All Forum Posts by: Emilio Basa

Thank you @Larry Turowski & @Troy Fisher . I just had a conversation with the seller and asking for all those details. I'm not sure how long it will take him because of all the properties, but I told him that the more details I have for the buyer then the better for them because they can see what they are purchasing.

They're located in Royal Oak, Ferndale and Berkley

Hi Jack,

Thank you for your reply. I'll answer your questions as best as possible. I didn't think I needed an exit strategy to wholesale. I figure I have 30, 60 or whatever days we agree on to wholesale it and if I can't wholesale then I try and have them extend the contract or I just lost the deal. 

Agent license - I do not. I am new to real estate investing and I'm going to stay independent. I have no desire to become an agent.

Cap Rate - I'm retrieving all the info from the seller now. I have the rental rates for each property. The properties all have tenants and he is the landlord for all the properties. 

Capital to wholesale - I don't have the capital to wholesale so I think I might just do a referral fee. 

I just talked to seller and he has added 5 more properties to the deal. One of the is a 9 unit, and a 5 unit apartment building. You mentioned helping me move the properties. Please message me and we'll talk. 

I'm new to real estate and I have a very unique situation on my hands. I'm looking for some friendly advice if anybody is willing to help me. I recently sent out some marketing letters and all landlord got back to me and said that he wants to liquidate all of his properties. He wants to do them all at once. He has over 10 properties which include single-family homes, duplexes, and four Plexes. I possibly have a cash buyer that would be able to buy all of them. But I'm not sure if I should try and wholesale them or just go off of a referral fee. I've never wholesaled a deal and I think that this might be easier if I just did the referral fee now and took the money. All of the properties are occupied. My question is how much do you think a cash buyer would offer as a referral fee for all 10 properties?

Hello, I've been in contact with a potential seller. I met them while walking around my neighborhood and noticed they had an estate sale sign and he was selling a lot of his stuff. I struck up a conversation with him and he tells me that he wants to move to California by the fall and is slowly unloading his stuff. I asked what he was planning on doing with his house (duplex) and he said he didn't want to be a out-of-state landlord and was looking at all of his options. I told him I can help him find a buyer, refer a real estate agent or possibly buy the home. I really want to try and own his duplex and will give him a monthly call to see how the move has been progressing. He still plans to move and I'm hoping to try and work out some kind of deal with him. I don't want to get a loan with a bank. I want to see if he'll take $5-$10K as a deposit and then I can pay him a monthly fee till I pay off the property. The question is should I do a rent to own where he still pays the taxes and insurance or a land contract where I pay taxes and the insurance. Also just want to tell you that this house is paid off for. I'm hoping that fall gets here much quicker than expected and he becomes a motivated seller and is willing to get monthly cash flow as opposed to a buyout. What are your thoughts?

Thanks everyone!! I'm looking forward to learning more and networking. Please message me if any of you are cash buyers or hard money lenders :) 

Also, I'm looking to partner up with another wholesaler. I know some, but not all of it and wouldn't mind partnering up and getting mentored. I apologize if this isn't the right section to say that. 

Have a good day!

Hi everyone! This is my first post on biggerpockets and I'm excited to be part of the community. I just started my real estate investing career this year and I'm looking forward to meeting new people and learning. 

I'm interested in mostly wholesaling, but I'm looking to pick up some properties as well through lease options. I'm focusing on Oakland County, Michigan and hope to meet some more cash buyers, partners and possible mentors :)

Glad to be here :)