All Forum Posts by: Dave Stinnett

That's the catch, Neither of us have it. They more or less have been holding on to it by a thread. They want to move out and it needs some repairs that they don't have the means to accomplish. Ideally I'd like to find a way to flip it for them. I guess I need an idea of how much repairs typically would cost so that I can have a better idea how I can move forward.

SO here is the scenario. My parents have a house they've been buying since 1970. In 2002 or 2003 they filed chapter 7 bankruptcy and where able to keep the house so long as they continued to make payments and kept insurance on the property. They are usually 2 months behind on payments and the mortgage company is now demanding $1900 by December 2 which they don't have. What can I do as a wholesaler to help? Here is a rough run down of the numbers

House is assessed at $101,500

Similar homes around $115k to $120k

Balance is $58k

Repairs are around $15k to $20k

also, for you pros out there... its a ranch style house with 1013 finished sq. ft. unfinished basement(about 1000sq ft) 3bd 2 ba. 10000sq ft lot. no decks or garage. 10' x 20' storage building in Lynchburg Va 24501.

My understanding is that if you can get the property for around 65% of ARV with all your costs included in that 65% (purchase price, rehab costs, fixed costs, your end buyers profit and your profit) then youve got a good deal.. hope that helps

Thanks everybody for your input! Maybe I can clerify a little bit. I'm considering the wholesale potential on this one. I have not actually done any deals yet, and I don't have any investors to call. Kinda going with the "if you find a good enough deal the investors will come"
plan. What would be a good way for me to get an estimate to find out the rehab cost to plug into my wholesale formula?

Also, I'd say it'd be a gut rehab down to the studs, wiring, plumbing, probably hvac too. Its been sitting for about three years, it has a metal roof that is peelin back and coming loose, so i'm thinking new shingle roof and also siding. It is approx. 840sq. ft. Based on surrounding houses, i'd say the finish would be average, no deck, small front porch (4'x20').

Again, I appreciate any input you guys have, Thanks

Dave

Im trying to get an idea of how much it would be to do a gut rehab on a 700sq ft bungalow style house(2bd 1ba). There was a small kitchen fire so theres that damage and water damage of course, structure and foundation seem to be in good shape. Neighboring similar houses are around $95k and the owner only wants $7k for basically the lot (40x100) SO... like i said, a gut rehab. I would really appreciate any ballpark numbers or whatever you have to offer,especially if your in my vicinity (Lynchburg Va) and have done some gut rehabs.

@Katrina P.
Hey Katrina, Im new myself, but one way i'm aware of is, you could create a LLC in the name of the property (ex. 123 Any St.LLC) and sell your intrest in that LLC for your wholesale fee. Hope that helps!

Im new myself and I have not completed any deals yet, but I just wanted to say that I think you guys give really great advice and that the support and willingness to help complete strangers is unmatched from what I've found. Thanks guys!

Thanks guys, i appreciate the support. Other than 1 or 2 family members, discussing the idea in my current group of friends and family gets those funny looks, like its not possible. So i suppose that has been my main reason for the extreme delay in getting involved with this. But, im here now, getting involved. I've got a short list of other wholesalers in the area that i'll be contacting and working with hopefully. Any suggestion on how I should go about introducing myself and getting the information I need without coming across too amateurish?

Hey James, yea its a really nice town. Plenty to do if you enjoy the outdoors and btw, RMWC is now just Randolph College and COED.

Hey Dan, to be honest the only course I've ever paid for was the Carlton Sheets program which has some decent stuff, but most of what I've learned or atleast feel like I've learned , has come from forums, discussion boards on sites like this. Like someone else on here said, you could spend days on end absorbing all the material on here. My personal advice would be to gather all you can from BP and similar sites.