All Forum Posts by: Ben Roberts

Mark Pedroza thanks for the help!! Chris Reid According to my contact, the home is updated. However, I always walk a property with the owner making note of work that a typical investor would do, getting his/her agreement on the work and estimated repairs, then subtract that from the asking price. If the home is turnkey-ready-to-rent, then $115k is a good deal. Assuming it needs, at the very least, paint and some fixtures, then the retail cost of those items will come off the $115k. If push comes to shove, I may not make $5k. That's my average. But I have no problem taking less if it means my buyers get a better deal. That's one reason they keep buying from me.

Thanks, @Alex Craig.

I'm a wholesaler in Memphis, TN and I got a call from a lady interested in selling her home. 3 bed / 2 bath nice East Memphis neighborhood, actually 2 blocks from my personal residence. It seems like a good deal, ARV $135K, she wants $115K, rent would be around $1,200. She says that it used to belong to her mother who passed away and that it's now in probate. How do I put this together? Do I need to wait until probate gets settled? What questions should I ask? What do I need to know that I don't know?

Paul Amegatcher thanks for the advice. I've about tapped my buyers list (not that it was all that large to begin with) I had an agreement but the buyer backed out. Now I'm sort of scrambling to get in front of as many people as I can. I can unilaterally push the closing back but I'd rather not. Truth be told, I want to close and keep it for myself but the cash I've got isn't properly seasoned and the numbers don't make much sense with hard money.

This feels like a silly question but I've got to ask... I'm got a wholesale deal in Memphis on contract. A friend listed it on the MLS but I've never sold a deal this way. Normally, I have a contract and just assign my interest for a fee. In this case, I assume, there are going to be agent commissions that will need to be paid. To keep the numbers easy...

If I have it on contract at $40,000, and we agree on a price at $50,000, then the agent commissions will be $3,000 (%6).  So do I write an assignment agreement for $7,000? or should I do a double close?  How does this actually work? 

Hi @Henry Tse.  Are you looking for fix and flips? buy and holds? turnkey?

Wish I had seen this before today.  Sorry I missed you guys.

Hi @Will Jo, I couldn't agree more with @James Wachob and @Douglas Skipworth.

I'm a data analyst for a REIT by trade and base all of my decisions on numbers. You and I both know that numbers don't lie, but they can be misleading. If you need some help on the ground in Memphis, feel free to reach out. The market here can change block by block, and that's no exaggeration.

@Tom Jeses I've never wholesaled a short sale.  I feel like it's a tool that I need in my tool belt but I've got to be smart about where I'm allocating time.  Right now, if I come across someone in that situation, I have a couple realtor friends that I refer them to.  Folks that deal a lot with short sales.  Once I know that one of them has actually gotten some business out of my referrals, I'll probably ask them for help on the next one.  I know that you'll need the bank to accept an amount lower then the remaining balance, and getting them to approve that could take a while.  Then, I would imagine, it works similarly to any other sale.  We have a contract with an agreed upon price.  I find an investor willing to pay a few grand more, and then assign my position in the contract.  I'm sure it's probably more complicated than that.  I'll let you know if I ever do one.

Thanks for the advice @Curt Davis, @Scott F., and @Douglas Skipworth

I'm sure QB is overkill right now, but I expect to grow this year.  I'm worried that if I wait until I need it, the process would be more challenging.  Plus, this is still the beginning of the year.  Getting off the ground shouldn't be too hard.  QB seems to be the standard.  I suppose that's for good reason.