All Forum Posts by: A Miller

Thank you for your replies. This was my first offer so I wanted to make sure that I identified any areas where I can improve.

I had a seller contact me who owed 189K on a SFH. Tax value had the home at 364K and comps in the area came in at 330K. Its a great neighborhood so I took the 330K as the ARV and 65% of the ARV brings me to 214,500. I took out 5K for paint and carpet (home is in great condition) and 5K for my fee since I was going to wholesale the property. I made the offer at 205K. They asked if I would pay closing costs and I said I would split them. Today I found out that they have had other offers that according to the seller are significantly higher. I am open to any advice as to where I may have gone wrong. Thanks!

Has anyone (or anyone you know) experienced success doing what the gurus suggest and sending multiple letters of intent?

Thanks for the info. Just to clarify, it sounds like sending LOI's are not the way to go. Purchase agreements are taken more seriously and if I am correct then I would also need to include proof of financing...so I guess I need to explore other avenues aside from MLS listed properties.

Are there any recommendations for how to get good deals on MLS properties that would make a good wholesale deal?

I am just starting to get into wholesaling properties. I want to use the MLS to send letters of intent for properties that have a high number of DOM, are estates, or where the listing description includes that the seller is motivated. I have found a realtor that I like and who understands what I am doing however he just informed me that in order for the letter of intent to be taken seriously, I also need to include proof of funding. He also stated that if he sends too many LOI's that I can't make good on, he could be subject to scrutiny by the board of realtors. Can anyone confirm if this is true? My understanding is that the LOI is simply a starting place to determine if a seller is truly motivated. I would appreciate any insight.