All Forum Posts by: Adrien C.

Send me a private message and I can connect you with a few. 

hi- welcome to BP. NWI is a great area to invest. I'm connected with several wholesalers so plenty of inventory if you're interested. 

so you're saying I should know this stuff and have these questions answered before I start? But it's so much easier to get a deal and come post a frantic message on BP asking someone to bale you out and save this "deal" for you. 

I had a similar situation a few months ago where I was looking at a $300K house for $190K which needed about $10K to get it rent ready. Every bank wanted 15-25%?down regardless of equity. A friend in the industry who also invests in RE suggested owner financing (house was paid off) with a recorded mortgage. After 12 months, could do a regular refi. 

Some will argue to go get licensed. 

To be successful at wholesaling, you need a solid group of cash buyers you can count on picking up the contracts. You need motivated sellers. And you need to know how to evaluate the property, make an offer that solves their problem, and pitch if to the investors. Use the $6K to answer those questions. 

I suggest you do a search here on BP and learn a lot more about real estate, investing, and wholesaling before you jump in the pond. 

where are you looking to pick up properties? We have properties in MI, OH, and IN 

thanks for replies. Since it's rented and breaking even monthly, I don't see any incentive to short sale. In the long run, that damage is worse than the pain of being a landlord. 

I spoke with someone who purchases a lot of sub-2 and is interested in talking with this owner. 

A very motivated seller reached out to me. He has a rental property which was primary residence but has rented out since was upside down. Current comps put him in the 95-100% LTV (bummer since owned house 10yrs). I haven't seen the house but it would need ~$20K for a rehab and sell based on his estimate. It is currently rented at $875/month which basically is a break even point. He accepted an offer last year at $85k when it was listed but that fell apart as buyer wanted him to fix stuff. He wants to be done with this without putting more money into it (although bring some cash like $10K to table is ok because that's what he would have done if listed deal went through).

Problem is given current condition, no room to wholesale or even buy myself and have any equity. 

I was thinking a sub-to would potentially work especially if rents are bumped to $1050 which is more in line with the market. I am not interested in it myself so how would one set up a sub-to as a wholeser and get paid by the buyer? 

so what'd you offer and more importantly, what was her reaction :)