All Forum Posts by: Felix Wisniewski

9 months  later and I'm going to contract my first deal Tuesday 

Hey Bigger Pockets,

Anyone looking to analyze this deal, go ahead :)

I got a lead from a motivated seller is heading down the road to pre foreclosure. They owe 28k on the mortgage and have a personal loan of 20k. The ARV is 210 and most people in this area/market do 65-70% of ARV-Repairs. They already were starting the repairs and I calculated them at 40-45k on this 1,100 sqft house TOPS! We agreed at contracting it at 85k. So 70% of 210 is 147-45k for repairs is 102k. So I have some wiggle room for both me(wholesaler) and the end buyer. Let me know what you guys think

Felix

Hey Bigger Pockets, 

Anyone looking to analyze this deal, go ahead :)

I got a lead from a motivated seller is heading down the road to pre foreclosure. They owe 28k on the mortgage and have a personal loan of 20k. The ARV is 210 and most people in this area/market do 65-70% of ARV-Repairs. They already were starting the repairs and I calculated them at 40-45k on this 1,100 sqft house TOPS! We agreed at contracting it at 85k. So 70% of 210 is 147-45k for repairs is 102k. So I have some wiggle room for both me(wholesaler) and the end buyer. Let me know what you guys think

Felix

Hey Bigger Pockets, 

I'm contracting a deal tomorrow with a motivated seller. She owes 77k on the house and that what were contracting it for. The ARV is 203, but in a flood zone in NJ. Only the basement got wet from hurricane sandy. It needs to be raised 6 feet but it a relatively small house only 1200 sqft. The house isn't in terrible shape just really needs a **** ton of updating but a full gut would probably be the best. Im saying 35k and 45k for the house raising. So contract at 77, sell at 80. That 80 in repairs at about 40 for the rehabber. This is my first time contracting it a property but I just did a JV by finding someone a buyer for a different house. Any analysis would be GREAT.

Thank you, 
Felix Wisniewski

Hey Bigger Pockets,

I just contracted a deal at 77k and the ARV is 204k, the house is small 1,200 square feet and needs to be raised 6 feet due to hurricane sandy. Anyone have an idea of how much a raising would cost? 1,200 sqft house and needs to go up 6 feet. Any response would help.

I got a lead that has a reverse mortgage of 77k and we agreed on 79k to put 2k in the sellers pocket. The ARV is around 205 and the repairs are 50k. Is it ok to wholesale a house with a reverse mortgage? Or is there anything I can and cannot do? Any help would be great.

I bought a list of absentee owners off list source back in March.. March 24th to be exact but never got around to sending out the mailing campaigns due to financial reasons. I now have the proper funds to do so and was wondering can I still use that same list or do I have to go buy a new list?

@DickRosen Should I mail to vacant houses? or Just cold call them with a skip tracer? I feel mailing would ideally be better but if no ones lives there no one will see the mail.

Hey BP. So I have a list of 155 vacant properties that I found myself from "driving for dollars". I have already went to the city and got the home owners names for who owns them. Out of that 155 only 50 or so came back with updated addresses of where they moved to and currently live. I'm on a limited budget so I was thinking mailing to those 50 or so & that would fit my budget and cold calling the rest as well as leaving door notes saying I wanna buy their house. Any response and critique to my strategy would be awesome. Thank you -Felix Wisniewski

Hey BP. So I have a list of 155 vacant properties that I found myself from "driving for dollars". I have already went to the city and got the home owners names for who owns them. Out of that 155 only 50 or so came back with updated addresses of where they moved to and currently live. I'm on a limited budget so I was thinking mailing to those 50 or so & that would fit my budget and cold calling the rest as well as leaving door notes saying I wanna buy their house. Any response and critique to my strategy would be awesome. Thank you -Felix Wisniewski