All Forum Posts by: Account Closed

Hi @Joe Mulcahy 

My preference would be to get a conventional loan so that I could keep my line of credit free for other deals even if the costs are a bit higher. Are you looking to hold this for the long term? If so, conventional might be the better option.

@Cole Walker , do you need one in Settle? If not, I have a few here in Philadelphia. The work could potentially be done remotely. Let me know.

@Joshua Dorkin , is there a plan for an android mobile app?

@Johnny Brown , what is hml or pl?

@Jason Stephens ,

Congratulations on taking your 1st step to financial freedom. Good luck!

You can find deals on the MLS but I think the catch is to move quicker than the other guys (or gals).

1. Have you thought about direct mail marketing, driving for $ or real estate auctions? 

2. It is difficult (but not impossible) to find an agent that will actually do data mining. On average, agents gather criteria specified by you and then you'll receive automated messages for properties fitting your criteria. Tip: the properties listed on the MLS that need work are categorized as "Fixer Uppers" and an agent could run queries pulling off of this category.

3. This is reasonable but to be able to do a flip a month (which I haven't done yet) is persistence with offers every week and then setting up some sort of property tracking mechanism to follow up on properties you've made offers that might still be available. 

There are trade offs with targeting properties where you're expecting to make $20K/property. If something comes up that is significant and unforeseen or if your ARV has changed based on market conditions (therefore causing you to reduce your selling price), there is a possibility that your profits are wiped out. If you target properties at higher ARVs (and therefore higher profits), you do have more cushion (dollar for dollar) for those unexpected costs.

You always stick to your numbers. The trick is what are the underlying assumptions for those numbers. If I'm looking at a property that has 3+ comps that are identical, DOM are short, desirable school district, nice location etc. etc. then I might increase my ARV to the higher end of the range and reduce my holding period (thereby reducing my holding cost). And vice versa.

Good luck and excited to hear about your success!

@Christina Phillips are you getting leads that already in a short sale situation? I haven't done a short sale but I've heard they can take time to complete. Why not try and market to people going through pre-foreclosures? If you are able to buy their property, you are helping them avoid being foreclosed on and evicted as well as keep their credit score intact. If there is enough equity in the property, you might even be able to give them some $ to get back on their feet.

Hi @Joe Davis. The wholesalers I've met usually won't have a due diligence period as part of their clause. So they'll encourage you to go and look at the property prior to entering into a contract with them. If I were in your shoes and if I didn't feel I had enough information to make an investment (like inspect the property with my contractor), I would pass on the property and keep moving.

@sammoyhee, is your colleague a close friend of yours? Has he/she used Aurelian already?

I agree with you that it seems shady and the program is too good to be true. I've asked them for references before formally applying but I never got them. Not a good sign. 

I'll keep you posted if I hear back from them. 

Thanks Stephanie. I will message you seperately.

Thanks Ken. I gave them a call and left a vm. I'll let you know how it goes.