All Forum Posts by: Dave Kush

A lot of great comments here, and I would certainly encourage being as sympathetic and helpful as possible in the process, but this is part of being a renter. The rent goes up. The landlord decides when improvements will be made. It's unfortunate but simply the reality. Going through one right now. 

Congrats and welcome. Check out the book "if you can't wholesale after this, I've got nothing for you" and flip w Rick on YouTube (free).

 100% agree and I'd add that going along with their request starts to put you in the middle of their problem. It will get worse, not better from here.

the book if you can't wholesale after this, I've got nothing for you is a pretty good step-by-step. 

for free, you can check out flip with Rick on YouTube or their website. They have a free wholesaling course that is pretty comprehensive and is legitimately free.

 I agree with this. In order, I would get a title company and lawyer, then a buyer's list, then look for sellers.

Hi Brian!

There have been many good comments below. One thing I would add is that you can put effort on the front end into building a cash buyer list and know their criteria. Then, you look for properties that meet those criteria so you have a very good chance of having the buyer ready to go when the time comes. If you know that you have a buyer for a 3-2 in that market, in that condition, it makes the whole process easier. 

You can meet flippers at meetups or try to obtain a list of people who have purchased houses for cash in your markets, then call them and see if they are interested in more. You just need to be careful that you are getting legitimate investors and flippers, not other wholesalers trying to sell your deal. If that's the case, it's possible to JV with people, but you just need to be really careful.

Maybe not a full on home inspection, but somebody needs to be able to accurately locate, assess, and price the work needed. If you can do it, great. If not, I've heard many people recommend a contractor or possible cash buyer. A contractor may not be interested unless they know they'll get the work. If you're selling to flipper and the contractor isn't part of that, not sure it will be possible to get a reliable person. 

Kayla, 

I'm very sorry to hear about the situation. I won't lie....I made a bad purchase once and the results were similar. I was stuck with negative cash flow and not enough equity. 

I tried for a very long time to manage or fix it. I couldn't. There is only one way out: sell. You may lose your down payment. That sucks, but you'll lose a lot more while you wait. If a cash buyer can give you a deal that gets you out, take it. The healing can't start until you do. 

Good luck.... Keep us posted

Dave

Good Afternoon Jacob!

A few ideas for lead sources:

Drive for dollars, then cold call the list.

Get a list of houses in foreclosure from court.

Try to get the "hard to get" lists (ie, where you have to go in person, not available online). 

With D4$ and hard-to-get lists you have fewer competitors. 

Also, check out lightstream, similar. They close loans fast.