All Forum Posts by: Andre An

Thank you for the replies.

However, specifically I'd like to know what the typical practice is for wholesale deals?

Do most wholesalers not do deposits when putting a property under contract?

Thanks in advance.

Thank you in advance for any help you have to offer.

I found a motivated seller, and I'm sending him an offer contract tomorrow.

Here's my question. Normally, do wholesalers give the seller a deposit? (To the title company, correct?)

If so, let's say I can't find a buyer. Do I lose my deposit?

Thank you all.

Hi,

I have a motivated seller, and I'm not sure how to proceed.

The property in the MLS is listed as 840 sq ft. The seller says the property is actually 1254 with an addition he did a few years ago.

How does the addition affect pricing? One person told me not to run any numbers based on the addition, and that the addition is basically useless.

Any help would be appreciated.

Hi, here's the situation.

I'm working on my first wholesaling deal.

I found a motivated seller today, and ran the comps.

I haven't seen the property yet. My partner says at this point we should run the comps, get an estimate, and email the seller an intent to buy, and see if he accepts. If so, then we'll make an appointment to see the property, make the final estimates, and then modify our final offer and try getting it under contract.

I think in a case like this, with a motivated seller we should see the property first, then make an offer.

What's the correct procedure?

Any help would be greatly appreciated.

Thank you Ryan!

I appreciate the help!

I'm new to wholesaling.
How do wholesalers typically determine the repair value of a property? Do they typically just make an estimate?

Hi, I'm taking the plunge in wholesaling, and just need a little help in the overall process when I actually get leads. Say I get a lead from a motivated seller. Is this the process in order?

1. Run comps on the property from a realestate agent to get the ARV.

2. Figure out the approx repair costs.

3. Using the 70% rule, determine if the numbers add up.

Now let's say the numbers add up:

4. Get the property under contract.

5. Market the contract to my buyers list.

Say a buyer wants the property. What happens at this point? Do I have to get a title company involved? How does assignment of the contract to the buyer usually work? Thank you in advance!