My Deals

I recently submitted an offer for a property of 50% off the FMV and it was accepted. Now my next step is to lock it up. The deal by the way is a short sale. The way it works in NJ is that once the deal is accepted, the buyer and seller goes into Attorney's Review for 3 days. And after this period, where both buyer and seller agree on the terms, is when the contract is then binding. My question is this: is there a way to get around this and lock up the property, without going through an attorney and pay the attorney fee.

I found a seller who is very upside down on his house. He is seriously considering doing a short sale. He lives in a very nice house that he paid $490k for in 2005. From the pictures, the house is in fabulous shape. It was built in 1996. The kitchen cabinets are in great shape, but the counter tops are white tile, so the house could use a little updating. Here is the thing... the house is comping at around $242k. High is $369k Low is $145k. I don't see the house needing more than $5k to $10k worth of cosmetic work.

I just did my first Land Contract deal on friday! I put the house that I currently live in on craigs list up for rent and I had an older lady call me last wednesday! She lives in West Virginia right now(I am in Ohio) and wants to move here! I got to talking to her and found out she is a full time nurse she is 54 and her husband died about 5 years ago and she get money from his pension every month! She said I have owned my own home since I was 17 and this is the first time I am going to rent! (She is from Ohio) So I asked her why rent?

All,

I have just got a deal accepted that is 50% off the Listed Price as I don't know the FMV of it yet. You see, I submitted offers for 60 properties without looking at them and this particular one was accepted so far. However, it is listed as a total gut renovation or possible demolition prospect in the MLS. So my question is this, is it worth putting all the money and sweat equity into the propoerty, where I could have just use the money and rehab dollars to buy a more expensive house that need no work, and save my time?

I've just been given access to REO's for 25-50 cents on the dollar. The ones on the bottom end of the spectrum need some rehab. Inbetween are homes that are sec 8 approved and ready to move in, but have no tenants. Tenants will be found for a fee. Higher end of the spectrum are homes that are cash flow positive all ready with tenants in them.
How would you go about taking advantage of these properties with little or no cash?

i have a buyer who is approved for 150,000 mortgage. i see several homes i am interested in trying the no money down strategies from Dean's book. Most of these homes are being handled by an agent but are not foreclosures. can you please give a little information on how to get seller's real estate agent to go along with me? do i just use the IEE system?

I have been exposed to a pretty steady flow of properties for sale that were purchased in REO packages and deeded via quit claim. I am new to this and unsure how to approach these properties. Also, I have noticed that the majority of these properties are in not-so-great neighborhoods, but the prices on the properties are fantastic! Is there any opporuntiy here?

I have just recently locked up an awesome deal. But now I need help in extending my buyers list. Please help.

First time homebuyers are starting to come out of the woodwork at a very fast pace. I have done the research and marketing so you don't have to my friends. When you put the current mortgage rates, homebuyer tax credit, and aggressive prices together you get the perfect recipe for first time homebuyers. My agent, Star, is working about 12 hours a day to try to handle the demand for first time homebuyers calling her. It's crazy. Here is what I am doing right now. I am selling 4 of my houses in a small town as the renters move out. I had one go vacant that I bought 2 years ago for $35,000.

I was contacted tonight by one of the people on my buyers list and she has a SFH in northwest Houston, TX. for wholesale at 55K. It's something I would want to fix and flip with HML. Here are the details on the property:

•ARV $85-88K
•Est Rprs $4500... or less, based on exit or rental for cash flow.
•Ask Price $55k
•Description of Property: 3/1.5/2; 1036 sqft, 6,600 lot sqft. Needs interior paint, sinks, facets, carpet clean, toilet seats, exterior paint, tree trim, replace two garage doors. Minimize this for rental.