All Forum Posts by: Alex Wade

I did. Honestly i decided that it wasn't a great fit for me. Some people take great offense to being contacted, which is no surprise,  but it bothered me more than i expected. 

The leads weren't cheap but i found them to be high quality. In my opinion  It's crucial that if you are going to pay that much that you make outbound calls to these folks in addition to mailers.

Also, I'm an RE agent and I'm not sure they'd be as good for someone who is strictly an investor. I had the opportunity to list the property,  or buy myself. 

Welcome. Im out of state but have similar goals in Birmingham. Closing on my first property there next week.   BP is a great resource and it's great to have you here!

Hello and welcome.  I'm a RE agent, mortgage lender and investor from Portland.   Still new myself but in the process of doing my first flip, (or possibly a brrrr), in mcminnville, and own a couple of rental propreties here in Portland.

I was in your shoes maybe a year ago... had done some learning then came to the forums. It's a great resource.  Would love to get together to see if we can help each other out. 

Thanks Davey

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*This link comes directly from our calculators, based on information input by the member who posted.

I have an opportunity to buy this house for $183k from a wholesaler, 5% non refundable EM.  This would be my first, so a bit scared of course. I'd be the investor, and using a GC for the rehab. I entered desired profit as $30k but i'd settle for much less.

At first glance I felt like this looked like a good deal... maybe even great.   The plot twist that is that after agreeing on a price of $183k the wholesaler informs me we have a long close of June 7th.  My GC estimates 10-12 weeks on the project.  Puts us on the market in September, which is a whole lot different than hitting the market in July.  The comps I've pulled support the value of 310k and I feel good about that, and I entered a sales time of 6 months to compensate for hitting the market at a bad time.  

I just have a bad feeling in my gut because the wholesaler didn't make this clear up front.  Waited until I drove an hour and fifteen minutes one way to see the house, and negotiate a price.  

In a dream world I'd BRRRR but i'm in the Portland, OR MSA and I ran a calculation in the BRRRR Calc that made this look near impossible to be a good deal. Should I be concerned about that as another red flag? I COULD refi and rent should cover the mortgage but nothing else. Obviously not a good deal, which leaves me with only 1 good exit strategy.

I appreciate anyone who took the time to read this and respond!

-Alex

Following this post as I am interested as well.  

Welcome, Kyle.  Glad to have you here.  Keep doing the things you're doing and you'll be surprised how things start to happen around you.  I've found that even being pre-approved for fix n flip financing has been enough of a conversation starter to get me hooked up with some experienced investors and it feels like I'll be working on my first real project soon.  Couldn't have done it without all of the resources here at BP.

For now though, i own two rentals in Portland. I acquired them each as owner occupied homes and then converted them to rentals.

Matthew,  i got one through Trailhead CU. Happy to share the LO's contact info.

Absolutely a possibility.   Large teams often operate this way.  I suppose you won't know until you check.  At any rate many agents do buyers and sellers. Especially when working with investors. 

If you list your home with an agent you are signing a contract for the agent to sell the home on your behalf for compensation. 

An agent that is a "buyer's specialist" most likely just focuses on marketing to buyers. It's possible that if you ask a buyer's specialist to list your home they'll say no,  but that's highly unlikely.  Im sure they'd be willing to help you.   Do you have an agent in mind? I suggest calling that person, i'm sure they'd be thrilled with an opportunity to earn your business.