All Forum Posts by: Brian L.

Hello @Sid Siddiqui and welcome to BP. You definitely came to the right place to network and learn.

Sold houses with garages are not comps if this house has no garage. Can you find similar houses that sold? No garage, same square footage, same # of bedrooms/bathrooms, same neighborhood? It also a good idea to look at cash sales in the area to see what investors are buying and how much they're paying. Remember the 2 biggest mistakes that new wholesalers make are under estimating repairs and over estimating ARV.

If these guys are really strapped for cash $45k is a bucket load for them. It looks like you could have a deal at about $45k if it needs $10k in repairs and ARV is $85k but it probably needs way more than they're telling you. How are you planning to estimate repairs? If you have experience you are a step ahead, otherwise you'll need to get some help with coming up with a solid number. I wouldn't make them an offer on the spot unless you're absolutely confident on the numbers. Take their info and some pictures and tell them you'll get back to them with an offer tomorrow (or Thursday if you think they can wait). Take time when you get home to really analyze the deal, make sure your numbers are good.

Good luck!

Try to get in touch with the family or executor of the estate and make an offer. I imaging waiting for the city will not only take forever but will probably be complicated as hell.

Hey @Dan C. I struggle a little bit with these types of conversations at times too. For some reason, the hardest one for me is to talk about my dissatisfaction with someone's performance. Whether it be crappy contractor or piss-poor service at a restaurant, I've always been the type to just say "I'll never give them my business again". I figure not going back or calling them again is a pretty clear message. I am working on speaking up more often in these situations but it's not easy. I had really poor service at a national restaurant chain like 15+ years ago and I have never been back, I'm showing them ;-)

Hello @Ana N. Welcome to BP and welcome back to REI. I was born and raised in Chicago and definitely miss the deep dish!

Hello @Frank Sockriter and welcome to Bigger Pockets. If you haven't already, read the BP beginner's guide and start listening to the podcasts; these things are tools to help you get started.

I haven't read the book but that's the Rich Dad way...

Hello @Kim Okafor

Hello @Christopher Hunter and welcome to BP. I'm not a buy and hold investor so I'll keep my reply short. The first thing you need to do is take action. Put together your outline or what ever it is you think that you need to get started. Write down goals. Write at least a basic business plan that says what, where, how you will buy. There is lots of info/help with the business plan part but the goals you have to do on your own, no one can really do that for you.

A few things you might want to think about and share here so that people can offer some input. What type of property are you trying to acquire to accomplish your goal; SFR, MFR, large apartment buildings, commercial, retail, land? Where are you buying? What funds do you have? Where/how will you get funds that you don't have? People here will give you a lot of advice if you can elaborate on your goals and plans a little more. Good Luck!

Awesome story Reuben! Never give up because the first deal might be tomorrow!