All Forum Posts by: Fiona S.

From my understanding, it is illegal to double close in WA. Thats all i know, because that is the State I am researching.

Good luck!

Hi, I have asked them how they arrived at the figure for the house, I am waiting to hear back. They say that it does not need any repairs, therefore I think $5000 for paint and carpet at least.

I agree, that 80% does not leave much room, if any. It also makes sense that I will be squeezed out of the deal if I do not follow what I have learnt which is 'get it under contract and assign it/wholesale it' 

Yes, I do have a buyers list, but as I am not sure about the area. I know that the property is on lots of acres and is about 40min from Santa Fe. So I don't even know if it could be a good rental, I am focusing my deals closer to larger populated areas.

Thanks for all your advice on this, I really appreciate it. I think I should stop looking outside the square and just focus on what my niche is.

I just feel sorry for people and want to help them. Cant help everyone though.

Sorry, I didn't mention that there are no repairs needed. The house is in fantastic shape.

Hi,

Any and all advice is really appreciated right now.

I am currently starting out and have come across a buyer that is interested in an 80%ARV cash buyer. This is not what I was researching, therefore I have no idea on where to start with it!!!

They would prefer a quick closing and I would like to help them out as they have a beautiful house, but it is a little out of Albuquerque and I have no idea about real estate in that area. 

They want to know what my fee is to bring them a cash buyer, but I don't even think I can charge a fee. I would love to help them out, a fee of some sort would be great, but I really really don't want to break the law in charging a "fee" to pass on information.

Can you help me? How else can I help these people by passing on information and maybe making a small cut? Or do I just do as I always do and try to help others and do it for free?

Thanks in advance.

Hi, just reading your post again, I would not be contacting other wholesalers about this, as you are the wholesaler and they will be the end buyer. I just went to craigslist in my area and on every few pages, there is an advert for cash buyers.

Also, if you are a Pro member on BP, you could advertise in in the Marketplace. I see a whole lot of success going on in there.

As for doing a double close, I would first find out if it is legal in your state, as it is not legal everywhere.

Hope all is going well.

Ok, sorry, need to learn how to use the quote button, was only trying to quote number 3) 

Obviously I am a newbie, but I think I have the answer to your 3rd question. What I would do (and please weigh in if I am wrong) is take the ARV (After repair value) times it by .7 then minus the repair cost based on what the seller has told you they would roughly be. Always round up to either $5,000, $10,000, $15,000, $20,000.

Put it under contract for that amount or negotiate below that amount.

When it is under contract, you have the right to do your own research by having a look through, getting contractors out to have a look and see what they think. If the repair costs are more than what was originally stated by the owner, you have the right to re-negotiate the price.

I hope this helps

Oooh, how exciting! This is so where I want to be soon, I envy you!

Ok, Im a newbie, so please correct me if I am wrong anyone.

So my plan of action if you are going to wholesale it (as this is what I am looking to do and have researched) is find some cash buyers on here or even on craigslist because there are heaps of buyers advertising on there in all local areas. 

Find out roughly what the ARV is on the property

Find out how much the repairs going to be worth

Organize a few dates and times for buyers to go to inspect the property

Contact your potential buyers and let them know all of these, and voila, you can now wholesale your property to a keen buyer.

Good luck, let us know how you go!

I have finally chosen my niche and am ready to go!

My aim is to do 1 wholesale and 2 rental deals a month. Give or take.

I am going to share here in this post how I am going and whilst having some failure stories (Hopefully not too many) and all of my success stories, I would like to hopefully inspire other people to just get out there and do it because this business is not going to chase you. You need to chase it! 

I am a newbie that had just sent out the first lot of yellow letters and am expecting some replies any day now. 

This is my first post, wish me luck!!!

Thanks Brandon and James for the encouragement on here, I love it here!