All Forum Posts by: Brandon Proctor

Good evening BP, I have a potential deal that I need to act on fast but I want to make sure the numbers work. It’s a foreclosed property. Asking $99,000 ARV 170k-190k Materials and labor look to be around 15k. Also going to take a look at the property tomorrow. Using the 70% rule ALL IN we are at $129,500 and subtract the renovation cost we are sitting at $114,500. Now with all the other taxes that come with purchasing, holding cost and paying commissions what should I be accounting for? Any and all help to get me closer to getting this property the better. It already has multiple offers so I’m trying to work fast. Thank you so much!!

Thanks for the advice Lloyd Stanton I actually did explain to her (crash course) on what wholesalers do. She didn’t seem too taken back by it. I agree there would need to be a sit down with her and her broker though. I also thought about purchasing it myself. It’s listed at 12k and could be flipped for 40k. I have a contractor friend who is willing to go in on it as well and we fix it up.

Good evening BP, I have recently networked with a investor friendly agent here in Wichita who has been sending me listings of properties that are below market value. She recently sent me 2 properties that seems to be decent prospects. She gave me comps on both properties and their seems to be money to be made. I have read and read about wholesaling and also went out and tried to make a few deals. The thing is, none of the stuff I currently know deals with a realtor. I think wholesaling can be done with a relator, if not can some please inform me. If wholesaling can be done with a realtor could you all please guide me in the right direction in what forms and agreements need to be written out. Thank you all!

I’m thinking 22-23k Brian Vaughan I really need to get a contract printed out.

Thanks for posting Antoine Martel I truly want to get this under contract. I feel like it’s a decent deal but I’m also not as knowledgeable as others on here. It’s a tiny place, only 704 square feet but it really does needs some TLC.

Good afternoon BP,

I have found a potential deal with a motivated seller and would like for you all to critique these numbers and the situation. Seller wants to 25k for the property, seller is also a investor and rented out the property for $550. The property is in a class c neighborhood as well. The Property Taxes and Appraisals offices for my city appraised the property for 33k which makes this potential deal better for Buy and Hold investors (I think). ARV for property would be 53-55k based on the comps in the neighborhood.

Property has new roof, new heater and new pluming as stated by the owner.  Owner did say that the siding for the house was asbestos but there are no cracks or damage to the siding.  I assume it is fine to seal and paint over the asbestos as long as there isn't any damage to it. I had a contractor friend of mine come in and take a look at the property as well. Only thing that bothers him some what is that the roof dips down a little bit.  We believe its because the owner at one point put an AC unit up and removed some of the plywood from the roof.  Also the ceiling showed a few water spots. Only other thing was that all 9 windows on the property need to be replaced, needs new flooring and the water heater may need to be replaced soon.  My associate also stated that he could do the work for the property for 10k as long as the buyer provided the materials.

Given all the information I have given, does this sound like a doable wholesale deal? I believe it is doable but I am also not an expert, yet. I am very excited to get my first deal under my belt and I hope this could finally be it!

I look forward to your  input.

Thanks for your reply Jared Viernes I have a good idea what the ARV would be after all repairs are done. Now I’m trying to figure out exactly how much it will cost to get the property in rental shape. I actually went to see the property yesterday and it does need lots of TLC.

Good afternoon BP, I have been working my direct mail campaign and just got a interested owner who wants to sell his rental property. The price he is asking for the property is below market value and he also mentioned he has replaced quite a few things in the property. I know I should go take a look at the property so I can get a better idea of what needs to be replaced or added. I also know ARV needs to be accurate as well. Comps need to be accurate and up to date as well. I’m trying to get all the information I can from you guys before I call the owner back. Thanks!

My wife is an real estate agent here in town. I can give you her info if you would like.

Good afternoon, I recently sent out a direct mail campaign and just received a call from one of the property owners. The owner mentioned the house is in foreclosure. Is it possible to still wholesale a foreclosed property? I don't want to get hit hard with Kansas laws when it comes to interfering with a foreclosures. I also have a Realtor I could refer the owner to as well. Anyone have any expertise in this area?