All Forum Posts by: Alicia England

I'm currently under contract for 8 properties. 

6 of them are rented 

2 vacant 

seller is asking 810k for them all. This morning we found out the 2 vacant need a lot of work and he offered to drop the price to 105k total for the two of them or drop the overall package price to 800k and if that didnt work then we would just take the two vacant out of the package deal. We didn't discuss what the package price would be if we removed the two vacant properties. 

Heres my question is. The total cost of the portfolio ARV is 1.2M without the vacant properties. All 6 properties are rented, 2 are a year long lease while the other 4 are month to month

Here is a break-down of the rent

3bed 2bath 1,128sqft rented at $1,350/mo (current market rent is 1500-1700)

3bed 1bath 1,179sqft rented at $700/mo

(current market rent is 1200-1400)

3bed 2bath 920sqft rented at $1,000 

(current market rent 1200-1400)

3bed 1bath 1,170sqft rented at $550

(current market rent 1200-1400)

3bed 1bath 1,329 7338 Rented at $1,000/mo

(current market rent 1200-1400)

2bed  1bath 780sqft 1 Rented at $950/mo

(current market rent 1000-1100)

My question is would this be a good deal or should I try to get the price lower than $800k I told the seller if he'd separate the two vacant at 105k I'd help him sell them by assigning my interest in them but that I'd like to get the 6 rental properties still and offered 700k. He said to give him time to get back to his office and think it over. 

Currently we are under contract (on one contract although I asked if we could do them each on separate contracts)at 810k for all 8 properties. im worried that by paying 700k for the other 6 i would be in the negative instead of positive cash flow. This is my first time buying multiple properties and buying rentals.  Im just trying to be sure i dont get a bad investment. Thanks in advance for your help!

They do not have a copy of both agreements yet, I am emailing it to them in the morning.

 I've read a lot of the information out there but I've noticed they don't really mention what to do after you've gotten the end buyer, or maybe I am just reading the wrong information. I am not going to double close. I had him sign an assignment of contract agreement before I gave him the seller's contact information but to be honest I didn't even think about the end buyer potentially cutting me out the deal if he had the direct contact information to the seller.

I've posted before, but that deal fell through. I've gotten another deal under contract a multi-family residence (4bed 3 bath duplex) Seller agreed on a purchase price of 110k and I've assigned it to my end buyer for 120k with my assignment fee being 10k. I am so confused on what happens now. Can someone explain to me what happens between now and closing? My end buyer wants to take a look at the property and is setting up a time with the seller to do so. I feel like I made a mistake allowing the  end buyer to be in direct contact with seller but he had requested to be put in contact with seller after he signed the assignment contract. Do I do anything else on my end or do I wait until closing date and then collect my assignment fee? Thanks for your help.

Quote from @Daniel Paloscio:

Congrats on your first deal! Generally, yes. Typically you are going to put the price you have contracted the property at, then your assignment fee, then the total price to the end buyer. I attached a snippet of the agreement that I used over the years. I'm happy to send you the full doc if you want to shoot me a PM.

 Sent you a message 

Hey everyone, 

I got an investor interested in a property I have under contract. They are offering 13.5 and I have the property under contract for 12.5. When I put in my assigment fee. Do I put that $1,000 is coming to me and the total purchase price is $13.5k? I feel like that is low for my first assignment fee compared to what most are saying they mad on their first deal. I tried to use a agreement contract I downloaded  from a link on a YouTube i watched but it confused me more than anything. I'm just trying to figure out where I add my fee and if it's on top of the agreed purchase price or not. Thanks

I'm very new to wholesaling and I'm looking for my first deal. I thought I found a good one but I'm now realizing that may not be the case. 

I've got a lead on another home that's been completely remodeled and Seller is just looking to sale because they are out of state and no longer use the home. They have a tenant in place but tenant is closing on their own home and moving out. 

Seller is asking $71k but willing to negotiate to around $55-57k cash if Buyer pays all closing cost. I spoke to seller last night and this is the information i was given about the home
Move in ready
Put down Brazilian cherry laminate floors
New AC unit
Hot water tank (big one)
Breaker box replaced and updated
Updated stove
Had water leak water leak is fixed but water damage
Tenant will be out by the 28th
Rent potential $750
Potential offer of $55k
Step grandfather built the home
Well maintenenced
White shed doesn't leak at all
Red barn fixer up
Garage doesn't leak. Needs to be fixed up
10 years owned
Decent backyard.
New toilet
Features of bathroom upgraded

It's in a decent area and to me  it seems like it could be a good potential rental investment. My question is how do I know for sure if its a good deal or if the numbers will work? 

I am trying to learn everything.