All Forum Posts by: Dottie W.

@Jeff Copeland

 that is EXACTLY what I needed!!! I was like you said doing the numbers wrong and trying to collect $6k in the process.  Talk about ambitious Lol.  Thank you for this.  It was the missing puzzle piece I needed.

@Guy Gimenez

 I appreciate you for that.  I live 2 hours away for the meetings and they are at 6:30pm.  I'm a little nervous being a woman going but I obviously need to make it to these meetings.  I have been reading since Oct. of last year and you know....its a lot.  I won't give up, I see too many people having great success from this so if it takes me a little longer, better late than never.  There's enough out here for everyone Lol.  So, I just called a different agent at a different office who said she will do the comps for free and get them to me this afternoon.  When I get the numbers, I will do the math.  About the partnering, the guy I mentioned locally said he may have a buyer.  If his buyer buys, I agreed to split with him 50/50.  What I will do is not get antsy.  I will tell him if he can find a buyer in a week, we will do the deal, if not I will tell him I will put the offer here on BP.  That sounds fair, what do you think? If he doesn't get the deal, would you like to connect? If not, it's ok.  I will keep everyone posted.  Am I too transparent on here or is this about right?  I just want to be honest, I believe what goes around comes around.  Thanks Guy, I appreciate you! I'm not on facebook but I am on Instagram @tkettleproperties 

@Account Closed

Thank you so much for that formula but my $210k is all wrong Lol. The asking price is $232,000 & according to the agent, the seller will never get that. The agent didn't run comps because she said it was hard to sell this type of house. Honestly, I'm going to call another agent at a different office and get a second opinion. This deal my not work because I'm in the dark about some things but one thing I will do is see it to the end. I want that ARV! When I get it, I will do your formula & give that number to the seller and when she hangs up in my face, I will be ok with that because I followed through. If she says yes.....I will message you Lol. Thanks for taking time out of your busy day to talk to someone that is literally starting from the bottom.

@Hattie Dizmond

 You are right. Reading all the real estate books doesn't make you an investor.  Your also right about learning the basics, with out a clear understanding of them, you will struggle.  From what I understand, everyone that starts out struggles, no one comes in this as a super star.  I remember when I graduated nursing school as a Licensed Practical Nurse.  We studied 7 days a week for 2 years and when we finished, we were book smart but not nurses. We didn't become nurses until we actually took the steps to apply what we learned and with the help and patients of those before us that helped hold our hands, we made it.  So that is where I am, I'm looking for compassion.  As some one helps me, I help others.  Most people start with wholesaling because financially its all they can do & that is where I am for now.  By Dec if wholesaling hasn't worked for me like it does for many, I will have enough money saved and higher credit to purchase my duplex.  I truly don't mind crawling before I walk. Thanks for your help.

@Guy Gimenez

You hit the nail on the head. The only investors I know personally just had a death in the family. I want to be respectful of that. I met an investor online who is 2 hrs away and he gave me some advice but we really don't know each other it's a little you know... he's new but he attends the investment club events, has mentors and buyers. He probably is skeptical of me. I don't blame him. I offered to split the deal with him but I don't want to be a pest. Guy, I think I will just chalk this one up to practice and attend an REI next month. Thanks for your help!

@Account Closed

 I kind of figured that both of them would have to sign.  Did I mention she is in FL? Let me find out this first deal I'm trying to do is way over my head Lol! Thanks for your help.

@Patrick L.

 You are right about the investor loosing money.  I didn't think about him having to pay closing cost.  I just thought I find the deal, get the price right, investor profits after the repairs & I get my finders fee.  Totally forgot about the title/attorney part.  I might just write my own book one day for people like me who literally need step by step scenarios. Lol I will figure this thing out.  If I can't wholesale my way in, I will buy a duplex  this Dec and go from there to fixing & flipping. Thanks for your time Patrick!

@Mike D'Arrigo

Hahahah, I told you I didn't know what I was doing. I figured to get the ARV I had to first find the value of the house and not what the seller was asking. Then figure out how much it would cost to fix up the house $10k and add that to what the house is worth. I'm really struggling with this ARV vocabulary. So this is what I'm thinking - find the house, ask what the seller wants for it, go to my agent, have her run comps, what ever she says the house is worth --> that is the ARV or no? If I can get that part, I'm good. Its tough because I know 2 investors that use the Zillow for the ARV & did wholesale deals, so I was listening to them, but I want to do things the right way, so now I got a agent. And yes, I was looking for a buyer who wanted to flip & hold. Last week I found a $15k house that needed to be sold from an estate. Agent says it needs $15k in work & should be a rental because the entire neighborhood was bad. The houses I'm finding are either too nice or way to crappy. I need a mentor. Thanks for your help Mike & sorry for the book I just wrote Lol!

@Karen Margrave

 You are right, the house is very over priced.  I called a real estate agent just now to see how much she would charge and she said she would run comps if I referred people to her. I said sounds good to me. She told me the house I'm looking at is Contemporary & hard to sell. I told her I'm not looking for a person who is financing but a cash buyer.  She wants to meet next week & teach me about the mls & comps.  But what about my deal tho? Is she about to sneak it away from me?  I'm looking for an investor who wants to buy & hold a sfh that's practically move in ready. Who wouldn't want a 3b 2b 1800 sqft property in a subdivision in a nice family community.  The agent was no help & I owe this person a call. It purely sucks being new.  Sorry for the rant Karen.

Ok, so I might have my first deal.  The seller #1 is out of state and spouse lives in the home. #2 They are getting a divorce. #3 The house is fsbo & has been listed for 9 months. #4 She is "willing to work with me".  HELP ME!!! went to Zillow for the comp the zestimate was $41K cheaper than asking. So I tried to do a comp with recent homes and came up with $200k so the arv is $210k because its really turn key aside from cosmetics.  Then minus $6k for me, and the investor will profit $15k so I should offer her $179k right? I don't know if my numbers are right and I don't know if there is equity in the house (paid for).  If there is equity, what does this mean. And lastly, how do you close when the potential buyer is not local, shes in FL and the soon to be ex hubby is in the home? None of my books break this down. Please advise and thank you.  I told her I will call her tomorrow Friday 03/2/15.