All Forum Posts by: Clifton Prescod

Rhinesca DeSimone gotcha. So it’s probably better for me to just assign this deal instead of take it on for a flip? I guess I just got excited because I could see how I could transform it

Jamie Turner thanks for your reply! Yup I used all recently sold comps (I used home values in the area as well just in case...wanted to make sure no stone was left unturned). I’ll PM you thanks

Hey Vaughn Smith Thanks for getting back to me. 1)The property is in New Brunswick 2)comps were formed from public tax records as well as Zillow n Trulia (recently sold indicators). 
 3) unfortunately I don’t have the capital for a DP or the reserve. 4) I do have a team set up (or I believe I do). REAgent, Lawyer, General Contractor(s), Title Co, 5) I was thinking that too. If I don’t have the money should I just do an assignment instead. I think I just got excited cuz he property has a lot of potential and I wanted to do my first flip. But I’m guessing I should just assign this one, build my capital so then I can do a flip more comfortably in the future ?

When drawing up a contract, should I make one that says I will be purchasing the property? Or that I will find a buyer for her? And do I say something in the contract that restricts her from selling the home to anyone else for a 30/45 day period to allow me to gather up a team and funds?

Hey there! 

I found something that may be a good deal. The owners father passed, shes the exec/poa. They owe $165k on a reverse mort. She wants $190 to be able to move out to a new place.

Im no pro at rehab estimates but id say a good $80k/$100k is needed in rehab. the block is undergoing gentrification but she doesnt want to sell it to a typical old wig investor. The homes on the immediate block are on average valued at $363K. Homes that were sold recently averaged $160k on surrounding blocks (the particular block this home sits on is a sought after block. An investor had bought up 5 of the 13 homes on the block and resold or renting them out.

ok so, I dont have money like that but the seller wants to work with me exclusively. I really want to flip this home because I feel I could really make it great on this desirable block (maybe that the newbie in me). 

1)Do you think i should pursue this property? 

2) Should I go for a private/hard lender since I dont have the capital personally?

3) What percentage of return is good when dealing with PL/HL's?

and if you have any advice or something let me know.

I was first introduced to Real Estate Investing by a person who focused (or pushed me into focusing) on shortsales. 

For a long time, I thought this was the only way to wholesale a home. But im learning thats not the case. From what im finding, some home owners are just "tired of their home", "in a financial bind and need quick money (regardless if they get the value of their home or not?)" and willing to sell wholesale. 

Am I understanding this right?

Could anyone give a succinct step by step process of wholesaling? I know it can get complex but im trying to understand the order of things. A lot of people make it seem like this:

1) see obnoxiously grassy lawn

2) knock on door

3) see a visually distressed owner

4) ask if they want to sell their home

5) they say yes

6) get them to sign a contract for me to acquire their home for 30% off the value

7) pitch to buyers

8) sign contract to buyer.

9) send docs to title company

10) receive cheque...and BALL OUT/ReInvest lol

I feel like this is partly true but maybe missing a step or two. Let me know your thoughts/advice. 

You know when you come across a property and theres a Red Box with an "X" in it with the initials of the municipality's fire department on it?

Theyre all vacant. Im hearing theyre condemned properties. But i feel like because theyre condemned, these would be perfect...because no one wants them...or maybe thats a warning...."not even an investor would want this property". Has anyone messed around with a condemned property? If so, howd you go about acquiring it and demolishing, building on it?

I know we are grown and "can do whatever you want with your earnings", but one thing I see a lot on youtube, forums and such, is the omission (knowingly or unknowingly) of advice to young investors who have earned their first deal cheque or after theyve done a few deals.

Im curious to hear some perspectives. 

One thing I think about is: But what about taxes?

I know people do 1031 exchanges but what about the girl or guy who got into real estate because they want some extra income, or pay off school loans, or use it towards a vacation? Would love to hear your thoughts/advice?