All Forum Posts by: Grant Rothenburger

@Michael Gessner Did you check the files section?

Welcome @Brian Reynolds!

Im going to use a nicer round number. The price online means nothing. What you start with is the ARV (after repair value). Let's say the ARV on a property is $100k. Start with 100k * 70% (you can do 65% if you wish) = $70k now subtract repairs and you have the most you can offer to make a decent profit. If it's a wholesale deal you take it a step further and subtract your assignment fee after the repairs. So back to the $70k - 20k in repairs = 50k - 5k assignment fee = $45k. This price is where you would put the property under contract. In a perfect world your buyer agrees to pay $50k for the property, $45k goes to seller and $5k goes to you at closing.

This isn't a Facebook "lender" is it? Not that all lenders on Facebook are scammers, but there is a lot of fake lenders out there, praying on the inexperienced. 

Good question! Curious what the most popular answer is.

@Nicholas Richard Ray I would just ask the tenants if they're interested. If they say no, I like what someone else mentioned about having an electrician wire up a switch and have a cover and lock over it that you have the key to. That seems like the easiest, most cost efficient way to handle your situation.

@Diane G. Sounds like a smart idea.

I'm sure @Darrin Carey knows of some! 

@Cathie Kovacs I've done something similar once. All I needed was a simple contract between the individual and myself, then we had to show their POF. It was that easy for me, not sure if it always is. We actually did not go through with the purchase, but everything was lined up and ready to go.

I would think they would be on the offer paperwork as holding a mortgage/note on the property.

 For sure! There are also investors in a local meetup I attend that offered to let people shadow them on their flip projects, a lot of great people out there wanting to help.