All Forum Posts by: Gary Alford

I agree with Mike Gallagher on this one. This really isn't a question that anyone here should answer for you. I believe you should always let your market and comps be your guide. If all your comps and are selling with laminate no reason to use granite unless there's comps to prove it will give you a faster or higher sell. On the other hand if you can save in other areas and afford to use granite to one up all the competition you have on market then that's a great move as well. ultimately thoughgo by what the comps are telling you!

I get you @Jay Hinrichs and agree all profit is not good profit if it makes you question the morality behind it being made. Do you think it would of been different had they bought the house with hard money then listed it or sent it to their buyers to purchase? Mortgage aside of course

This seems like a giant thread of people bashing wholesaling that honestly seems to know very little about it! Then at that it's people here that I know have a vast amount of real estate experience that by the way they are talking seem to know very little about how it's done right by lot's of the good wholesalers around. First go learn about wholesaling then comeback and bash on the specific things those wholesalers you speak of did wrong not just call all useless and not needed. 

I mean there's crappy builders, rehabbers and definitely ****** landlords yet that's what most of you are (Not the ****** ones but in the profession) and yet you are not sitting around typing up a storm saying no one should ever buy from a rehabber because they cut corners and shouldn't rent just buy because all landlords are slumlords. 

I mean come on people their are crappy wholesalers just like their are crappy everything else including rehabbers, lenders, landlords etc... or some just have things they need to learn

So to clear this up for most people here, you are not going to find many wholesalers that are going to run title before putting it out to buyers or before they have it under contract (which is almost idiotic in most places). Me personally depending on the deal I will start title as soon as I have a signed contract or after I have confirmed rehab numbers with a contractor. If you do not run title on properties on the MLS before putting in offers or expect homeowners and agents to have done so before hand you should not expect wholesalers to do so either. That's what the DD is for! The assignment agreement when your buying from a wholesaler should relieve you form any obligation if title can not be cleared not if there is issues that just need to be cleared up. I mean title issues is just apart of being in real estate and the closing attorney will get everything handled with maybe some help and leg work from the seller and wholesaler to get it cleared and you will close and get title insurance like any other time. The lien(s) or judgment(s) will be paid by the seller out of his/her proceeds and what you agreed upon will not change.

But for the original poster if it's a good deal to you let them clear title and close it if not then move on no more time lost or put in than if you had found the deal yourself. Just make sure you can get your deposit back on the assignment if the title can not be cleared or it can not close because of something out of your control.

Also, @Jay Hinrichs the wholesalers you dealt with was just dumb for trying to get a assignment fee so big from a buyer he does not know and deal with on the regular. That should've been double closed all day and you would not have known anything about what I was buying it for. Plus what does it matter to you that he was possibly making 95K if the seller was willing and happy to sell it to them for that price he had it for if you were happy getting it for where he was selling you the contract SMH. Unfortunate the lien came up on title but it's been my experience that most of the best sellers I come across that are willing to give up a good deal are somehow not able to because of unknown liens and judgements. 

Sorry so long!

What's up BP nation, I'm heading to Kittery, Maine for a few months for work and am curious what the real estate market is like there and surrounding areas. Does anyone know where the hot areas are within let's say about 1.5 hours? I know New Hampshire is not far and I believe Boston isn't crazy far either I would love to get into something while in there be it a wholesale or whatever.

Curios, Did you takeover deed in a trust or in your name? I was told they can exercise the due on sale clause if transfered to anything but a trust.

@Tej Trummer-dutta sorry but that would be the responsibility of the buyer to evict the tenants after closing if they decide that's what they want to do. There is no written leases in place and only verbal month to month terms so shouldn't be much of a problem to do. 

Calling all Hampton Roads investors ( Virginia Beach, Norfolk, Hampton, Newport News, Chesapeake and Portsmouth)!

Contract on a well maintained 4plex in a strong rental area of Norfolk available. Fully occupied but operating below market so there's potential to increase monthly revenue significantly. All tenants on month to month status with no written leases. Check out the info below and contact me for further details and a chance to walk through if interested at 757-354-4472

4 2bd/1bth units
3,360 sqft (approx. 750-800 sqft per unit)
Currently rented at $450/m per unit ($1800/m total)
Market rent $650-$750/m for similar units (potentially $2600-$3000/m)
Owner pays common area electric (average $15-20/m) and water (Average $160-200/m)
Tenant's pay own electric
Off street parking
Electric baseboard heating
Wall unit cooling

Disclaimer: I do not own or claim to own said property nor do I represent the property owner. This is a contract assignment or double closing deal with no contingencies. Non-refundable $2,500 deposit, POF and signed assignment agreement or purchase contract required to secure deal. Contract will remain on the market until all requirements have been met and deposits received. Must close in 10 days or less at Alperin Law PLLC. Buyer pays all closing cost.

Calling all Hampton Roads, Virginia (Norfolk, Hampton, Virginia Beach, Chesapeake, Newport News and Portsmouth) multi-unit investors. Two contracts on multi-unit properties available. Both are outstanding rental opportunities and one could even be a great flip. Looking for great cash-flow then this is it! Check out the details and let me know if your interested and want to take a look. Call/Text me at 757-354-4472

819 35th St Norfolk, VA 23508 $150,000

Completely vacant fourplex needing a decent amount of work. This property has great potential in a up and coming revitalization area. Come make this property great again and reap the rewards of great
returns. You can rehab and sell for a good profit or keep as a great cash flowing rental!

4 3bd/1bth units
Appr. 900 sqft/unit
4606 total sqft
Approx. Rehab Estimate: 50-60K
(Estimate includes submetering units)
Estimated rents: 900-950/m each
3600/m total at 100% occup.
ARV: 260-270K

Click here to view a video tour of property

1016 Anderson St Norfolk, VA 23504 $155,000

Fourplex with two vacant units and other two on month to month terms. One unit rented at $700 and other at $725. Property could use a good cleaing and painting. One vacant unit rent ready but could use a quick cleaning and other unit close to rent ready. Units all separately metered, owner only pays electric in the hallway. Each unit also has washer and dryer.

4 2bd/1bth units
Approx. 750-800 sqft each
4,200 Sqft total
Market rents: $700-750/m
current income (2units): $1,425/m
ARV: 200K

Click here to see a video tour of one of the units (layout the same in the others)

Disclaimer: I do not own or claim to own said property nor do I represent property the owner. This is a contract assignment deal with no contingencies. Non-refundable $2,500 deposit, POF and signed assignment agreement or purchase contract required to secure deal. Contract will remain on the market until all requirements have been met and deposits received. Must close within 14 days after signing agreement at Alperin Law. Buyer and seller pay their own closing cost on both of these deals.

Are you looking to use it for marketing purposes?

Great story, Chris! Glad you shared it. I'm a wholesaler in Hampton Roads and I'm actually looking to take on my first rehab or new construction project myself here soon. So it was good reading some of your mistakes to learn from.