All Forum Posts by: David Emanuel

@Wesley Davis outside of those things, I do not think you need to provide much more. A thorough video of the outside and inside of the property should be good enough. Stand outside the property, and do a 360 view of the neighborhood, a full view of the entire exterior of the property, and show all repairs you notice of the interior.

IMO the purpose of the video/pictures is to weed out tire kickers who will want the address just to view the property and not move forward with buying. If you did a great job at recording the video, you should have only serious investors asking to do a walkthrough.

Remember, at the end of day the buyer will have to do their own due diligence. The information you provide should only be used to help an investor decide whether they would like to move forward and view the property. They will come up with their own estimate for repairs, and ARV.

@Wesley Davis I think it really boils down to knowing what is a deal and what isn’t. Since you’ve been in construction, you may be able to estimate repairs better than others, which is a big plus. Make sure anything you put under contract is a true smokin DEAL, record a good video of the inside and outside of the property, provide as much detail as possible, and you should have very little problems finding a buyer for your deals

Thanks for the replies guys, all of your input is extremely helpful in helping me move forward with a decision. 

@Derrick Gordon - She said she'll be ready to move on the first of 2021, so either way I would have more than 2 weeks

@Charlie MacPherson I do plan on having an inspection and I know the bank will require an appraisal, both of which i'm willing to pay for because I really like this property for myself and she took 20k off the asking price. I also plan on negotiating an additional 2-3k off to cover those expenses on the back end. I will have to do a walkthrough myself to make sure there is no obvious structural, plumbing, electrical or water damage, and if there isn't, I'll feel confident enough to take the risk of paying for an actual inspection.

@Michael Noto She told me she is willing to cancel her contract with her agent and sell to me for a lower price so she doesn't have to pay an agents commission. Although she told me this under the assumption I would make a cash offer and handle all closing cost, I figured it'd be worth asking her would she be ok with me purchasing the property with traditional financing and she pay SOME closing cost (half of the 4% philly transfer tax). 

Thanks again for the input guys! Although I feel like I have enough info to make a decision, further input is welcomed lol

@Bob Okenwa

Thank you!

It depends. Bandit signs are nothing new, so if you see then being placed in certain areas, more than likely you will be able to get away with them. If you don't see them in an area you would like to put them, then I would suggest you test the area by putting up maybe 10-15 and wait a week or 2 to see how long they last. As I'm sure you learned, next time make sure the number on your signs can't be traced back to you lol

Hey guys,

I came across an off market property through my wholesale marketing. The seller of the home had her property listed with an agent for a week, before she delisted it because having to leave her home for showings was too much for her. She called me because she's willing to sell the property for less if she doesn't have to pay an agents commission. 

The ARV is $230k-$250k, repairs are $40k-$60k. She owes $109k, and is asking me for $160k firm (She had it listed with the agent for $180k). I would need to get it for no more than $115k for it to make sense as a wholesale or fix and flip deal.

The thing is, I like the property for myself and would love to finance the deal through an FHA loan and use it as my primary residence. I never purchased a home this way, so I'm not sure if it works the same way as an as-is cash transaction, where no agent is involved, closing takes 2-4 weeks, and I use a simple 1 page contract. Does either one of us need an agent for the paperwork or any other part of the transaction?

@Delicia M. In that case, what @Mack Benson said about seller financing actually could work perfectly for both of you. I would definitely find out the sellers motivation and see if that’s something that would be good for you both. If that doesn’t work, you could see if you could find a partner who is willing to fund the deal and split the cash flow/equity with you. And if that doesn’t work, you could consider wholesaling them to secure capital to help you fund your next deal. 

Have you considered putting the properties under contract and wholesaling them to other investors? Sounds like a great opportunity to do so if you can not secure the capital yourself

Wow, thank you!

@Andrew Syrios

Thank you Andrew!