!#@^ Teller ave, Bronx NY- A new agent that I am dealing with sent me this listing along with others. The seller was asking 199k, I offered 120k. My agent tells me that I have an accepted bid and to send him my POF and attorney info, so I do and begin to shop the property around. I start my asking price at 165k all cash and get a few people that want it at 135-140k, and I mean these guys are hungry of this property.
I tell my agent to make sure the sellers attorney gets the contract to my attorney asap so that I can assign the property only to find out that I didnt really have an accepted offer. Turns out that the seller "accepted" my offer, but since this is a short sale, its not up to the seller, it is up to the bank to give the ya or nay. Not to mention that the property is not vacant, it has tenants that are out of lease.
Now I have people that are mad at me because I cannot deliver, and I may have ruined a great relationship with an actual "rock n roll" buyer, we will have to just wait and see. In the mean time, I am putting pressure on my agent to get a hold of the bank and to find out if I can get an accepted offer and for how much. Once this is done, I am able to get my contract and make a deal with the tenants so that they will move, a "cash for keys" situation. Give them a few grand to move.
I also have:
148 sackman, Brooklyn NY 1 family, which I have in contract, ready to move... ARV 428k, asking 200k, repair less than 70k. Do the simply math, this is a good buy, only prob is that the mls has it listed at 208k so it makes people feel that they are not getting a good enough deal on it.
So if anyone out there wants Sackman just call me at 917-544-6768
LESSON LEARNED!
Dont shop the property around untill my attorney tells me that he got the contract, included the "assingment clause" and I have it in my possesion ready for me to sign it.
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
Tuesday, September 28, 2010
Friday, September 24, 2010
Why Real estate
So why real estate you ask?
Because I've been doing it since I was 17 and because it makes perfect sense to me. also:
- you can't lose if you do your homework
- real estate is the only sure investment that will always appreciate
- rent increases are inevitable
- safest place to park cash, much safer than banks
- only industry I know of that you can make 2k-100k without ever spending a penny (BTW that's the program I'm on)
- and more than anything I think the biggest appeal is that there aren't too many "real estate investor days" that require you to "work" when you don't want too. - once you own enough properties to have a livable income all you really need is monthly checkupks with your property manager.
Oddly enough I have never had any great success in it. I've gone from being an agent in NYC to working with a bunch on different investors on their projects, but never on any of my own investments. So here we go, with 8+ years experience on my back, I'm going to strive for guru status! I know it will be a long journey and there is a gang of things to learn, but I'm on board for all of the potential this game has to offer.
Because I've been doing it since I was 17 and because it makes perfect sense to me. also:
- you can't lose if you do your homework
- real estate is the only sure investment that will always appreciate
- rent increases are inevitable
- safest place to park cash, much safer than banks
- only industry I know of that you can make 2k-100k without ever spending a penny (BTW that's the program I'm on)
- and more than anything I think the biggest appeal is that there aren't too many "real estate investor days" that require you to "work" when you don't want too. - once you own enough properties to have a livable income all you really need is monthly checkupks with your property manager.
Oddly enough I have never had any great success in it. I've gone from being an agent in NYC to working with a bunch on different investors on their projects, but never on any of my own investments. So here we go, with 8+ years experience on my back, I'm going to strive for guru status! I know it will be a long journey and there is a gang of things to learn, but I'm on board for all of the potential this game has to offer.
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Snow Ball Effect!
I placed what I think to be 60 or so bids within the last two weeks and I came back with more than enough great properties:
Property one- Accepeted bid, sellers attorney agreed to assignment clause verbaly and my attorney and I are awaiting for everything to be placed in writting, while I work on my inspection. Things are moving very well.
Property two- Asking price vs. ARV (after repair value) are amazing, I bid much lower simply because I have no idea what they are willing to do. Waiting on my broker to let me know what their counter offer is, push come to shove, this is a great opportunity, fingers are deffinetly crossed on this one!
Property three- Placed a low bid, waiting on an agent to get back to me, the property itself is worthless, but the land that it is one is amazing, 5,000+ square feet in the middle of the bronx. Lets hope I can get the zoning on this changed, it is an R6 now, but if I can have it re-zoned for an R7 then this should be golden.
Property four - Spoke to the seller direct, as is, its a beauty set up, great price, great location, location, location, and lots of spread for profit.
At this point all I can really do is do my best to stay on top of things and people and pray on it that all 4 go through, who am I kidding Id be extatic if one goes through
Bless
Property one- Accepeted bid, sellers attorney agreed to assignment clause verbaly and my attorney and I are awaiting for everything to be placed in writting, while I work on my inspection. Things are moving very well.
Property two- Asking price vs. ARV (after repair value) are amazing, I bid much lower simply because I have no idea what they are willing to do. Waiting on my broker to let me know what their counter offer is, push come to shove, this is a great opportunity, fingers are deffinetly crossed on this one!
Property three- Placed a low bid, waiting on an agent to get back to me, the property itself is worthless, but the land that it is one is amazing, 5,000+ square feet in the middle of the bronx. Lets hope I can get the zoning on this changed, it is an R6 now, but if I can have it re-zoned for an R7 then this should be golden.
Property four - Spoke to the seller direct, as is, its a beauty set up, great price, great location, location, location, and lots of spread for profit.
At this point all I can really do is do my best to stay on top of things and people and pray on it that all 4 go through, who am I kidding Id be extatic if one goes through
Bless
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