All Forum Posts by: Catrina Alexander

Hello everyone....

Here's an update.

I have not spoken wih the Asset Manager since Dec. 23rd. This is not because I haven't called but because I think that he was shopping around with other folks to get the highest bid possibly.

I found out today that he's told me that he received a higher bid from 'others' and he could not sell the properties but only the 'notes' that are secured by the properties. I left a message stating that I had TWO potential buyers that were interested in all of the properties and that I was calling to get an update so that we could put a contract in before the properties go to auction. I was then told that if my buyers were interested in the properties outright, then they should go to the auction and bid.

Imagine how ticked off I was at this after pursuing this deal since Summer 2013!!!

Does anyone know how I could get a hold of any other Asset Manager(s) to try to get other (and possibly) better deals than this?

Please advise.

@Rob Anderson ....The bank has agreed to accept two SEPARATE deals... One for the existing homes and one for the lots. The sale of lots are going to be more difficult but possible. I made a note of the local builders that were building out in those areas. I was going to call their corporate office and see if I could get a hold of the acquisition manger to see if they'd be interested.

Well everyone...Here's an update.

The 45 properties turned out to be 9 existing houses and 36 empty lots!

After doing comps for the houses, and figuring $10 per sq ft in repairs for each house, the ARV for the 9 houses total out to be $2.1M alone. These are some AWESOME locations, some on lakes, some in manned/gated communities, etc.

The bank is willing to split the existing homes and lots into two separate deals.

What do you guys suggest would be a good offer price for the existing homes? 70% of the $2.1M is $1.47M. I'm thinking half of the $1.4M should be okay because of the amount of estimated repairs, which is around $700k. Also, do you think 10% of whatever the offer price is would be an appropriate amount to ask for a wholesale fee? Any feedback would be greatly appreciated. Thanks!

Hmmm. What a thought! I didn't think about that. Thanks for the possible idea. Especially since a few of the homes are further out. Thanks again!

Hello everyone,

It's been awhile since I've been on here. I have a question to propose to the wholesaling gurus and possible the moderator, if necessary.

I've been working on wholesaling a number of properties with an asset manager who holds 45 properties of a former builder's inventory of unfinished homes all across Houston, TX. He's requesting that the inventory be disposed of in bulk and is asking for $2.3M for the entire inventory. That's approximately $51k for each house!

Anywho, my question is....what would be a good/decent wholesale fee for this transaction? I'm speaking with someone here in Houston and previously, he said that he would give me $200k as an assignment fee, which averages out to around 8-10%. Do you think this is a fair number? Or is it too high? Also, not to tick off the end buyer, how would you guys structure this deal? One contract with an attachment of a list of all 45 properties with legal descriptions or would you draft 45 different contracts for each property....which is what a loan officer at an investor friendly title company advised me to do?

Please advise....

@Dawn and @Rick...Sounds like a good idea; that way, I won't have to worry about contacting someone else and possibly losing out to someone else. Thanks you guys!

I received a phone call on Friday from an Executor that probating his deceased brother's estate. He received my contact info from a yellow letter that I mailed almost 6 weeks ago. He wants to know who he can contact to have someone purchase his deceased brother's personal belongings. After that, I'll be free to purchase the home. Does anyone have any idea who I can contact to help me with this? Or should I just hold an estate sale myself on his behalf with him present?

Andy,

That's what I thought I was doing...offering fam $17k and then assigning for $19k. Not trying to have a cash cow. Just want a little something to get experience under my belt without being greedy.

Ezinwanne,

The house is uninhabitable, I believe. I have an end buyer that seems interested even after I've told him the condition of the house.

Let me know if I'm doing something wrong or if price is too high

Hello everyone,

I have a wholesale deal that I'm attempting to put together. Here it goes..

My uncle has been renting out my grandparents' house for many years. They both passed away more than 20 years ago. The house now has a notice from the city regarding violations. I spoke with a neighbor and have also seen for myself that the house looking inhabitable. There's over $5600 of overdue taxes assessed to the house. My uncle's been responsible for the house and because of a stroke he had 1.5 yrs ago, he wants to sell. Comps come in with a cash sale of $30k and another home (comp) for $40k cash for land use only where the house was in the same shape, same lot size, but just a little bigger in sq ft. My uncle has stated that he wants $21k, paying the $5600 in taxes. I want to offer my uncle (along with my dad, aunt and another uncle) $17k and then wholesale to cash buyer for $19k. How do I put this together? Do you think cash buyer will accept? If not, any suggestions?

Hello everyone,

I'm in need of some help. Since I'm a Realtor, everyone in my family's relying on me to do a good job. Here's the situation....

My Grandmother died without a will Dec '09. I prepared a gift of deed before her death between grandmother and my mom where my mom was suppose to deed over the entire property to grandmother. About a month ago, I found out that grandmother only had 1/2 interest in the property...I created and filed the wrong document! Ugh! To correct the problem, I was told by a probate attorney's assistant (because of my prior experience as a legal secretary) that I should prepare a small estate affidavit, having the document signed, notarized by all siblings and two witnesses. This has been done.

I had an investor to come out to see if he'd purchase the 960 sf house that's in the hood. I told him that the house had foundation issues...house is split in half from left side to right side of home because of my mentally unstable aunt who failed to water during the drought in Houston 2011. I also told him that the ARV would be $35k and that the family would like to sell the house for a price of $18k+. He agreed and prepared the contract for $17k after viewing.

A week or so went by and he had his foundation guy to come out and inspect the house. The foundation guy told him to walk away because (he said) the foundation repair would cost $7k instead of the $3-4k he initially quoted me/the family. He then told me because of this, he's going to have to reduce the price by $4k, to go back to the family and tell them of the price reduction and see if they're still interested. He also stated that since my Aunt had one of the local wholesaler to view (he had other investors to view) but according to him no one was interested. If the family wouldn't go for the reduction in price, he'll have to walk away...

Lastly, there's $4k in outstanding taxes that my Aunt didn't pay that are past due as well.

What shall I/we do?