All Forum Posts by: Corey Woodruff

at 24k I'm assuming it's in a bad area? And also that it needs some work? How much in repairs and what letter grade do you give the neigborhood? A,b, c d e?

Base your offer price from the operations and cash flow of the property to decide whether this is in fact the a good deal or not. Are all the units rentable at time . of purchase?

you can add a contingency to the contract that addresses you needing to find a buyer or due to inspection and that would give you a way out. But yea like you said it could hurt reputation if he plans on it selling and it doesn't. But to answer yes that is a way out for you. 

 They have a lot of great resources there @Joshua Dorkin has put together an awesome resource for hard money right here on bigger pockets. Id start there first.

Base the offer off of the operations of the property. you would be doing yourself a huge favor reading ABC'S of real estate that guy is a genius when it comes to multi family properties. He has a ton of input on offers that really make sense. 

@Xai Xiong    just keep going with it on a podcast i was listening to today the guy said that he offers on 65 deals a month only to close on 2 deals. so ramp up the numbers and dont let the sellers purchase price keep you from offering on the property offer on a ton to get some. 

don't get discouraged because of the sellers listing price. The book ABC's of real estate has taught me one thing more than anything else and that's that the listing price that the seller is asking for is 100% irrelevant you base your offer off of the operations and cash flow of the multifamily property . You can find this information out from the rent roll but ultimately when sellers sell their multifamily property they base  their  price from potential income and not from the actual income. never be afraid to put an offer in off of They numbers you come up with. What they lost it for doesn't mean that's what it's worth. Put an offer in on all those over priced properties I guarantee one them will accept eventually. because if you know that they're overpriced so does every other investor and that means that that seller will become motivated after it sits on the market for a while don't give up 

is hard money an option? If not do you have the deals? Cause if not it's always better to get a deal and then find an investor then to try to get an investor and then find a deal. If you find a deal that is truly a deal an investor will flock to it. Good luck. Let me know how it turns out.

don't do a land contract to sell. Sell the property as a lease option. This leases the property while giving the tenant the option to buy it in a certain amount of time usually 1 to 2 years later. If the tenant can not get the loan after that time has passed you have the option to cancel the contract or to extend it using another lease option contract. Doing the lease option is much easier to evict somebody than the land contract because from what I hear using a land contract you must go through the complete foreclosure process to get them out of the house if they choose not to pay

HUD HOMES AND AUCTION.COM listen to podcast 136 that guy had so much valuable information about wholesaling. He's very well established and does not choose to market for properties. If you want to wholesale you should definitely listen to that podcast

one thing Mr. Wood said in the podcast last week is analyze each building separately and ask seller what he values each property at.