All Forum Posts by: Alison Mercer

All great advice and I'm so impressed with the level of involvement on these forums.

We have decided to move ahead with the project and look forward to sharing our success with wholesale purchases.

Thanks for the advice. As I said, we have done our due diligence and happy with our findings. We have visited Ohio, made great connections and already made a purchase there. 

This property is in Parma near good schools.  We have seen area, although we only get our 'local knowledge' from our agent, building inspector, property managers and rehab team (a risk, we know).  Sold comps in the same street and surrounds are as we expected. 

We have received the rehab quotes and inspection report and our offer is probably a bit high for our returns. We are not experienced flippers so your relpies have been useful. It is easy to get carried away with a deal when you just want to buy a property and get it cash flowing!

Hi,  

We have almost completed our due diligence purchasing a property from an off market wholesaler in Ohio.

Sale price is $52,000 and we know there will be around $15,000 worth of repairs including foundation repairs. The ARV is conservatively $80,000 but likely $90-100,000.

We are going to hold this property as a rental as we know this property will cash flow and provide us with some equity in the next year. 

Our due diligence checks out- our independent contractors, building inspectors and assessors have all come back ok or as expected. 

The main concern I have is that this deal looks too good to be true. 

Who would sell their house for so much under market value? 

Also, we heard about the deal though a Real Estate Agent we trust. This deal is happening very quickly and although we've done our homework,  I just wonder if it is always like this? 

Just after some thoughts. I am normally quite passive on Bigger Pockets but buying off market from a wholesaler and closing quickly is all new to me, so why not ask an experienced crowd? 

Alison

@Robert Adams

@Ali Boone True, we do have a lot in common, however I'm yet to setup an amazing business, well done. Hope to catch up sometime or at least, I've signed up for your news. Thanks

@Brandon Turner Thanks for the tips, got my key alerts sorted.

Ahh! Can't get links to your names to work, Windows 8?/wifi...

Sorry

Sorry Jamie, the first I heard of wholesaling was here in the US. I would imagine there is much I don't know about it in Australia too.

As far as my experience shows you must have a licence to act as a real estate agent or a real estate sales representative. http://www.austlii.edu.au/au/legis/sa/consol_act/laa1994108/s6a.html

This is also helpful.

http://www.cbs.sa.gov.au/wcm/licensing-and-registration/occupational-licensing-and-registration/how-to-apply-for-a-licence/electronic-licence-application-forms/

But it does point to the fact that you need qualifications.

Sorry I couldn't be of any more help.

Alison

Ha... true. "I've been around the world a couple of times or maybe more".

The Wine Industry has had great travel perks for us, hence California.

Thanks for the welcome

I swear I can spell AUSTRALIAN!

Hi,

I love the Bigger Pockets website and forums to educate people about the US market. I live on the Central Coast in California and although I own properties in Australia, I am looking to step into the US market.

Looking for great connections in Nevada, Texas and Central Coast, California.

Alison