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  • pronstar

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    Study to pass, not to keep from failing.

    I have that Asian thing going for me

    813c46baa2c0c97e9e31603eb3dce41a.jpg


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    pronstar

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    Faaack me.

    Pushing 60 days on this one, had to wait for it to season for 90 days since it was a VA loan.

    “Officially”, the buyers loan didn’t start processing until Jan 10, so in that regard things have been moving.

    House appraised at full asking, so our small gamble paid off.

    Finally signed closing docs today, looking forward to the next one.




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    Axxe55

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    Dec 15, 2019
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    Lost in East Texas Elhart Texas
    Faaack me.

    Pushing 60 days on this one, had to wait for it to season for 90 days since it was a VA loan.

    “Officially”, the buyers loan didn’t start processing until Jan 10, so in that regard things have been moving.

    House appraised at full asking, so our small gamble paid off.

    Finally signed closing docs today, looking forward to the next one.




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    Awesome! Time to start building up Baby Pronstar's college fund!
     

    pronstar

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    Got my first listing last week, just closed it today.

    Just a lease for one of my mentor's rentals...but I get the first month's rent so that's a plus. Of course I gotta pay the other realtor 35% and my broker 20%...<sigh>

    It's nice to have an additional income stream though.
     

    toddnjoyce

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    Got my first listing last week, just closed it today.

    Just a lease for one of my mentor's rentals...but I get the first month's rent so that's a plus. Of course I gotta pay the other realtor 35% and my broker 20%...

    It's nice to have an additional income stream though.

    I assume your goal on that end is a broker’s license. Is that still 4yrs experience or did that go to 6?
     

    pronstar

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    Apologies if this looks like spam, but I think it’s pretty unique product that my sponsoring brokerage has put together, and might help some folks looking for a home.

    (Mods have approved the post)



    With inventory at record lows, we’ve created a pretty unique product for anyone interested in moving/buying in DFW.

    There’s no literally no shortage of distressed homes in all price ranges and neighborhoods. Even exceeding $1M

    In a nutshell, you tell us your budget, we find distressed homes with an ARV (After Renovation Value) to match your budget.

    You buy the home at the distressed price.

    You work with our contractor partner to pick your level of finishes and/or to create the home exactly how you want it, including moving walls, adding bathrooms, open confer kitchens...the sky is the limit, up to your budget.

    So you get a semi/custom home built to your specifications.

    (Our contractor is well known in the area, very large and reputable, and they do all of the DFW renovations for HGTV programs).

    The best part is, you aren’t competing with other buyers, you aren’t paying above ARV, which is determined using comps.
    You aren’t paying $30k over asking to compete with cash buyers for MLS-sourced homes.

    Your budget is intact.

    All pricing is transparent.
    Permits are pulled, inspections are done at every step so you get a quality home.

    We have the financing in place, 3.5%-5% down at competitive rates.
    And this includes the renovations.
    Many different financing options available, even for credit scores into the 500’s.

    For qualified buyers, and depending on the level of renovation, by the time the financing paperwork is complete, the renovations may be complete, so you could potential move right in within a standard escrow period.

    I make my realtor commission at the distressed purchase price, not the ARV.
    And there’s really no need for a buyer agent.

    We’ve also got similar programs for investment/rental properties.

    It’s a unique program...

    Give me a shout if you’d like more info


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    F350-6

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    So does your contractor give an estimate before the purchase takes place, or is one just left to do what they can afford to do to stay within budget?

    Are these distressed homes in distressed neighborhoods, or do the other homes on that street already appraise at the ARV?
     

    pronstar

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    I damn sure would want to know before I signed a contract. What are they scared of? You just told me it’s in the screwum range.

    What company is gonna show a customer, or make public, their overhead and profit numbers?


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    pronstar

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    So does your contractor give an estimate before the purchase takes place, or is one just left to do what they can afford to do to stay within budget?

    Are these distressed homes in distressed neighborhoods, or do the other homes on that street already appraise at the ARV?

    Yea, you get a line item estimate estimate like you’d get from a traditional contractor.

    It’s not like the costs miraculously come in at your exact budget to the penny.

    There are’s distressed homes in nice neighborhoods, crappy neighborhoods, and everything in between.

    You’d be surprised how many houses look great on the outside, and utter garbage inside.

    I looked at a great looking house in flower mound not long ago, $600k+ neighborhood.

    The owners had 4 large dogs that destroyed everything up to about waist-high. It was disgusting.

    House sold wholesale for around $375k and took all of $125k to get it renovated. Turned out beautifully, sold for over $600k immediately.

    Edit: I should add that the flower mound house was an investor flip, not a program house.


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