Both are of the "hybrid" type. That is, the homeowner or homeowner's friend is showing their respective properties, while I do the behind the scenes work to find t/b's. One property is about an hour south of me. The other almost six hours north.

[sbhproperties 0]

I am currently trying to find a buyer for my first CA. I had a showing on Sunday (1 day after I started marketing) and will have 3 people looking at it on Wednesday. As for marketing, I have a Rent To Own sign in the front yard and have it listed on Craigslist. Most of the calls have come from locals who live within a few miles of the property.

 

Continue to stay true to your marketing, Scott, and the first one will hit soon. Best of luck.

[MichaelC 160]

Brian, you're making more progress than I was aware of. Good for you! Be aggressive with your marketing. Your payday depends on it.

[phil43 0]

I'm still trying to find a T/B for the CA I'm doing a second time around....It's a tough market out here in Cali!

 

I'm also in talks with a woman having difficulty selling her condo. She bought it for $540k, worth alot less now. I may not be able to help her with this one.

 

Phil

[BEV! 0]

Yes, I'm in the money too and got a huge new house last night (11,000 sqf lot) and am getting another one today.

Of course is a lot more effort in finding T/B but I've found out that approaching Renters (t/B) is a lot better than approaching buyers (t/B).

They both have different mentalities about becoming homeowners.

I already have a T/B for one of the houses which is a renter.

I think what helps me a lot in moving the houses (other than being a diva lol), is the fact that our school district is king here and families fight to get into these school districts of ours. That's the first thing they tell me when they call me about a house.. They say they'll do and pay anything to have their children attend our schools here.

 

 

BEV!

[Jonathan RexfordFL 8]

Got 7 short sales in the works on the front end. (3) properties for resale and 9 properties that I have listed as a realtor. Just a few.

[<Steve> 82]

I am marketing for t/bs for 1 SLO and 1 CA and will be closing with a t/b this Friday on another SLO.

 

I have another property from a rehab investor I am debating whether to do a SLO. The investor is ready to go, but the property is so "pristine" on the inside, and because the owner works close with his attorney, I'm a little nervous that if my tenant/buyer puts a scratch on the floor I will have to deal with his attorney. So, I am trying to turn it into a CA but the investor only wants to do a SLO.

 

Is anyone doing SLOs out there?

[MichaelC 160]

Is anyone doing SLOs out there?

Really not possible in my neck of the woods these days, Steve. A $3K/mo house payment usually translates into an $1,800/mo rental.

[MichaelC 160]

Got 7 short sales in the works on the front end. (3) properties for resale and 9 properties that I have listed as a realtor. Just a few.

Rex, how are you finding the short sale business these days? I ask because with the market the way it is, I'm tempted to try my hand at it. But previous experience years ago left me with a sour taste in my mouth for short sales and all the accompanying BS when dealing with banks and bureauacracies. I'm wondering if the current crunch has made lenders a bit wiser and humbler.

[Jonathan RexfordFL 8]

MC,

 

Here is what I am doing. I am taking an option on the properties and listing them with the MLS. I will then act as listing agent (me being Realtor) If I get a buyer in the mix and I am able to make a deal. I will buy and sell it. If I can't get my buy price and get a retail buyer price accepted for short sale offer then I will make the sales commission and some money for loss mitt.

 

Paper work is the key. I have an assistant and I pay her $495 per deal for processing.

[megabucks41 0]

Got 7 short sales in the works on the front end. (3) properties for resale and 9 properties that I have listed as a realtor. Just a few.

Rex, how are you finding the short sale business these days? I ask because with the market the way it is, I'm tempted to try my hand at it. But previous experience years ago left me with a sour taste in my mouth for short sales and all the accompanying BS when dealing with banks and bureauacracies. I'm wondering if the current crunch has made lenders a bit wiser and humbler.

 

 

 

 

 

My son erik is doing short sales but we are finding that banks are not letting go properties for the same low prices that they were about 8 months ago

[MichaelC 160]

MC,

 

Here is what I am doing. I am taking an option on the properties and listing them with the MLS. I will then act as listing agent (me being Realtor) If I get a buyer in the mix and I am able to make a deal. I will buy and sell it. If I can't get my buy price and get a retail buyer price accepted for short sale offer then I will make the sales commission and some money for loss mitt.

 

Paper work is the key. I have an assistant and I pay her $495 per deal for processing.

So you have two potential ways to profit. Nice.

 

 

Got 7 short sales in the works on the front end. (3) properties for resale and 9 properties that I have listed as a realtor. Just a few.

Rex, how are you finding the short sale business these days? I ask because with the market the way it is, I'm tempted to try my hand at it. But previous experience years ago left me with a sour taste in my mouth for short sales and all the accompanying BS when dealing with banks and bureauacracies. I'm wondering if the current crunch has made lenders a bit wiser and humbler.

 

 

 

 

 

My son erik is doing short sales but we are finding that banks are not letting go properties for the same low prices that they were about 8 months ago

Hi, Ernie. Long time.

I'm surprised to hear the banks are tightening up. Our market, particularly Miami, is getting stomped on. Maybe Erik is driving a hard bargain and lowballing the hell out of these poor souls.

[Jonathan RexfordFL 8]

MC and Ernie,

 

If I think the home will qualify for a large discount. The key is to find out what the home can pay. If it's a pretty home that needs no work then an investor will not buy at 50%. Maybe one of those fluke deals. But as a model. NOPE. Now I can get 20% discounts all day long. If I have a buyer in the wing. I can squeeze about 10 points for me.

 

I have found that the banks are willing to work as long as someone is not trying to shove something down the banks throat. They have guidelines just as we do as investors.