All Forum Posts by: Dave McEvoy

I'm confused about how I should calculate ARV. Assuming I'm considering making an offer for wholesale purposes, I ran comps that show approx $165k, but most comparable houses aren't updated and pretty dated. Assuming the house I want to make the offer on needs some updating itself, can I calculate a higher ARV to account for updating?. The kitchen or bathroom for example? I know a roof doesn't add value but wanted to be sure I have an accurate ARV. Or do I just stick with what the comps show? Thanks for help BPers.

I'm wondering the same thing. I have checked Foreclosure.com and realtytrac.com. Both seem OK, but have read that realtytrac is often outdated. I don't want to drop $50 a month for outdated sites. Wish they had 30 day trials vs 7 days.

how accurate is the book in different regions of the country? I'm in NY state.

Thanks @Marvin McTaw. Do you know typical down payment/earnest money deposits requirements? Or do they all fluctuate based on the bank? I'm interested in wholesaling them as it seems that you wouldn't necessarily have to market for them since they are right in front of you!!

check the meetup.com postings for this group. the dates are set there. Next one is Oct 5 I believe.

I am not clear if bank owned REO properties are the same as Fannie Mae properties. I know some banks list their REOs for sale but are they the same regarding Fannie Mae? And do the same rules apply for wholesaling them? Can you double close a Fannie Mae property or do you have to hold them for a certain time period before selling?

What sorts of letters are people writing when driving for dollars? Could you theoretically use the same letter for DM and just stick it in their mailbox? Are people following up with phone calls or knocking on doors? I would really love to get one deal before spending a significant amount of $ on DM.

Is there a list provider where you could get tax liens, violations, etc from? My county doesn't list anything on their site and I'm pretty sure they wouldn't just give me any info if they ask.

So if I understand correctly if you double close you're only paying attorney fees and other fees, not paying a years worth of taxes like "normal" closings'? Where I am from closing typically have to pay a year ahead of taxes which can be $10-15K which obviously would not be beneficial if you're getting a $10k wholesale fee.

@John Thedford no I have every intention of closing but just need to be prepared in case I can't find a buyer. I have no intention of purchasing myself, only assigning. My local REI club manager stated to not let the seller know that you intend to sell or assign the contract because it may scare the seller away. I just don't want to give a $100 deposit and lose it because I couldn't find a buyer.