All Forum Posts by: Joseph Grullon

I was wondering, how does a wholesaler sell an reo that is already on the MLS. Won't buyers just make their offers straight to the bank or the agent who holds the listing? What advantages are there for the investor as far as buying from the wholesaler?

Thanks for the reply,

It's actually a 3 bed 1 bath.

As far as the ARV, I used about 6 different comps from the past 3 months within .5 miles. The highest 2 were 129k, with the lowest 2 being 104 and 110. The 104k was very subpar.

Yes, I am meeting tomorrow am with another contractor in order to get a 2nd opinion as far as rehab costs.

The Wholesaler is telling us that these properties are flying and that we need to respond quick and get our offer in, if we want to secure this deal.

Well, after a couple months of non-stop education and immersion into everything real estate, I think my partner and I are ready to pull the trigger on our first deal. What do you guys think of this deal?

3/1 SFR // 880 SF / 9,000 SF Lot

ARV: $115k

Wholesaler asking: 67k cash

Estimated rehab costs: 15k

Monthly expenses (utilities,taxes,etc.): 250

Closing cost (including realtor fees): $4.6k

Total days held: 60 days

Projected pre-tax profit: $27.9k

Btw, we had a contractor come out and give us estimates, that's how we came to our estimated rehab costs.

Thanks in advance for your advice and feedback.

How many comps did you pull to determine the arv? How did you determine the rehab cost? Where did you find the property?

I would also be very interested to know as this would be a great tool to pair with one of the online auction sites.

Welcome to BP. I am a new investor as well in the area and have currently been networking at various REI's and a local BP Meetup. Have already learned so much from this site and other resources. Wish all the best to you and definitely recommend you get out there.

Thank you for your replies. They were very insightful and actually give me great ideas. And yes they will simply be investing their capital and will be taking a hands off approach. I like the idea of splitting the profits into predetermined percentages.

I'm sorry, I actually forgot to state that I will be starting out with fix and flips.

Good morning BP,

So I am in a blessed position where both my mother and my wife's mother are looking to help us get a start in start in real estate investing. My goal is to find deals through the mls or through networking at my local REIA and w/ BP meetups. I actually am going to my first BP meetup tomorrow. The reason I have access to the MLS is because my brother is a realtor and I will be partnering w/ him. Now once I find the deal, what are some ways that I can structure the funding from my 2 family members. Would it be best to split profits evenly with them, offer them a percentage return on their investment, or any other ideas.

Thank you for your help.

Congrats on the success! If you don't mind, what was your full time job prior to real estate investing?