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All Forum Posts by: Derek Cespedes

Derek Cespedes has started 7 posts and replied 22 times.

@Account Closed wow thanks for the feedback on that. This is especially good to know when wholesaling to an investor who is savvy. I'll take the advice and apply accordingly. 

Post: I Need help wholesaling pros

Derek CespedesPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 24
  • Votes 6

@mikeross no problem man. Always give a clear understanding of who you are and where you are in each and every deal. That way there is no confusion when it comes down to business. Sellers sometimes have amnesia as the process before the contract can become overwhelming. 

@davidabbate ah I just re-read what he wrote. Thanks for pointing that out. So IRR is calculated differently and since you've pointed that out I'm guessing you know how to calculate it. Do you mind just giving me an example of a formula on finding a good IRR. thanks

@Greg Dickerson hey Greg yeah man I’m thinking the same. Yet, as you’ve stated 20% seems to be the hammer to the nail. I’m in South Florida where 20% seems nearly like an astronomical number. So based of my market 8%-12% is a win.

@Joshua Klein hey Josh, whatever the outcome of this speed bump on the long haul just take this situation as a lesson. Now you have an awesome story for the future once you tackle this problem and solve it. I’d like to hear the outcome of this in case I ever run across a situation that makes me scratch my head.

Good luck.

Post: I Need help wholesaling pros

Derek CespedesPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 24
  • Votes 6

@Mike Ross hey mike that’s very normal if you’re dealing with a seller that owns the property. You have many different alternatives on how to address this but from one wholesaler to another here’s my advice.

Be transparent and state that you are a wholesaler and you have cash investors that are willing and ready to fund this deal. Be clear as to what you are in this deal which is a “wholesaler” and give a clear definition of what exactly you are in this deal. You are the median between a seller and a buyer.

I’ve found that being honest that I am not the one who is buying the property but the one who will find the buyer is actually not detrimental as you may think. Sellers just want to know you can buy it and that you aren’t a waste of time.

If you have buyers already then they should have no problem giving you proof of purchase in order to lock that contract in. If you have a great deal pertaining to ROI and not to much of an excessive fee then your investors should have no problem giving proof of purchase and EMD within 24 hours.

This is all very normal and

Good luck on your deal.

Hello BP, real quick question for a seasoned investor with experience investing into rental apartments. Would 9%-11% be considered a win for an investor who is investing into an apartment.. 1 bed 1 bath preferably. After analyzing deals I came up with those ROI's. Just need an example of a good ROI or if there is someone with experience in investing in rental apartments to spread some knowledge. Thanks

Post: Pre Foreclosure Question

Derek CespedesPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 24
  • Votes 6

If I have a property that I’m interested in and it is in pre foreclosure and the auction date is 30 days out.. how would I go about the deal? So the property has a balance of $215,000 still owed on the loan. The arv is about $335,000.

I want to wholesale the deal now, Would I offer more than $215,000 so they can pay off the loan and walk away from a foreclosure or do I short sale? Considering $215,000 is a lot how would I do this deal?

Post: New to Real Estate and Bigger Pockets

Derek CespedesPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 24
  • Votes 6

Ever interested in Miami FL, holla at me! 

Post: Title Companies Miami Dade or Broward??

Derek CespedesPosted
  • Flipper/Rehabber
  • Miami, FL
  • Posts 24
  • Votes 6

thank you Debbie!