All Forum Posts by: Brett Russell

 Just to add more here, many post offices are offering the same type of services that previously only UPS Store etc offered.  I just got a PO Box, for WAY cheaper than a UPS store box, that allows me to use the address of of the post office followed by #350 and they also claim they'll be able to text or email me when I have mail.  I'm not too confident about the 2nd one, but the street addressing feature was the only reason I would have considered the much more expensive UPS store box.  Check with you local post office.

@Jerad Bailey , my recommendation (without hearing more details) would have been to sell, but I don't think you'll have the success you are planning on.

Here's why, and maybe you can provide more details if my assumptions are wrong: it sounds like you purchased this home to live in it but for some reason are renting it out now.  Or at least that's how it sounds based on how you say it has the features you love and how you want to get more of your dream location.  And if your profit would be $250K+ (I'm interpreting "make" to mean profit, not gross sales price), then I presume the sales price has to be at least $600K.  Sounds like it would be a great profit on a "flip" but you are going to be trying to sell an income property since you state it has a tenant for the next 16 months.  Houses in that price range rarely represent good buy and hold candidates so you would have to find someone who was banking on more appreciation.  It might provide you some cash flow based on current expenses and any debt, but the new owner would have much higher debt expenses to account for everything you did to improve the property as well as appreciation since you bought it, plus it may be reassessed significantly increasing the property taxes, so they probably won't have much positive cash flow especially compared to a regular down payment on a property of that price.

But please provide more information so we can give better advice.  What did you buy it for?  How much did you spend to fix it up?  What is it currently worth?  How much is the gross rent?  What are the expenses you are including when you talk about your monthly profit?

@Mark Howard certainly getting 0% interest is good and you'll be gaining equity pretty quickly, but I worry about your cash flow.  Do your payments include the taxes and insurance?  

@Bryan H. , at the bottom of the box that pops up after choosing "Email to App" there is a link for "Control how your subject and body maps to your app." and you can choose what information goes where.

Already being discussed

@Shanai Inns , the other, equally big issue is that if you are able to find the house on zillow, then your potential end buyer could also very easily find it on zillow, so you haven't really done much to earn a wholesale fee.

Focus on finding off market deals.

@Bruce Dalis , I agree.  Not only does .com sound more professional, but everyone is going to think that's what yours is, so you'll be losing leads to whoever owns the .com.  I think a lot of the new ones are pretty much gimmicks.  

@Everett Marshall , the answer is pretty similar to your recent inquiry about wholesaling HUD homes.

First off, the bank probably won't give you the time of day if they haven't already decided to list the house, so you would have to wait for it show up on the MLS and make an offer. Because of deed restrictions, you probably would need to get in under contract in the name of an LLC and then transfer the LLC to the end buyer before closing

That being said, I highly encourage you to look elsewhere for your wholesaling business.  Like I said, you probably won't get anywhere with a bank until they have decided to list the property, and once that has happened, every investor in town will have seen it listed themselves so you aren't really bringing value to the transaction.  

The value a wholesaler brings is finding unknown, off-market deals at great prices, not finding listed deals that are easy for everyone to find.

@Robert Perry , my keyword alert notification is still lagging.  I'm showing a 2 currently, but clicking onto it shows no unread.

@Michael King , it's that they aren't waiting for conventional financing.  That bank underwriting can take many weeks.