Hawaii Condo We Are Interested In

Laura is interested in buying a condo in Hawaii, she's in Hawaii right now.

OFFER ACCEPTED ON DUPLEX AND SHOP, WHY?

John and Laura put an offer on a duplex with a large shop yesterday $127,000.00. This was a very hot property, lots of interest, bank owned, the price had been lowered for the second time. There were six offers on this property and John and Laura waited and wondered if their offer would be accepted. One day later, they found out their offer was accepted. So, why was their offer accepted over the other 6? There were a few differences:
1. They offered slightly above the asking price.
2. They offered cash and provided a proof of funds letter.
3. They did not require an inspection.
This is a great property, more will be posted as time and the deal moves forward.

Than Merrill Webinar Today, Cash Buyers

During the Than Merrill webinar today, they emphasized cash buyers as a preference. As most people know, banks are very slow to loan money right now. John and Laura totally agree with the benefits of using cash to buy real estate. Great discounts are many times available to those who have cash, plus a cash offer will many times be accepted over traditional financing.
A statement made during the webinar, "... opportunity costs...," means, having a cash buyer is an opportunity that is at hand, and waiting for a buyer to get financing can take 30-90 days and sometimes longer, plus the financing can fall through at any time.
The way it was said years ago is,

A bird in hand is worth two in the bush.

Another phrase used during the webinar was, reverse selling, meaning you are starting out with your buyer, finding out what they want, then find the property they want and selling it to them.
They said, "... it's like being your buyer's personal shopper."

Son Learns Real Estate Investing Business

Abe, Laura's son spent a few days with her in the office, learning what "they" do to some degree. Isn't it everybody's dream to have their children become a part of their business? Well, it is for John and Laura.
Abe is a quick learner and is looking forward to joining in on future business transactions, such as auctions and evaluating real estate deals.

Ever Heard of Being Kicked Out Of Bankrupcy? John Attended Last Nights NW Real Estate Investors Association Meeting in Portland OR Last Night And Found Out Why?

Caryn McKinney, an attorney from Atlanta Georgia, presented the topic at the NW REIA meeting, "Finding people who are being kicked out of bankruptcy." This is sometimes an overlooked group of people. 87 per cent of people who declare bankrupty are kicked out, the court will tell them they are not longer eligible for the bankruptcy protection.

The main reason for being "kicked out of bankruptcy" is they fail to comply with the reorganization structure the court has given them.

The reason why? If a person can't make all their payments on 100 percent of their income, they are not likely going to be able to keep up with their expenses when the courts allocates a portion of their income to pay off the bankruptcy.

It's an unfortuate situation, but a reality, and property buyers should look at this group of people.

Sweet Home $73,000 Fixer

John and Laura followed up on a listing that John's sister Peggy sent to them. It was a 3 bedroom, 2 bath home in Sweet Home Oregon, a definate fixer. A drive to Sweet Home this afternoon to see the property revealed a true fixer upper, with dry rot, mold, roof in need of replacement, etc. So... a piece of paper with estimates was started and it looks like about $20,000 in repairs would be needed.
They are considering an offer, but again, they are wondering if this property fits the profile they are looking for.