All Forum Posts by: Eric Allen

As far putting a wholesale deal under contract, what do you guys lean on when there is not enough buyers data in the area? Numbers will be at 69% ARV. House is in immaculate shape and Area isn't that bad but not enough current cash buyers info out there. thanks for your advice.

Hey guys can you wholesale a condo? 

What is a CRDS deed? Is it assignable while wholesaling?

Thanks 

Eric 

Deal question... I have been really inconsistent and deals like this throw me off because of the offer prices are so low.

But help me out does this look right??

3 highest sold
$25,000
$25,000
$30,000
------------
$26,600 ARV 50% =$13,300

3 lowest sold
$9,000
$1,763
$10,000
$6,600 Wholesale Retail value

700 sqft
really damage property. Not gutted but in bad shape
$15x700=$10,500 for repairs
So what would both my contract to the seller and exit to the buyer price?
$13,300-$10,500=$2,800 contract with seller/
No less than $6,600 with the buyer?
My assignment fee would be $6,600-$2,800= approx $3800?

Thanks

Eric 

Thanks Sean

1. Couldn't  we purchase it  then do the work and move it afterwards? If we were investing this would be great flip. The home is very livable.  We are trying make changes to get 200% bang for our buck! 

The 20k for example is what the rehab cost would be.

It is bank owned.

2. So I've read Hud gives 11% discounts of listing. On country records I think bank acquired it for cheaper than their "acceptable bid."  Cant I bid that?

Thanks

Hey Guys 

I need some very experienced advice. My wife and I are leasing our home right now but we have found a great deal on a Foreclosure (HUD). The house is nice with a few cosmetic issues. However we would like to do a major rehab; hardwood , add island in kitchen, expand bedrooms, expand shower so on and so forth. We feel that with a major rehab and all the cost will still have a 100k in equity

So my questions are:

1. Is this even a good idea? Loaning for 20k more that our offer price to rehab

2.  With Not having warranty and all the other normal purchase protection what are rehab expectancies? 

3. How I should proceed knowing that anything could be wrong? What are the rehab/ business Priorities that should be looked into before we feel that we have a solid purchase.

4.  Can contractors see before we make and offer?

Thanks 

thanks

The seller is not comfortable with letting the tenant know that they are selling. Tenant is former daughter In-law. Don't want seller to get all sentimental and back out. 

Hey guys I have a question on a wholesale deal:

My buyer wants the contact info of the tenant before we close on an assignment.  I'm afraid that he will blow up the deal buy confusing them and the inevitably the seller. He has met them before but they do not know that he will be the end buyer nor that he house is being sold.  What are your thoughts? thanks

Thanks

These are all great ideas.

I think I will work with the two fold approach to start. Flip some items around our home to show them money and equity/ value is everywhere and that there is no shortage. Next search for and introduce residual income...