Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Real Estate Deal Analysis & Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 15 years ago on . Most recent reply

User Stats

11
Posts
0
Votes
Pedro Lopez
  • Real Estate Investor
  • Hialeah, FL
0
Votes |
11
Posts

your opinion on multipal deals

Pedro Lopez
  • Real Estate Investor
  • Hialeah, FL
Posted

Hi everyone:
I'm going to present this case to you and see what you guys think about the whole situation.
I contacted the owner of some vacant land that's FSBO, and the guy gave me a list of eleven more properties that he wants to get rid of. Among them there's three 4 unit apt. buildings,one 3 unit apt. building,one 5 unit apt. building, one duplex, four SFH , and two commercial lands.The seller said the properties are fully rented. He has everything indiviually priced for full market value(total is 2.5 M ) and he said he wants to live his last years (he is around 65 years old) without the hassle of dealing with his properties.He would consider owner financing for a big enough down payment or a discount for an all cash offer .He also said he is considering listing everything with a broker if nothing good comes up in the next few days.
Now, considering that I would like to flip the properties but don't have a buyer's list:
Do you think some buyer would be interested in so many different kinds of properties at the same time?
Should I try a low ball offer in a contract with a long inspection period to try my luck ?
Do you think the sellers' lawyer would ask me for POF?
Can I pass this deal to a more experienced investor and make some finders fee commission ?
What should be the best strategy here?
Should I pass on the deal ?
Please throw as much info as possible, this is a BIGGIE :cry:

Most Popular Reply

User Stats

5,694
Posts
8,821
Votes
Don Konipol
#1 Innovative Strategies Contributor
  • Lender
  • The Woodlands, TX
8,821
Votes |
5,694
Posts
Don Konipol
#1 Innovative Strategies Contributor
  • Lender
  • The Woodlands, TX
Replied

The key here is that it is priced at full market value with no motivating reason or need for a quick sale. the only way to make money as a middle man is to find a property way below value and sell it less below value. Sounds like this seller needs to go thru a couple of 6 month listing periods without results before he'll even think of selling to a wholesaler.
On the question of proof of funds, each case is different, however any seller would be foolish to tie up the sale of his property with someone who can't and ultimately won't close. After 30 + years as a real estate investor, I have come to the conclusion that most wholesalers are nothing more than intermediaries without a real estate license. The seller can get better results and representation from a good solid broker with whom he can establish a long term relationship.

  • Don Konipol
business profile image
Private Mortgage Financing Partners, LLC

Loading replies...