All Forum Posts by: Gianluca Carella

@Lynnette E.

Thank for your input that was really helpful. I’ve actually spoken to buyers who have told me this before. I intend to stick to the formula and have actually been focusing on finding buyers, understanding their needs, then trying to find the deals they are looking for.

I’m sure if the deal makes sense buyers will come.

I’m just learning the ropes here and trying to get my first one.

I actually purchased a property from a wholesaler before and got a great deal. I didn’t mind him making 30k on the spread as he got the property for a steal.

@Barry Pekin

Thank you for the informative answer. I am new to this and had some fear behind making the mistake of locking myself into a deal where there was significantly more damage to the property then meets the eye.

In a wholesaling agreement, is it possible to add a contingency clause to back out of the contract if you are unable to secure a buyer in the allotted period of time?

When a seller signs a purchase and sale agreement are the still able to back out of a transaction.

For example, if I were a wholesaler and I came to an agreement with the seller on a price and secured the contract, can they cancel it if they changed their mind?

Hello,

Can anyone tell me whether or not you need to be a licensed agent in order to legally wholesale deals? I have a feeling this differs from state to state.  I live in California and how would that work if we were wholesaling deals from out of state?

Hello All,

I am working on my first flip currently. We picked up the property at 380k with and ARV estimate if 610k. We created a detailed pro forma around the job from start to finish and made sure the numbers reflected a target profit margin of 80–100k depending on soft costs.

The home has great guts but needs a complete cosmetic remodel. It’s a 2200 sq ft home sitting on a 42,000 sq ft lot. I have gotten bids from 7 contractors and I feel like they can smell my “newness”. Would anyone be willing to give me some tips on how to navigate these contractors to fit the project within my budget of 80k.

I am sort of thinking I need to scrap the idea of having a general and just quarterback the project with cheaper labor. What are your thoughts?

Correction - @wayne brooks

The home is conservatively estimated to be valued at 340k and he owes 298k with the lender. What would be the best strategy? 

Hello all,

Quick disclaimer: I am relatively new to this so bare with me. 

I have recently come into contact with an individual through a good friend of mine.  The guy who owns this home will be two months delinquent on his mortgage payment as of 07/01/2019 with no resources to bring it back into good standing. He purchased the property years ago for 277K and has roughly 50K in equity in the home.  Home is currently valued at roughly 390K give or take.  What would be the best approach at this so I can help the guy out and also make this worth my time.  

Here are my thoughts,

1. Purchase the property for the total loan debt plus enough capital to help him out in finding his next place to live. Then resell for the difference.  Im assuming based on the previous purchase price and total equity in the home he has about 225K in debt +/-. That leaves a pretty good sized amount between this sale amount and the home value currently. 

2. I purchase the property subject to? I have a very basic understanding of this, however if this is a more viable option would someone be kind enough to educate me on how to put this deal together?

Thanks in advance,