Comments on: Flip This Success Story! Eileen Meyer Makes 18k+ on a HUD Flip!

By: Eileen-WI

Eileen-WI — Fri, 12 Mar 2010 14:59:20 +0000

You know, it varies by area. I have been told by my agent here that o/o’s stay away from HUD because they can be a pain to work with. Around here submitting offers is VERY easy, it is all online. After you get your offer accepted is when you sign contracts. Everything with HUD is time sensitive so you do need to get things submitted within 24 hours or something like that but it’s no biggie. Just tell your agent what price you want to submit on a property (but take into account his commission/closing costs) and be done with it. If he thinks it’s too much work, move on to another agent until you get your license. Do not let him hold you back!

Good Luck with your exam. It wasn’t too bad.
Eileen

By: Karen

Karen — Thu, 11 Mar 2010 18:23:21 +0000

No, I haven’t but the couple of properties I was ready to put offers on were taken up by owner occupants. My agent says that most HUD homes are taken by owner occupants because HUD gives them such great incentives. I think what you are saying is true that there’s no advertising, etc, so I think HUD homes could be a good possibility for me but I would need to get my agent on board. I’m wondering if he is trying to steer me against them because there is more work involved in putting in an offer? I’m currently studying to take my real estate exam, so maybe I just need to wait until I can do my own offers to find out…

By: Eileen-WI

Eileen-WI — Tue, 09 Mar 2010 21:58:48 +0000

Hi Karen! Thanks for listening and hope you enjoyed!

Yes, HUD properties are offered to owner occupants first. I think the time frame is about 7 or 10 days or something. The brokerage that handles all the HUD properties here does nothing to advertise them – no pictures, no description, no sign in the yard, nothing. I think owner occupants generally shy away from them unless it is a smokin’ deal or someone brings it to their attention.

Have you had any luck with HUD?

Eileen-WI

By: Karen

Karen — Tue, 09 Mar 2010 19:59:27 +0000

Hello,

This question is actually for Eileen. Regarding the HUD homes that you have been having such great success with, is it like in FL where you, as an investor, aren’t allowed to bid for a certain time period? Here, owner occupants get the first crack, then if no one makes an offer, they are opened up to investors.

Thanks!

Karen

By: Stephani

Stephani — Tue, 02 Mar 2010 14:08:01 +0000

Hi Gordon,

No I am not doing short sales (and I don’t think Eileen is either), but know of many people who are doing well with them.

Nick Johnson over at subject2.com is an expert in that arena- you might want to check out his site.

Take care,
Steph

By: Gordon

Gordon — Tue, 02 Mar 2010 06:22:35 +0000

Are you flipping short sales? There are now more short sales here in CA so now I have to go and flip short sales. The only problem is that I havnt found a short sale negotiator yet.

By: Koby

Koby — Tue, 02 Mar 2010 04:39:11 +0000

Hi Eileen,
I live on the east side of Milwaukee so I guess I’m kinda still in the area.
Keep up the excellent work & stay in touch!
See ya,
Koby
.-= Koby´s last blog ..Be a CRIME FREE Bandit HUSTLER =-.

By: tony zamberlin

tony zamberlin — Tue, 02 Mar 2010 02:20:35 +0000

Great Stuff! way to go…

By: Stephani

Stephani — Tue, 02 Mar 2010 02:11:48 +0000

Hi Cisco,

Glad you liked the interview- I have some more on the way, so stay tuned.

Steph

By: Cisco

Cisco — Mon, 01 Mar 2010 17:24:00 +0000

Hello Steph !! You did it again Lady !! I can never guess how you will come at your students with yet another innovative idea to motivate and inspire your followers. Thanks for the success interview with Eileen it gave me a few more ideas and perspectives to reach my first deal. Thanks Steph !!