All Forum Posts by: Account Closed

Hi Tristian,

Are you attending any REI groups? This is a good place to let others know what your looking for and there may be someone there looking to sell a multi.

Another option is to do your own direct mail to find a property. Companies like YellowLettersComplete can mail to your exact specifications. I'm not sure how much time you have, but once you send some letters out, be prepared for your phone to ring and you'll need time to follow up with sellers and hopefully view some properties. If you take this route you may find a deal that others aren't all competing for, not to mention saving yourself fees/commission. Gluck!

Broad question, help with what part of the process? There is a wealth of information here. Search the forums- key word- wholesaling, there are plenty of step by step posts. You can also check out Clever Investor or Flip to Freedom web sites, or Youtube wholesaling houses. Hope this helps. .... And listen to as many BP podcast on wholesaling as possible 😊

Broad question, help with what part of the process? There is a wealth of information here. Search the forums- key word- wholesaling, there are plenty of step by step posts. You can also check out Clever Investor or Flip to Freedom web sites, or Youtube wholesaling houses. Hope this helps.

Are the lots subdivided already? If not have you taken into consideration this cost? With the ARV you've mentioned it doesn't look like there is enough meat on the bone to pursue either way considering you said the house was a shack. With a 40k rehab, you shouldn't pay more than 28k for the lot and property.

I have a 3 bds/1.5 property in North Wilmington. Decent neighborhood. This would make for a nice rental. Needs some cosmetic work. Asking 34,500. Contact me for more info. House is on lock box and can be shown anytime.

Originally posted by @Chris Williams:

Those are good ideas. Thanks guys. I get a good response with yellow letters to 10 units or less, but i haven't really tried to market to larger properties. I think it will have to come down to trial & error.

 Hi Chris,

I am about to send some letters to 7+ unit owners. How'd you make out? Did you wind up sending yellow letters?

Thanks Shaun,

Trying to help a guy out. Area is pretty far from me. Impressed you know that much about area being from Mass. I noticed the comps were spread out, but figured someone with knowledge of area would consider it a good deal or not. Appreciate the feedback.

315 E Hillcrest New Castle, PA 16105 1810’ 4bed/1.5 baths 10,800 Lot 2 car garage 

ARV 88K

Rehab partially complete, another 10-12K required

Work Completed:

1) completely rewired and wall fished with 200 AMP box, two 220 lines, 18 lights, 16 switches, 29 outlets, 5 home runs

2) construction: a couple of walls removed and new walls built, plus closet built in master bedroom, door cut into back of house for easy access from garage

3) Four rolloffs of trash removed

4) all missing copper replaced with PEX as well as other plumbing

5) excavate and repair water line

6) replaced all basement windows with glass block

7) replaced 24 windows plus large picture window(these still need to be trimmed and properly installed)

8) tiled floor of kitchen and two bathrooms

9) plumbing for bathrooms and laundry room

10) repaired walls and ceilings

11) removed large overgrown bushes from front yard

12) installed 3 new exterior doors

13) repaired roof and re shingled the front

14) full suite of nice kitchen cabinets, partially installed

15) resolved all $30,000 of liens

16) living room and dining room floors sanded

What’s Needed:

Exterior:

1) minor repair between 2 doors, possibly realign doors, replace 3 windows, paint (optional)

2) replace siding on front wall under porch, also relatively minor siding repair in a fer places

3) porch: pillars stripped and painted, soffit repair, install outdoor carpet, install lighting, steps and railings for front and back porch

4) looks like recent windstorm may have caused damage to a couple shingles

Interior:

1) Kitchen: finish anchoring and installing cabinets, finish grouting floor, install countertops, backsplash, sink, garbage disposal, dishwasher, gas line for stove

2) Insulate the laundry room ( option: don't insulate and use as enclosed porch or other uses)

3) Floors: sand, stain and coat living room and dining room and baseboards, carpet the 2nd floor

4) Adjust and trim windows...1 window and 2 upstairs outer doors will need to be purchased

5) Interior doors need to be purchased, painted and installed

6) Minor floor repair in small area in living room and bedroom

7) Refinish cabinet in dining room

8) Finish trim

9) Minor finish work on master closet

10)Paint walls and ceilings throughout house

11)Basement: Either the furnace needs a $175 repair or it needs to be replaced at a cost of $2200-$2500 (I won't know until the gas gets turned on. I don't want to turn the gas on until the gas line in the kitchen is installed)

Comps:

SOLDPrice Date Address Bed/Bath Sq Ft Lot Garage
90,000 8-25-14 807 E Fairmont 3/1.5 1134 7275 N/A
82,500 10-10-13 207 E Northview 2/1.5 1580 11,000 2
87,000 3-25-14 411 E Northview 4/2 1972 4792 1
87,500 10-16-13 212 E Northview 3/1 1806 8930 1


FOR SALE
Price Address Bed/Bath Sq Ft Lot Garage
129,000 304 E Fairmont 3/1.5 1980 5401 NO
99,000 802 e Fairmont 4/2 1380 8407 2
87,000 318 E Northview 3/1 1850 6403 NO
76,900 414 E Northview 4/2 1915 4792 2
109,000 224 E Northview 3/2 N/A N/A 2
79,900 215 E Fairmont 3/2 2711 5009 2
84,900 308 E Fairmont 4/2 1841 N/A NO

I have more photos in Drop Box. Please email me if interested. [email protected]

Thanks.

Thank you guys,

I will definitely take the criticisms as constructive and be sure that I am transparent in all of my transactions. I will also be more detailed and careful to use the correct terminology in my posts. Learning and growing!

First off, you are totally WRONG! the transaction was all cash. There was no note of HM and I don't know where you read that in my posts. To assume I did something unethical is totally false. Both the attorney was informed and the seller that the note was for the property and the purchase price was reflected on taxes. I never deceived anyone and am highly offended you would state that without asking some informative questions first.

Yes I pre-qualify my lease to own tenants, explain to them exactly how it works, what's at stake and I also work with them to help improve their credit. Also, it wasn't a deposit, its a non-refundable down payment.

The promissory note to the seller spelled out all payments and terms. As to your statement about my character in your mind? Get all the facts before you assassinate. Over opinionated, seasoned investors like you are probably one of the main reasons newbies don't post. The unnecessary attacking statements and assumptions are just ridiculous. Ask questions, get the facts!

The post was simply information, and in hindsight, I should have just put 20% down with a hard lender instead of using cash. As was simply posting a follow up, realizing I could have done a lot of things differently, but I took action!

I learned a lot from the time I first posted this question and purchased the property and applied it. This follow up is over a year later!

To make the "assumptions" without all of the facts and to say let the post just die, shows that you'd rather beat your chest and try to show your superior real estate knowledge without first asking questions to gather FACTS. 

Thanks.