All Forum Posts by: Barton Louie

Question for all you wholesellers!!

In the bayarea I have been having a lot of sellers not wanting to sign the purchase and sale or assignment contracts. They keep insisting that they sell directly to the buyer and will pay us a 10k finder fee. However, without any contracts signed this will not go well. This Bad news waiting to happen and also this is not how I want to do this business!

How do I go about this and should I have the seller sign a finder fee contract instead? What should I do!? Need help.

Hi fellow BP family!

Need some opinions on my first wholesale deal that I am about to complete tomorrow.

I have the property under contract at $848,000.

The property is currently at 982 sq feet however has an 288 sq foot addition not permitted with the city yet. The cash buyer needs to have the contractor do some drawing of the new addition and send footage then submit them to the building department. After that’s complete the new da footage will be 1,280.

ARV at new sq footage is $1,100,000.

I am debating on how much to sell to the cash buyer because there’s some permitting issues and needs about 20-30k rehab.

What do you all think would be an appropriate wholesale price based on these numbers?

@Larry Folkerts

Hi Larry. Send me your contact info.

Hi all,

Starting to market in my area. However, I work full time and need to hire a great Virtual assistant to call and screen for motivated sellers. Any recommendations for which company is the best for the $3-4 per hour price range?

@Nina Grayson Hi Nina! Do you usually do your pre foreclosure over in LA? I would like to establish a system like yours in the Bayarea. Interested in working something out?

@Kathy Henley Thank you for your input.  Since then, I have been building my investigation skills using Trulia and Zillow to get a general idea of the type of area it is.  Also sending messages to the agents to get their input on type of area it is. 

Therefore, found out that the property was located in a C- area with a lot of crimes and robberies.  

Hi BP! Trying to buy first investment property out of state. Whole seller sent this to me. =============================== AskIng prIce $14,500 He would be willing to seller finance at $10k down on a 2 year term. Property is 100% tenant occupied. Tenants have been there 2+ years and are both currently on month to month leases. He pays all utilities as landlord because it is a duplex but it is zoned as a single family, so none of the utilities have double meters. There is one gas, electric and water meter for the property. These are his average monthly operating costs for the property: Gross Rent: $1100/month Water/Trash: $170/month Electric: $168/month Gas: $66/month Taxes: $100/month Insurance: $67/month ======================= It’s a 4/2. So 2/1 each side. Saw he said it is a duplex however zoned as a single. Is this a problem? Barton

@Ken Nyczaj great Job! Kitchen and bathroom looks amazing. Love to hear the detail of your next deals!

@Patti Robertson Hi Patty, thank you for your response. Here is a hypothetical situation. Let me fill in the numbers of a property here in the Bay Area that is pending now. $550,000 purchase price Expenses- approximate monthly mortgage $2,200, 10% monthly management fees = $420, other expenses $500 Income = $4,221 for 3 unit, 4th unit for VA friend to house hack. 4 unit - 1 will be for the friend 3 other units: monthly rent AccordIng to rentometer 2 bed/ 1 bath = $1,600 2/1 = $1,600 3/1 = $2,021 Total = $4,221 - $2,200 and other expenses ($500+ 420 for managemen fees) = $1,080 monthly cash flow approximately $1,080/2 = $540 person? This is a hypothetical. I would definitel use the calculators and analysis forms on BP to get all more accurate Numbers. Total

Hi all, This is my first post. Trying to pyrchass my first real estate investment property. Read Brandon’s no money down book and figured that in my situation without a lot of money to put down and unable to apply for a loan under my name. The creative strategy I came up with is: 1) My VA friend is looking to find a place of his own. 2) he can apply for a VA loan which is 0% down, 100% financing, no PMI. 3) he can house hack a 4 unit property and live in 1. 4) I can put together the deal and manage the property. 5) SPLIT 50/50 Partnership QUESTION: Form an LLC PARTNERSHIP?