All Forum Posts by: Darren Harper

@Jaysen Medhurst @Jaysen Medhurst Firstly, I really appreciate you responding. As a newb, I find myself asking a lot of questions that seem elementary to some, but I literally do not have anywhere to turn to ask these silly questions but BP and Facebook forums.

To my knowledge the property is not on any of those sites. I will check, and I should have asked him. He said that I could come by today to look at the property. I don’t mind doing that but I do not have a contractor’s eye to see how much the work may be. I do realize that I could have done a better job a qualifying him to see his motivation on moving.

Hi - Mr. Newb here. I saw a property in my neighborhood that had a for sale by owner sign. I called and the owner said that he is selling the home for $375k. In my neighborhood, homes can easily sell for 410-430k. If the home is completely updated, homes can sell for 500k+. The owner did say that the home is move in ready and doesn’t require a Reno. He also mentioned that there is an unfinished basement which can possibly be updated add another room. Should I try to get a wholesale deal on this or are my numbers and criteria all off?

@Keonte Davis this all sounds great, Keonte. I’m still in the learning phase. I tried to mobilize a team of friends to look for deals but something always stops us from linking up and staying consistent. I’m starting to go out on my own to learn and start. I am planning on driving for dollars on Saturday. This will be my first time doing that. Not too sure how it’s going to go but I want to get my feet out of the sand and into the water. I don’t know how to calculate the arv either. Not really too sure what to say to the potential seller and I’m not sure how to find out if I am looking at a good deal. I’m just learning and trying to connect with folks who know what they are doing.

@Eric Ruiz I’m down. Will you be able to host a Zoom?

@Keonte Davis you got this! What is your first step in this venture?

@Francis Nguyen thanks a lot for the advice and encouragement!

@Erik W. Man, you’re the best. Thanks so much for the golden nuggets!

@Erik W. That makes a lot of sense. I still have a day job that I’m not planning on quitting unless I become very successful in Real Estate. I guess it would make much sense to a buyer if I’m able to sell them a 60k contract on a home that will be worth 200k after 30k of renovation. Right?

@Erik W. Really interesting. Thanks for the reality check. Percentages always make my head hurt. Can I ask a question in terms of $ amount? If I purchase a contract for 50k and I sell it to a buyer for 60k, are you saying that the 10k finders fee is small potatoes for me? Are you saying that I should aim for a bigger spread?

@Jerryll Noorden that’s great advice. Thank you for your thorough response. Can you explain why a seller would be okay with you wholesaling their property when they know that they are missing out on 5-15k that you will get when you sell the contract to a flipper?