All Forum Posts by: Ana N.
Ana N. has started 8 posts and replied 107 times.
Post: First Chicago Wholesale deal- Advice needed
- Investor
- Chicago, IL
- Posts 110
- Votes 33
Hi all,
I have my first lead on what seems like a cosmetic fixer upper in a lower/moderate income neighborhood and I could use some advice on how to structure it.
4/1.5 Brick split level (1 bedroom and the 0.5 bath are in partially finished basement) 969 sqft No garage – fenced lot
Repairs Best Guess (8-10k): I'm going to see it tomorrow, but seller states it needs tuck-pointing, floors, paint, drywall repairs.
Seller asking 70k, May consider renting it. 2 brothers selling. 1 living in it who needs some cash due to financial problems (I will ask tomorrow how much cash he needs).
Free and Clear, but is still in the names of deceased parents. May consider renting it
ARV Comps: 85k-ish? - there's comps at 90 and 115, but they have garages.
Questions I have....
How do I handle the fact that the heirs aren't on title?
How much should one discount comps for a lack of garage?
Any thoughts on how else to creatively structure this deal? In case they bawk at the typical 70% ARV - repairs - my wholesale fee. (45k?)
Do I just make a "cash offer" of 45k? and see what they say?
Should I have other options for them (seller financing? L/O?)?
Other information I should get from them?
I feel like there has to be something here since the house is free and clear and the seller seems like he might be more flexible than he lets on. I just feel at a loss at how to make it work.
Any help is truly appreciated!
Thank you!
-Ana
Post: Chicago - New Wholesaler
- Investor
- Chicago, IL
- Posts 110
- Votes 33
Originally posted by @Karen Margrave:
Join in the conversations, ask questions, and I'll see you around the site!
Karen,
Thank you for the tips! Will check out those resources and try to be active. Thanks! Ana
Post: Chicago - New Wholesaler
- Investor
- Chicago, IL
- Posts 110
- Votes 33
Originally posted by @Timothy Riley:
Timothy, thanks for the welcome. great to meet you!
Post: Chicago - New Wholesaler
- Investor
- Chicago, IL
- Posts 110
- Votes 33
Originally posted by @Account Closed:
Awesome to have you as part of the community.
If you're interested in wholesaling, definitely check out this article on getting started in wholesaling!
Good luck!
Caitlin, thank you!
I just read the article. Fantastic and sums up nicely many of the feelings I've had recently.
Now I just need to find some buyers in my area that I can learn from while bringing them deals!
Thanks! Ana
P.S. How do you like Denver? We're thinking about possibly moving to CO, either Denver or Boulder/Longmont. Thanks!
Post: Chicago - New Wholesaler
- Investor
- Chicago, IL
- Posts 110
- Votes 33
Post: Newbie from Chicago/ west burbs
- Investor
- Chicago, IL
- Posts 110
- Votes 33
Good to meet another Chicagoan Rafael!
Post: Chicago - New Wholesaler
- Investor
- Chicago, IL
- Posts 110
- Votes 33
Hi everyone!
My name is Ana and I'm new to wholesaling in Chicago. Born and raised in Chitown.
I love the culture and the food, especially deep dish pizza (Lou Malnati's and Gino's ftw!) and italian beef (Al's and Portillo's anyone?)
I've been interested in real estate investing since 2003.
In 2004 and 2005, I worked as a birddog part-time and rehabbed a house in 2006.
I'd like to get back into REI as a wholesaler and possibly as a private lender after I get more experience. Focus is on the southwest side of the city.
Hobbies include volleyball, snowboarding, organic gardening, dystopian fiction.
I found out about biggerpockets through an article by Stephani Davis (TampaSteph).
I look forward to connecting with many of you.
Thanks!
Ana