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All Forum Posts by: Adam Moyer

Adam Moyer has started 8 posts and replied 16 times.

Post: Estimating Repairs and is this a deal?

Adam MoyerPosted
  • Investor
  • Appleton, WI
  • Posts 16
  • Votes 1

2/1, 1000 sq ft. Complete gut, damp basement, place is a hell hole. Seller owes 28k on their loan. Recent sales in the area of similar properties are $62k abd $90k. Seller is looking to get out as soon as possible.

I have not done a wholesale deal before, so what is the best way to estimate the amount of repairs to determine if this is a deal that could work?

Thanks!

Post: Best way to finance this purchase

Adam MoyerPosted
  • Investor
  • Appleton, WI
  • Posts 16
  • Votes 1

thanks all!

Post: Best way to finance this purchase

Adam MoyerPosted
  • Investor
  • Appleton, WI
  • Posts 16
  • Votes 1

So this would be my first purchase, hoping I could get some advice from some experienced real estate professionals.

I am looking to buy half of a duplex that seems like it is a great deal. It is a foreclosure and the bank is asking $81k. It has $20k-30k in estimated repairs. The other half of the duplex sold 2 months ago for $145k.

I currently have a down payment of $10k and am looking to purchase as my primary residence, with the possibility of renting it out down the road, as rents in the area go for about $1100.

What would be the best options that I have to finance this purchase? I have excellent credit and zero debt.

Post: Newbie HUD wholesaling questions

Adam MoyerPosted
  • Investor
  • Appleton, WI
  • Posts 16
  • Votes 1

Forgive me for the naive questions, but I have a few questions on wholesaling HUD homes.

1. I think the biggest question would be how can people wholesale HUD homes in the first place? If a wholesaler buys a property in an auction style format, they would have usually had to have placed the highest bid. Why would an investor purchase a property from a wholesaler for a higher price than they could have paid in an auction?

2. Let's say I purchased an HUD home in an auction and got one heck of a deal on it Let's just say I got it for $20,000 and it has a 100k ARV (minimal repairs, I know its not likely to find but bear with me). Here are some questions I have:
A. How long would I have to find a buyer before closing typically?
B. Would any cash be due out of my pocket at all before closing (or any other time for that matter)?
C. Let's say for whatever reason I cannot find a buyer for this property. What would happen then? Would I legally be obligated to purchase this property still? Would I face any recourse?

Thanks!

Post: Question on website and LLC

Adam MoyerPosted
  • Investor
  • Appleton, WI
  • Posts 16
  • Votes 1

J Scott,

I appreciate the honesty. It certainly does not seem as easy as all the so-called "gurus" make it out to be.

Also, I really do like your website. Lots of good info there! I happen to be in the ATL area also..if I ever come across something that's worth both of our time, I'll let you know.

Thanks again.

Post: Question on website and LLC

Adam MoyerPosted
  • Investor
  • Appleton, WI
  • Posts 16
  • Votes 1

Question from a newbie who is doing a lot of due diligence:

For someone just starting out in wholesaling, would you recommend that one starts immediately with an LLC to limit potential liability?

Also, for those of you who have been doing this for a while and have websites... how did you end up building your webpage? I'm not a tech guy, so any advice I could get with this would be helpful.

Thanks!