All Forum Posts by: Andrew B.

Phil Z. do you know about how much it cost to build a duplex or triplex on 2500 sq ft of land? based on experience?

How would you analyze the price of a lot?

@Ned Carey this is the same deal as earlier. Advice?

From my understanding its illegal to pay not licensed peoples a commision on sales but you can pay him to do a specific task like seeking out properties like a assistant but you can't pay them based on commisions but take a look at your state laws on that.

This is a RV home on a lot. Can be used by buyer as a RV or as a rental investment on the lot.

These are the expenses:
lot fees $315 a month
insurance ~$80 a month
property tax ~$45 twice a year
utlities ~$125

The comps in the area have a rent of 600-700 dollars.
Excellent neighborhood. Trailer park within a nice residential neighborhood with houses in the 200k to 300k range.

Seller is asking for 6-8k and I want to get it for 5.5k.

Based on going over the place with the seller sounds like 1k of work depending on how expensive you want your appliances. Undercarraige well maintained due to a skirt. I came up with a cap rate of 10% and CoC return of 10%. Can anyone tell me if I should put this into contract and sell because this can actually be an investors RV for their trips or a rental property so I don't know exactly how to decide on this one.

Ned Carey sorry I guess I was not clear.

I have a property in CT. Where the seller is moving cross country. I got her down from the listing price of 15k to 6k. I have no experience with CT property because I live in NY. I did the analysis of rents in the area with for really cheap is 650$ but based on my 2% rule you can get away with 120$ in rent and make money also keeping in mind the 50% rule.

The main issue is this would be my first transaction. I have some contracts I have drafted up with the help of a few other wholesalers but being that I am not in the state of the for sale property and this is my first. I have no idea how to deal with the earnest money deposit, the signing of contracts, the closing of the deal and how I would get paid. I would greatly appreciate if someone could grab my hand because lady wants to get rid of it and I do not want to be all talk no action.

I also do not want to pay fees and all that stuff aside from the $10 earnest. I can't afford to pay attorney's and all of that.

@ned carey i have already worked her down to 6k but I dont want to keep negotiating if I can't do anything with it

Hey guys.I have a motivated buyer that wants to sell me her mtg. home for cheap. How should I go about this I would love to assign to another wholesaler but advice. I don't yet have it under contract but I am her only interested buyer. Help me please!

Ned Carey do you think I could get a finders fee for referring a RE agent to the property so they could pick it up cause this one is a really good deal to be honest.

I have contacted the county assessment office and I looked up records for a vacant home. I have a bank and lender who own the property but I have no way to contact then. One is Ocwen and the other is Wells Fargo. I really want this house because it looks like new just over grown maybe a 10k or less fix up. I would even say 5k or less. Just over grown and a few broken windows but I have yet to go inside though. Hopefully not too much water damage.

Back to the main question though. How do I get in contact with the lender because the home is not on the market yet and I just want to be proactive and get a good price in.