All Forum Posts by: Annetta Barnes

@John K. Great. Thanks again!!

@John K. Yes I have been driving for dollars. No success with that yet all the properties I found are either in an upcoming foreclosure auction or owned by an LLC but I will keep at it. One more question, should I pursue the properties owned by LLCs or not??

@John K. Thanks for the advice. I'm going to have to get some lists. Any suggestions on where to get them. I've heard some positive and negative reviews about listsource and that's expected, but I don't want to buy a list that isn't producing any deals.

Hey BP. So my sister and I inherited a property from our mom 2 years ago. I have been living in the home since my mom passed but now we would like to buy the house, fix it up and rent it out. The ARV is $120K the remainder on the mortgage is $42K and repairs/updates would be about $5K-10K (if even that much). Any suggestions on how to get funding for the property other than a bank. Is there any way we could tap into the equity for this?? The property is still in my mom's name and my sister is the administrator of the estate so the property is listed in c/o my sister. Thanks in advance!!

Hey hey BP. I am looking for deals on Zillow fsbo and everything listed is new. Like no rehab needed, ready to go, I guess it would be considered turnkey/rental ready. My question is, is there any way to make these work?? I know wholesale houses do not have to be completely run down and can be discounted properties but how much of a discount with houses like these?? I have looked on my county commissioner auction past sale list and buyers are purchasing properties between 84-96% of appraised value. Should I pursue or look in other avenues of generating leads?? Thanks in advance!!

I am in the process of doing my first commercial property wholesale deal. I am having the hardest time finding comparables so I can calculate the cap rate. I can't find anything to help with determining the property value so I can negotiate. Can anyone provide a simpler solution to determine this. Also, what other information is needed before I move forward with the deal (or no deal). Thanks in advance!!

Thanks!!

Can anyone shed some light on the type of contract that would be needed for a commercial real estate assignment. From my understanding, you don't use the same contract that is used for assigning houses. If anyone has one to send me, that would be great!! Any feedback is much appreciated.

Got it. Thanks!!

So I just want to make sure I understand correctly. I am new, just getting started and it seems like I keep finding deals but they are not good deals. I just spoke to someone interested in a JV. Not sure what it is under contract for, but they are asking $5K for the property which is a 3bd 1ba SFH ARV $40K. $13K back taxes. Estimated repairs $10K-15K. Comps: 3bd 1ba 1053sqft Sold $38,500, 3bd 1ba 925sqft Sold $28,000 and 3bd 1ba 925sqft Sold $27,500. I was asking how this would work when they buyer would not be making a profit at all with the numbers I came up with. The person I was speaking with said sometimes a buyer will set up payments on the taxes, (even though I was under the impression it had to be pad at closing), but even with that method, the buyer is still not making much of a profit or am I not understanding something??