All Forum Posts by: Bobby Holley

I see that most respondents appear faithful to the 70% rule.  Ultimately, the investor would be paying $320k to purchase the house.  Reselling the house at $370k would incur agent commissions of $22k taking the investor profit down to $28k before holding costs, etc.  Are there significant costs prior to holding costs that should be taken into consideration?

 Thank you , Stephen.

Looking to wholesale a property after originally deciding to flip the property because my retail buyer backed out.  Here's the deal:

Purchase Price: $300k

Repairs: $10k

ARV: $370k

Wholesaler Fee: $10k

Would an investor want this deal?

Back story on the property:

It was purchased by an investor at auction for $246k.  The home is in fabulous shape, needing minimal repairs.  The property sits in one of the best school districts in GA and in a great neighborhood.  I have been inside the property and taken pictures.  

Thanks for sharing, John. 

Ballsy move to bid beyond the original asking price.  Love what you have done to the property.  The two palm trees in the front yard are the crem de la crem.  I was hoping to add a variety of palm trees (as a signature piece) to all of my flips although they can get pricey and not always the best use of funds.  Love the original hardwoods and the restoration you did.  I'm a Long Beach native living in Atlanta, now.  I'm hoping to secure my first major flip at approximately the numbers you showed for this flip.  Maybe we can help each other in the future.

Over a month ago a social acquaintance of mine and my wife asked us-out of nowhere-if we would like to flip a house to them.  They desperately want their kids in the school district where we live and with inventory low in this district it's a seller's market.  So, I found a property that I thought might fit their needs.  The only problem is the property was sold shortly after their request at auction, Nov 6, for $242k.  So, I decided to meet the investor who purchased the property that very day at the property. I took pictures and found out he was asking for upwards of $300k.  I want to limit the financial risk to my investor, pay cash for the property and flip it with what appears to be very minimal rehab.  What steps / documents should I consider so that my investor knows the buyer is ready and able to buy the property?

Hi Trining.  TRYING to use phonics to figure out how to say your name.  Anyways, is it worth your time to sit down with me, a new real estate investor, to talk through ways to quickly access quality information on pre-foreclosures and probate?

 Do you trace and research deeds for a living?

I have a friend who recently asked me to find them a home to fix up and flip to them.  I found a home I think they will like that is going to auction tomorrow (11/1/16).  I can't pull together the cash to purchase that size home at auction.  The opening bid at auction is $170k.  It's a house that could likely be sold to my friend for over $300k.  What I would like to do is go to the auction and see if I can partner with the person who may end up buying this home at auction in order to secure a buyer for them and referral fee for me.  Is that a practical way of looking at this situation?  Is there anything improper about this solution?   What size fee might I get from the auction buyer?