All Forum Posts by: Jeffrey Charter

Great job! Congrats, and Keep up the good work!

Its the same concept! Find undervalue properties and buy it at a wholesale price. Assign or sell the option to a capable buyer, and make a  profit.

On the commercial side, you will have to do more homework, and your upfront cost are more.

Residential cost, excluding marketing $0-$1000 for earnest money deposits

Commerical would be $30k to several million depending on the building size, for appraisal, studies, lawyers, and opening escrow.

http://therealdeal.com/blog/2014/10/14/joel-schreibers-waterbridge-flips-williamsburg-contract-for-106m-sources/

Anyone familiar with this Market? It has a small population, and it boarders North Carolina. I live 200 miles from Danville and was considering it a place to invest in Multifamily apartments.

Commercial/Multifamily Investors, what factors do you look at to determine the market you invest in.

Thanks

Thanks Rob,

Yes I have taken all of this into consideration.Is there a need for some typec-store? in my opinion yes, but like you said I would need to get it at a real good price to compensate for the long hold time, rehab, and lease up.

I looked at it again last night and I see another possible exit strategy that I will investigate further.

Thanks

Anyone have experience leasing these properties?

Property is located on a 4 road intersection. Residential area. No apartment buildings, no major transportation or other commercial properties within 10 miles.

However there is a need for a convient store or a local market in the area. Could potentially become a Mom and Pop. Also thought about rezoning to Residential and turning into apartment building.

Its a tough market for development of single family homes in my opinion.

Building is vacant and will need to be rehabbed. Sits on 22 acres. It's about 13,000 Sqft

Sorry for the rambling, and thank you for your input.

Welcome to the site. Happy Investing

Andrew,

can I get the numbers on this property? I invest in the VB area. PM me the P& L statement, and rent roll.

A good wholesaler will always close on a property they put under contract. Of course it needs to be a true wholesale deal.

So if you are putting a property under contract with the intent of wholesaling it, you either need to have the cash to buy or the financing in place just in case

1) Your buyer backs out.

2) You cant find a new buyer.

This way you are never deceiving the seller and you are performing on your part of the contract. YOU ARE BUYING the Property! I dont think sellers care what your exit strategy is as long as they sell on the terms both parties agreed to.

If I dont have the cash in place and Im doing financing, I would write the contract with a financial continginey letting me back out if the property doesnt appraise or if I cant get the financing.

Wholesale is a service, and you must treat it as such.

Wholesaling is NOT a scheme to tie up someones property, and then sell it for a quick buck.

Thanks all for the advice, because this is a business, and I want to provide good service, I want to make sure all options are covered and there is a win/win. I will take everything into consideration, and setup processes for the phone calls that I recieve.

Just a quick question for you experience investors. How do you deal with sellers that you are not able to buy from.

When that property just doesn't fit your buying criteria, or there is no motivation from the seller. Do you give them an offer regardless, or do you just simple say that you are not interested.

Thanks

i'm gear towards the first strategy, but I would need to find all cost associated with converting to a 3bed house. You might not be able to do it because of the lot size, or the structure layout. I wouldn't guestimate the repairs.

It could make a good rental if you can get owner financing. If you can negotiate good terms you can possibly wholesale it to a buy and hold investor.