All Forum Posts by: Dan Losh

Hello BPers! 

I've been following posts for about 6 months now but am just now seeking some assistance. 

Last week my husband and I closed on a REO house we are planning on rehabbing and living in for 2 years. This morning I received a phone call from someone that we outbid asking if we would like to wholesale the property for 5-10k. We really are planning on living in this house and we really like it, however we have the investor mentality so we are going to take them up on their offer. However, we feel that we have a good deal on our hands and since he threw out 5-10k right off that bat if he might have a little more room in his budget. We are going to ask him for 12k, this allows us to pocket 10k after all closing costs and commissions. We have moved our stuff into the garage and met with the contractor once.

What I'm wondering is, is this greedy on our part? Are we lucky to be getting this offer to begin with after doing relatively little? Or, since this is a hot market and we are planning on living in this house we have nothing to lose by asking for a little more? 

Thanks all!

I'm at the point where I'm ready to start my own marketing campaign to find deals. MLS is too competitive. I've tried connecting with some wholesalers in my area, and I'm sure there are some good ones, but the deals I've seen have been average at best. For experienced wholesalers and others who market direct to sellers, what's the best "bang for your buck" - postcards or yellow letters? Assuming the same monthly budget, you can target a bigger list with postcards. But I hear that yellow letters are more effective. What's would you recommend for starting a campaign? (I realize that I'll need to be consistent month after month to truly generate a pipeline of leads)

So here's my challenge.  I want to start investing in RE but my wife isn't so thrilled.  She says I can have $10K to start out with.  If I can make some money using that she says I can have more.  (Guess who pays the bills?)

So, I said to her, "How do you expect me to do anything with that?"

She says, "You're always on that Bigger Pockets website.  Why not ask them?"

So here I am.

What do you all think?  She says I have to do this alone.  No cheating with Clubs, partnering up, etc.

Would you go for a mobile home?  Vacant land?  Can you make any money with $10K?

Thanks Cathy and Brian for the information.  I appreciate your help.  I will be out driving around next week!

I currently have a property under contract and need some advice. The property at hand is a friend's that I've agreed to help get rid of. Any profits from the deal will be a JV contract. I have the contract for 70k and I believe that's even a tiny bit high (that's what he needs) for a seasoned investor. The ARV for the property with all the bells and whistles is probably only 215k. The more I think on the deal, the more I think it's appealing to a control and hold landlord because of the high rent in the area. The house is currently a shell but turned into a 2br 2 bath and could easily rent for 1800. Now, the real pickle is I've been considering keeping it but I currently don't have the liquid/income to even support the 70k loan. I'm 99% sure he'd owner finance for 6 months until I can figure it out. I have also considered hard money and flipping to retail myself, but I think with the ARV only at 215k and it needing 100k, the numbers don't really work. I'd like to have him owner finance and slowly build it up, maybe not as nice as retail, and put renters in it. I guess I just need a WWBP do-haha.

Definitely... close that thing ASAP! You don't have to wait for your inspection period to pass. Nice work.

@James Stevens 

 Obviously while you are walking the property and talking to seller I build the rapport. Also I am building rapport on the phone before I get to the property. The way I see it  is if I take my time to go see a motivated seller I try to make sure I get a contract singed. 

Wholeseller often post the price of house after repair and some gives repairs cost 

However their estimates of the price of house after repair often overestimate or should u trust their figures?

In all our real estate business in North Carolina, we were required to use an attorney. We refinanced one NC property using a title company in VA where we live and found out the hard way that we should have just driven down there and closed with an NC attorney as the VA title company did not disclose until we showed up for closing that we would be charged an extra $1000 to get the required NC attorney documents needed for any NC real estate transaction.