All Forum Posts by: Brett Russell

@Jasen Bankson , in my mind, the first hurdle is what makes you think that your end buyers haven't already seen that house?  How are you going to be able to negotiate such a great discount that you can then add your wholesale fee and still provide a good deal the end buyer (better than they would have been able to negotiate without your involvement)?

@Sam Genson , welcome to the site from another A2-area investor.

I have just started a bunch of marketing in and around A2, but normally wholesalers are needing to work with cash buyers so that probably won't be a very good option for you.

@Matheo Segovia , go the blue navigation bar at the top of the site:  Learn-->Free How-to Guides--> How to Start Wholesaling

@Nicholas Moffett 

-- Figure out what you are looking for and then have a realtor put you in an auto email system so you get notified when properties meet that criteria.  This will likely be faster than searching Zillow or realtor.com manually each day.  You can do a  bit of investigation yourself instead of waiting for the realtor to present them to you.  If you like something, talk to your realtor to get more information and to view the property.

--Network with wholesalers in your area.  The good ones should have non listed properties.

@Joseph Theriault , I think you'll be best off just creating your own apps.  Podio is very simple at its core, but the customizability and app to app links seem to make it very powerful.

I'm just starting to use it and was using someone else's apps, but find I'm completely changing them to fit what I want/need and what makes sense to me.

@Becky Wolfe , I don't think this is really an issue of getting others' opinions... it just depends on what strategies fit your needs, skills, time availability, etc.  

The main scenario would be where you bought bad deals and/or didn't account for all expenses.  IE didn't plan for vacancy or capital expenditures.  In those cases, a big expense would mean the property would take money out of your pocket rather than putting more into it.  

@Brandon Low , why would you even care about the $8M in debt?  

If you purchase good deals and plan for ALL expenses including the debt service, then all that debt is being paid by the tenants and there is still money leftover for you.

@Matt Taschner , I think it's calculating a 20% down payment, then adding the closing costs and the rehab amount.

@Jerad Bailey , as I said previously, you basically have an awesome "flip" that would have created a huge profit for yourself, but the issue is the tenant in the house for 16 more months.  You can't market it for the typical reasons a family would want a house (i.e. great features and location) because a family can't move in.  Since it can't be enjoyed as a family house, anyone purchasing it would have to consider the income it produces and I'd expect to get WAY less than what comparable owner occupant houses would get.

I can only presume you chose to rent it out rather than selling because you were thinking/hoping/planning on more appreciation, but you have a lot of equity tied up for the income you are describing.

The way I see it, you're between a rock and a hard place. If it were me, I'd try to figure out a way to get the tenant out (legally and ethically) and sell and use the proceeds for a property or properties that have better ROI.

Just my $0.02