All Forum Posts by: Sherri Southwell

Here is a hypothetical scenario,  please give me feedback.  I want to make sure I'm understanding how the numbers work.   

After doing my own DD, I present the following:

4/3, 2 car garage, 2,060 sf, block home, 1/4 acre lot.  Good condition,  Lake access

ESTIMATED ARV $140,000

*comps done on three like properties in the area sold within 6 months

SELLING FOR $75,000 + CLOSING 

ROOF GOOD, NEED NEW HVAC, AND COSMETIC UPGRADES DUE TO AGE OF HOME

Estimated repairs $20,000

My fee $10k 

So why not educate us newbies on the correct and ethical way to wholesale?  I, for one,  want to be ethical and above board in my dealings with sellers (good Karma).  I believe in disclosure and have no issue letting sellers know that I plan to assign contracts and take a fee for doing so.   Sellers then have the option to  agree or continue trying to sell their property whatever way they choose. 

I can always opt to do a double close to avoid such issues.  

congrats and good luck to you!

Nice potential profit spread.  As a new investor, I'm curious.  How did you pull your comps? What is your assignment fee for this one?  Have you estimated rehab costs?  

Good luck to you Darrell!  

Good luck to you Darrell.  

 Thanks Chris, you mirrored my own sentiments exactly!!!  I am a new investor and am educating myself so I can avoid being in this young man's position.  I don't think he deserved to be lambasted and am disappointed and disgusted.   So to you "know it alls" who felt the need to be so overly critical and judgemental, when was the last time you walked on water?  How would you feel if this were done to you?  I agree about pointing out the flaws in his plan but it was done in a very negative and accusatory manner.  Not at all in keeping with the spirit of the BP site as I understand it.  We are here to learn, not be condescended to and  ridiculed.  You are the reason people won't post. 

P.S. before proclaiming perfection, you may want spell/grammar check your posts first. 

Have you attended any REIA meetings? A great resource for information. Combining meetings with BP has provided me with lots of info nuggets! Good luck😆

Welcome!

Hi Phil, I am a new investor in the Brandon/Riverview area.  I would love to hear your insights on how you've developed your niche!