All Forum Posts by: Emmanuel C Thompson

@Davido Davido thanks for the advise.

Hey Bigger Pockets Family.

I have a family that I'm working with that has a property that was owned by their father but he passed. They want to sell the house but don't know how to do it. I know that the property needs to go through a probate process, but how do you actually close a probate deal? There was no will,and the property will need a total gut job, clean out, and major lawn work.

I have contacted some probate attorney 's but the family does not have any means of paying to start the probate process (quoted 1,500 - 3,000).

I would love to help this family....so if anyone has any advice I'm all ears (property located in southwest Ga).

I'm investing in an area in southwest Georgia were a lot of the distressed properties have an ARV ranging from 50 and below. From my experience(which is not that detailed) making offers using the 70% rule (70%ARV- repairs - fee) is difficult. Most sellers that I have interacted with have said that the offer is to low.

Example: ARV=50k

70% of ARV=35k

Repair is 20k= 15k

Assignment fee=5k

MAO= 10k I will give an initial offer at 8k yo give a cushion for negotiating room.

This offer does not get accepted 😪. Is there a better way than the 70% rule?

@John Thedford so when do I send the contract to the seller or the realtor? Once the contract is signed how am I legally obliged to the realtor. I don't have no problem paying the realtor 3% of my profit. I just want to make sure I do it right.

@Wayne Brooks they were asking 91k originally for the property. I'm in a rural area so their were not a lot of com is to go off of. I was thinking the ARV would be that much because I comp it with other 3/2 properties in the area. I did not included the fact that it has and additional 2/2 apartment on to it (no like 5/4 properties in area).

@Roland Paicely will that matter if I send my contract to the seller. I have not sign anything with the Realtor. Will I have to?

@Tony Escobedo I don't have a buyer trying to get one now. Do you have any info on how to get cash buyers?

I'm still trying to get my first wholesale deal. I now have a potential deal. The seller that I have been talking to gave me a verbal confirmation (I know that a contract is better) that they agreed with a 70,000 sells price. Property is a 3/2 1,916 sqft property with a 600sft 2/2 apartment with private access attached to the back of the house. The ARV on this property is 129,000 with about 18k in repairs (is this even a deal?).

I'm apprehensive about sending the seller the contract (I guess 1st deal nerves) because a realtor is involved. The seller is out of state and I have to coordinate with the Realtor to have access to the property. The seller wants the 70k all at closing with me left to pay the realtors commission out of my profit. I could use some advice with this one.

@Ehsan Rishat thanks for the advice. 

Hey BP

I'm Emmanuel and I'm just starting out as a real estate investor. I have been watching YouTube videos and listening to the podcast daily ever since December of last year. I have taken some action cold calling and sending out postcards while driving for dollars, but I have not made a deal. I live in a rural area in southwest Georgia and find it difficult to comp properties in order to do a deal. I want to utilize wholesaling to acquire capital that I will use to BRRRR and flip properties. I feel that I need a mentor to help guide me and give me step by step instructions on how to make a deal happen. I have been in contact with a few sellers but because of my inexperience, I lost the deal or felt that I could not help the seller like I wanted.

Example: One motivated seller that I'm currently talking with has this 2bed 1bath 1,119 sqft. I don't think I'm doing my comps right so it's hard to make her an offer If I don't know the ARV of the property. The repairs on the property would be around 23K. As you can see I need a lot of help, but If anyone has any advice I'm all ears.