All Forum Posts by: Brandi Williams

@George sorry, the house does not need any repairs, that was a list of what has been done to it already.

I looked up the home that sold for $41,000 and it did not need repairs, looks a FSBO who needed to get out of the house quickly. Listed at $45k sold for $41 about 2 months later.

3/2 1288 sq. ft
New paint, carpeting, vinyl windows and siding
Built in 1987
Tenant Occupied: $500/month

List Price: 39,875
Offer: $21,999 (starting point)

Comps:
3/1 1000 sq. ft. 0.24 miles away sold for $105,000 (4/4/11)
3/1 1592 sq. ft. 0.56 miles away sold for $75,566 (4/14/11)
3/1 2045 sq. ft. 0.3 miles away sold for $72,000 (1/14/11)
3/2 1084 sq. ft. 0.57 miles away sold for $41,000 (1/7/11)

This house is about 10 minutes from the local college. I may already have a buyer from our local REIA group that is looking for 3/2's near the school.

Is this a good deal? With it being rented at $500/month what would be a good listing price to attract buyers?

@J. Scott are you posting ads on Craigslist or responding to FSBO ads. Also for the MLS listings how are you assigning the contracts, or are you holding them through the seasoning period?

@ Brian the rooms are actually a fairly decent size, the master is very spacious with a walk in closet and the room across the hall is only a little bit smaller. The 3rd bedroom is definitely more of a kids bedroom and does lack space. Also could you breakdown how you calculated the ROI for this house (just a newbie question) and what ROI would a typical investor look for.

Also this house was built in 1991. We just found out the seller has a Hard Money Loan for the place and can not go any lower than $22k to sell. I was thinking this house would be better suited for a landlord since it is practically a turnkey deal, but I could be wrong.

Thanks for the quick response Jon. I will be wholesaling this property. The ask price will be 30k obo, the ARV is $55k, this is based on purchases within the last 6 months in that area, most were in the last 3 months though.

Just went to see a house this morning that looks to be a great deal. Please give me your honest input, and investors would this deal be what you look for.

3 Bedroom, 1.5 Bath
1008 sq. ft., large fenced in corner lot
Master bedroom has the half-bath attached, and full bath is in the main hallway.
Large kitchen that flows into the dining room and decent sized living room.

Repairs:

Carpets need to be cleaned
Kitchen appliances (washer/dryer also)
Bathrooms might need updated fixtures

Home is freshly painted neutral beige througout and has updated light fixtures and fans.

List Price: $23,500
Offer: $19,999
ARV: $55,000
Rent: $600-700/month

Flip Price: $30,000 obo

What do you think?

Hey Casey!

That sounds like a great idea. I am pretty good with making the webpage, I'm not too sure about how to put together the actual calculator and have it work in the background to spit out the "offer." I would be willing to test it for/with you and work with you on it as well.

Hi Warren,

We are in the process of acquiring a 2 bedroom, 2 bath in Greensboro, NC. It is about 10 minutes from the local university. It has some updates done already but needs an additional 5k-7k of work to be in rental shape. We are asking 30k, rent from a Section 8 tenant would be around $550. Please let me know if this is something you are interested in.

@invmatchmaker I totally agree with you. As a newbie I hope to get feedback from investors as to what makes a deal appealling to them or why they are passing up on what I think is a great deal.

I hope more of the investors in this forum comment on "the truth about wholesaling" so that those who want to be more informed can learn from it.

I would like more information on this company if anyone has had any experience with them.