All Forum Posts by: Jake Engle

Is proof of funds typically required to get an offer accepted if you plan to wholesale the property? In my specific case, a lawyer is involved with the estate and controlling the transaction. Would they most likely require a proof of funds? How would I answer if they were to request the proof of funds. Thanks for any help you can provide.

I am in contact with a lawyer of an estate that has clients desperate to get rid of a property. I was the buyer agent of a deal that fell through on the property, so I have a very good idea of what's needed and what the ARV is. I haven't taken part in any actual flip or wholesale deals yet, but have been doing extensive research. My partner and I recently completed J Scott rehab books and have been ready to dive into our first flip.

A little about the deal. Large house in very nice neighborhood surrounded by $400,000 houses. The house was split up to have an in law quarters. It is very dated and needs new kitchen. I estimate the repairs to be around $50,000. It's not so much that it needs many repairs, but more of a reconfiguring. I feel I could purchase the property for $120,000. $120,000 purchase, plus $50,000 rehab with an ARV of $285,000.

I know that this deal could be very appealing if I wholesale it, but should I just jump in and get involved with this much of a rehab? We have a list of contractors, but haven't actually approached any of them to this point. Does this seem like a deal that I should just take the possible $20,000 in wholesale to get my feet wet?

Thanks for any input any of you seasoned investors could provide.

thanks for your reply. That rule in Indiana seems absurd to me, insure hope it isn't like that in PA. Would definitely eliminate that option completely.

I am in the process of accumulating probate files that have property attached to them. I have everything figured out as far as I have the administrators phone number and addresses. My main question I have about the process is, how quickly can a property involved in probate be sold? I have read that it takes over 6 months typically before the properties are typically sold. I am in the state of Pennsylvania, so not sure if that would change the answer or not. I really feel that I could successfully market to these leads, but I just want to fully understand the process before doing so. Thanks in advance for any assistance or input you could provide.

good advice @Account Closed , can you open lines of credit on numerous rental properties? If so, would the bank take current appraisal or would they require the 6-12 month seasoning in order to use current appraisals? 

I am planning on taking the leap on getting into my first flip. Please tell me if I am crazy. First off I am an agent and am very familiar with the market and have access to some very good deals. I am confident running numbers and such, and have access to cash to use. My  problem is my extreme lack of construction knowledge. I have wanted to have my brother in law as my partner in this endeavor, as he is well rounded and would be a strong GC in terms of lining up contractors. The downfall is he has a full time job that he can't really stray from on a daily basis. Would it be crazy to have somebody managing a flip that can't spend much time there during the day? I on the other hand do have the time to be at the property, but my expertise of construction is very minimal. Would this be a bad set up, or could he feasibly stop to check on the work each evening?

In short, I really want to get involved in flips and learn everything to look for, but I realize I need a strategic partner that has a vast knowledge of rehab costs. What type of partner do I need to be looking for?

Thanks for any assistance or opinions any of you could provide.

Thank you so much Victoria,

Your thoughts are very much appreciated. You make some excellent points and I really do want to jump into the investing business. I have been on the ledge ready to jump, just need that little nudge. Funding my first deal has been my biggest hurdle, as I am trying to come up with some creative ways to do so. Thanks again!

Just a quick point. I was just in contact with one person who would like to view a couple properties. He did say he was an investor and price isn't an issue up to 750k. I am showing the properties tomorrow and was notified a group of 6 other investors will be with. I am fine with investing some of my time even if it were to be a dead end, as I believe the positives could significantly out weigh the negatives. I do believe that it could be a little weird if they are established and don't already have an agent they are working with. My feel is that they are just jumping into the investing game now and they have a lot of cash to play with. I will update and I'm sure have some more questions once we meet tomorrow. Thanks for your time guys.

Thank you for your reply Joel, I really appreciate it. You make some great points and some great ideas for me to consider. I am extremely unfamiliar at this point the experience level of the investors. I was contacted rather randomly by one of the investors through an ad that I had placed. It sounds like they are looking to do a high volume of deals, but I am meeting with all of them tomorrow and should learn more about their experience and needs. I will make sure I am as prepared as possible with all of the info that I can provide.

Hello all,

 I have an arrangement set up to meet with a group of investors to show them investment properties. I am an agent that has been doing a lot of research over the last year to get into real estate investing myself. I feel pretty comfortable running numbers and such on properties, but I was wondering what you seasoned investors expect out of your agent.

 This could be a really profitable endeavor for me and I don't want to be unprepared for what to expect and things that I can do to ensure the business keeps coming my way from the group. What types of things do you look for? I would imagine a reduced commission is pretty standard for all flips that get put back on the market to be sold? Any opinions or feedback would be greatly appreciated.