All Forum Posts by: Charles Willie Harris

Jason, 

I got the feeling that he added a little cushion somewhere in the numbers for a wider potential ROI range.

I'll keep that into consideration. I know he's running everything through several different calculators.

The 25,450 is the down payment plus the rehab budget.
 
More on the specifics: 
$52,250 purchase price
$10450 20% down payment
$400/ mo 105 months (8.75 years)
5 annual interest

So my 18-year-old nephew is the one that got me into real estate. He's been doing this for about a year and he's already done a few flips and deals (as opposed to me, who's only been doing this for two weeks).

Anyway, he reached out to me about a deal he found and he's actually looking for me to see if I was interested. I've never evaluated a deal before and I'm still on the fence about going in on it being so limited in my education. 

I need some help evaluating the deal and asking the right questions about it. I

Here's all I know so far:

1. The property is under contract at $55,000 and is going through Title
2. He'll be discussing with the owner for Land Contract(Seller financing).
3. If this is accepted, that's 20% down
4. $15k in rent rehab for a hold.
5. It's been certified by an inspector as Rent ready but he's thinking of adding an additional $5k into it.
6. $400 a month to the owner for utilities, taxes, and fees.
7. Will rent for $900-$950
8. All in for this option would be around $26k
9. With monthly expenses still cash flowing over $400
10. Over 18% ROI.

So he's been telling me there's a lot of opportunity into this. He's looking into the FOIA packet at the moment.
Since I'm so new at this, I feel like there's a bit more information that I need in order to find out if I'd like to pursue.

Any recommendations?

Oh yeah, I remember now. I spent a couple days studying this in a digital marketing course a few years back. However, this part here I'm a little confused by. Can you elaborate on how precisely I can get SEO without paying anyone for it? How can I do SEO by myself?

I'd also recommend that you start finding a very knowledgeable and wholesale friendly real estate attorney that will be able to review and approve your purchase agreements, marketing materials, and general business practices allowed by your state.

I'm about a week into the course and there's some pros and cons to it.

However, in general, it's been worth it for me. The coaching, the scripts, the documents, support, the direction, the motivation, etc. I just know that if I tried wholesaling on my own, I would've never been as far as long in just one week. Not a chance.

I've never heard of SEO. Where can I learn more about this? Rather, what's the best place where I can learn more about SEO specifically?

Ankeny/Des Moines area here!

I've been working on the last 2 weeks in building out my educational foundation in real estate, specifically on wholesaling.

I don't have a buyers list yet, no marketing yet, just working on education and networking.

I'm attending my first REIA meeting tomorrow night and I want to make sure that I squuuueeeze as much value out of it as possible in the short amount of time that I have. So, what should be my primary focus at these meetings?

-Finding other experienced wholesalers?

-Getting contact info of cash buyers?

-Referrals for real estate friendly attorneys with wholesaling experience?

Let me know if you guys have any advice in this regard?  

P.S., I'm in Iowa.

 Interesting!

I've been calling up and speaking with every real estate attorney experienced in wholesaling I can find at the moment until I've found the right one. So far, it's been hit/miss. Not a ton of real estate attorneys in Iowa seem extremely well-versed in wholesaling. I'm getting closer and closer but this isn't easy!