All Forum Posts by: Anastasia P.

@Dmitriy Fomichenko thank you so much!

@Jamie O'Connell thank you so much!!

@Christian Styles Thank you so much! I'm proud of myself for doing it until the end when most people gave up after learning wholesaling. I think the knowledge I gained is probably the most important thing

Investment Info:

Other wholesale investment.

Purchase price: $19,000
Sale price: $20,000

This is one of two lots I got under contract in Port Charlotte, FL from the same seller.

Sold it to a builder for $20k. This was part of my first wholesale deal and I’m excited for new investments in the future.

What made you interested in investing in this type of deal?

Took a course from someone I knew and seemed like a good way to get your foot in the door with no upfront investment. I also had somebody willing to do most of the work if I just did the outreach.

How did you find this deal and how did you negotiate it?

I text blasted a list of sellers using REI Reply. We pulled the list with my partner from PropStream and negotiated a price with the seller.

We initially contacted for one lot, but it turned out the seller had two lots he wanted to get rid of. He was asking $40k for both lots with all expenses covered, but we could only do $38k and he agreed.

The entire deal took about 3 months to close.

How did you finance this deal?

No financing was required since we were assigning this to a buyer.

How did you add value to the deal?

We brought a lot to a buyer who was looking for land in the area of 33948 in Port Charlotte, FL.

What was the outcome?

We made a $1k profit from each lot, so $2k total. The buyer wanted to double close so that was an additional cost. This was also a 35/65 profit split with a JV partner so the profit was small, but lots of lessons learned.

Lessons learned? Challenges?

I learned that you should contract at least $3k-$5k under what the market value is at to make room for bigger margins in case the buyer goes down. Our expectations for this was to assign to buyer for $23k, but they ended up only wanting it for $20k.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just another wholesaler

Investment Info:

Other wholesale investment.

Purchase price: $19,000
Sale price: $20,000

Got a lot under contract for $19k in Port Charlotte, FL.

Sold it to a builder for $20k. This was one of two lots we wholesaled from the same seller.

This was my first wholesale deal and I’m excited for my next RE ventures.

What made you interested in investing in this type of deal?

Took a course from someone I knew and seemed like a good way to get your foot in the door with no upfront investment.

How did you find this deal and how did you negotiate it?

I text blasted a list of sellers using REI Reply. We pulled the list with my partner from PropStream and negotiated a price with the seller.

How did you finance this deal?

There was no financing required, since we were assigning the deal to a buyer.

How did you add value to the deal?

I brought a lot to a buyer looking for land in that area.

What was the outcome?

The buyer bought it for $20k so the gross profit for each lot was $1k, we wholesaled two of them.

Lessons learned? Challenges?

Try to get the lot minimum $3-5k under what the comps are saying, for bigger profit margins.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Just another wholesaler

Thank you so much! That’s what the course said, but she recommended selling as a quit claim deed instead of quiet title. The quiet title makes more sense to me so thanks for bringing up your point. 

Thanks so much!! I will keep that in mind, appreciate the offer 

Wow ... thanks so much for that info. I was using the GIS, google view, and Propstream combined to double check the location of the lot and was also checking liens, zoning, flood zone, all that. However I never thought about the fact that it could have any of that in person so thanks for informing me. 

I am planning on buying in FL and wanted to ask realtors to check these lots in person once I do my due diligence so I don't have to make a 2-4 hour trip. However, I will definitely consider picking some cities closer than where I was initially planning on investing to check it out myself. Thanks so much again.

Hi all, I've been wholesaling land for the last few months and am closing my first two lots in June. I purchased a course to learn about Tax Deed investing and you can say it was ... vague. Thankfully I had some knowledge from the wholesale course previously which bridged the gap between things that were missing in the tax deed investing course. Because I'm already wholesaling land, there are some things I do understand when it comes to purchasing tax delinquent lots, but still feel a bit lost. I particularly want to focus on tax deeds for now.

I wanted to know if there are any reputable mentors out there that could help me learn? I'm a person who likes someone by my side to show me the ropes that I can learn from. I find it hard to navigate tax deeds on my own but know I could do it with the right guidance and practice. Any relevant advice would be helpful. Thank you

I was reading about the 1% rule today where a property should cashflow at least 1% of the purchase price each month. I wanted to know how does this apply to multi families? Should it be 1% for the entire property or per unit? I just want to make sure that I understood this correctly. Thanks!