All Forum Posts by: Danny Overfield

Wow @Lakendrick West! Sounds fantastic. You site is a lot more robust than mine. I built mine myself using a website builder through GoDaddy, and even though it's a good site I'd like it to be more immersive. I just listened to BP Podcast Show 27 and I really like what they had to say about what a website should offer. All those other features sound amazing, too! It's definitely something to look forward to. 

Thank you so much for that feedback @David Robertson. It's definitely not at all my area of focus right now, just something to look forward to as that is the ultimate goal. I noticed you're the founder of flipperforce.com, is this something you'd recommend to a newbie or should I wait to get a few deals under my belt? TIA

Hello everyone, 

I'm looking for candid feedback of my analysis on this property. I intend on wholesaling the property but chose to analyze this deal from the assignee's perspective and will subtract my assignment fee from the offer price. 

I used BP calculators to run numbers as a Fix and Flip and as a Buy and Hold, with both cash and conventional financing in the interest of multiple exit strategies.

Quick details:

• Property is a SFH in a trendy neighborhood, three of the homes for sale within a 5 minute walk are flipped homes.
• Property has 3 beds and 1 bath. A master bath would be added to compete with comps and the cost to do so is included in repair estimate.
• ARV is $310k based on comps ranging from $310k - $325k.
• Property needs $68k in repairs, repair estimate is included in documents.
• My purchase price would be $185k and I would assign it to a cash buyer at $190k. 
  • Buyer would be all in at just under $260k, their profit would be approximately $30k - $50k.

I tried to be really conservative with these numbers. I don't want to be known as the wholesaler with "deals" that aren't really deals! 

To take a look at the reports from the BP calculators and the repair estimate, click here. 

Let me know what y'all think! Thanks in advance. 

Hey everyone, sorry it took so long for me to get to y'all on this.  

@Jason Pinkerton, thank you for the insight! That is just the scoop I was looking for from a consumer. I'm going to dig in tonight to see if this is the direction I want to go. Podio has been super fun to build out but it is SUPER time consuming to do it myself. The one positive so far is I literally build it how I want it, I am just not sure if that's enough to outweigh the time it actually takes to do it. I ended up moving halfway to Chrome OS, I use it for many things but still turn to my trusty MacBook for it's speed. It's good to know that it's versatile so I can use it on whatever. 

@Josh Arras, I'm revisiting the notion tonight... I may have questions and will definitely PM you if I do. Thanks for the offer!

@Jolene P. Neal I'm glad you got to ask all these questions here and I picked up on some things from them. Good luck in your investing! 

@Lakendrick West your comments are making me lean towards REIBB... I'm still very new at the game but the main goal is to automate and scale. Do you think that REIBB has value when it comes to scaling?

Update: I lost the deal. Another investor came in and snagged the property for $350K, which is the price I could have wholesaled for.

I've learned two things:

1) If another investor came in with the same cash offer, I feel like I likely analyzed the deal pretty well, especially considering this was my first one. They saw what I saw in the property and it's nice to know I wasn't entire in the left field with this. I'd still appreciate any feedback on my analysis.

2) I need to continue to expand my network. If that investor was someone I knew, I could have possibly wholesaled to them. If I had more willing/capable investors at my disposal I could have made a small wholesale profit from this deal.

Sigh, I think I'll always remember this as the one that got away. On that note - on to my next deal! 

Great question, @Doug McVinua. Unfortunately, I am unable to produce the necessary capital or financing for this deal. 

I have this potentially awesome deal in my hands for a rental property and I'm about to lose it because I can't close!

I have a NE Mesa, Arizona property I can easily secure a purchase agreement on (I know the seller personally) priced $35K under retail. That doesn't leave a lot of room for rehab for a flip, but has great turnkey rental potential with that much instant equity built into the purchase. Paint is definitely needed to neutralize their color scheme but from what I can tell the rest of it is in good shape. All of the appliances, including the washer and dryer, come with the property. The pool pump is only two years old and the heater was just replaced this past winter. The property even has a new water softener and R/O system.

The sellers are prepared to list for retail but would prefer to sell quietly and are reducing the price to account for what would be realtor commission, all to avoid having to show their home to a bunch of strangers. 

This Dropbox link has photos and a few reports that show comp analysis that support rental projections with a cash purchase and with a finance purchase, and current retail. I ran projections with this property renting for $2,350 which is conservative with similar properties renting for $2,400 - $2,800. I even feel my retail value/ARV at $385,000 is on the conservative side - the same home sold on 4/5/18 for $410,000.

I'm hoping to get two things from this post:

1) Feedback on my numbers. Please tell me if I've analyzed this deal correctly, close to correctly, or not at all.

2) If the numbers look good, a capable investor who wants to take this property off my hands via a contract assignment! 

Thanks in advance everyone, happy investing!

Hi Elizabeth! I’m starting out with Podio for a CRM it’s low cost and easy to use. I am still very interested in REIBB as I grow and want to automate more. Podio is just a CRM (very intuitive though), it doesn’t automate lead generation and listings like REIBB does. Hope this helps!

@Dick Rosen thank you so much! I'll be sending you a message shortly. 

@Andrew Syrios thank you for the welcome and wholesaling is just the beginning! Hopefully any luck I find will stay with me. 

@Dustin P. thank you! I'd love to pick your brain on your startup process. 

@Cheryl Packham thanks! Consider yourself added! I'll message you directly with any opportunities. 

@Marcus Maloney thank you for the welcome. Stories like yours are the ones I like to hear! I hope to have a similar story as I establish myself. I'll message you shortly. 

@Richard Trayer thank you, I'm certainly glad I found BP. I have been focusing a lot on the finer details and even thought I might be thinking too much into it - good to hear I'm not! I'm sure you'll see me out there soon enough!

And thank you ALL, again, for the warm welcome! 

Hi everyone!

I'm from Arizona and have had the privilege to call the Valley of the Sun my home for my whole life. I am happily married with no kids (unless you count the dogs) and am currently in school for my BA in Business. Nearly the last ten years of my life has been spent in the corporate world and while I am grateful for all that I've learned during that time, I know I'll be truly be happiest working for myself.

I have been wanting to get into real estate for quite some time and have decided to actively drive my career in this direction. I am starting on wholesaling to help me learn, grow and establish myself in the industry. Eventually, I want to be an investor and establish a solid rental portfolio, though I am seriously interested in flipping. My own research led me to Bigger Pockets and I am amazed at the true sense of community all members seem to share - it's quite refreshing to see. Please introduce yourself, especially if you're in the Phoenix market.

I am just entering the industry and appreciate any insight anyone can share. 

I have heard a lot about REI BlackBook and I am considering signing up but I am unable to find information on which operating systems it is compatible with.

I am currently using macOS but have considered switching to a Chromebook for it's versatility. Naturally, I want to use what will allow all essential programs to function optimally. Does anyone know what operating system will allow REI BlackBook, and any other "must have" programs to run without a hitch? I am also open to Windows if that means I'll have the least amount of issues.

Thanks in advance!