All Forum Posts by: Hermes Kanaris

I appreciate all the replys guys, everything i read on here is so helpful since im new to this business. A little update with the bank, they are now telling me that they aren't even going to consider a settlement or a short sale unless the past due 14 contractual payments (around 8-10k) are paid. EVEN IF THEY ARE PAID they cant guarantee that a short sale will even be approved AND cant guarantee any price. I asked them, what do you usually short sale properties at %? they said around 90% of market value.

I tried to get them to understand that this property needs a LOT of work, almost a full gut, some holes in walls (small) old carpet needs to be ripped up, i mean like the works on this thing, you can prob get away with touching up the kitchen since its real hardwood and the bathrooms as well but this prop needs at least 80k.

Found out owner actually owes 140k on property, and zillow is zestimating it to be 127k. Im not really sure how to save this deal... I don't even think its worth a sub-to

Catherine id highly recommend spending a full day or two consuming youtube videos that specifically go into detail about this process, theres so much to teach and writing this whole thing out would literally be a whole book. Good luck on your journey.

Hey everyone, im new to this community but always wanted to be in real estate. Last week I acquired my FIRST wholesale deal! I'm looking around to find some investors to take it from me and just feel a little lost with dispo, i want to make my deals super sweet sugar coated cherry on top for all my investors on my list so what i ask is if you can rip apart this deal for me and make sure i have enough meat on the bone for my investors, below are the stats

First off address, 1011 Richard Bell Ave Perry FL

Purchase price $110,000

Seller says the bank is willing to let go of mortgage for $91,000

ARV $180,000-$200,000

Needs new roof (20 years old) and central ac system went down about a year ago (around 4k for 3 ton ac)

Ive been in roofing for about 2 years and im estimating the roof will cost between 18k-20k

I take constructive and negative criticism very well and i only want to improve, no opinions are unwelcome i want full scrutiny with this deal please.