All Forum Posts by: Haim Mamane Palman

I plan on being there..

I do mostly out-of-state buy &hold and virtual wholesaling of SFH.

Would love to share information and to network with other Bay Area wholesalers and fix & flip investors as I would like to start wholesaling in the Bay Area.

@Brandon Turner and @Joshua Dorkin looking forward to meeting you in person.

just sent you PM.

I also do virtual wholesaling in Memphis and as the others here mentioned, it's very tricky to locate properties by zip as there are "good" streets in "bad neighborhood" and "bad" streets in "good neighborhood".

My best advise to you is to have boots on the ground whether it is a realtor, property manager, or any other local person who is familiar with the area and can drive by and give you feedback on the street and the neighborhood.

Good luck

@Nick Fitzpatrick. I am also from the Bay Area so I know how you feel. Antioch, CA was a good place to buy investment properties with positive cash flow back in 2011 but nowadays is extremely hard to find anything. I doubt that you will find anything in Sacramento that will generate strong cash flow. You may find something in Stockton, CA. If I was you, I would look into investing in out-of-state markets as the returns would be much higher compared to Northern CA. Feel free to reach out, I will be happy to share with you my experience with investing in the Bay Area/Northern CA and in out-of-state markets.

@K. Marie Poe. 47K is what I have invested to acquire the property and renovate it. It's currently rented at $895 and generate a nice cash flow. I do not need to cash out ASAP and I am definitely not motivated to sell unless it is a good deal with favorable terms for me. I countered them with an aggressive offer and I'm not too worry if the buyer will walk away.

I'm from CA but the subject property in TN.

The buyer definitely knows her stuff. That's why I have recruited my BP team to make sure I don't mess this up.

I also think I can do better than what she offered and still have a fair deal for everyone.

Thanks @k.Marie Poe.

Haim

@Bill Gulley. Here are the two options that the buyer offered to me:

Recent Comparable sales in the same neighborhood in the 65-75k range.

Both plans will be for 42 months (3.5 years)

Plan A:

Asking Price: $65900
25% Down Payment: $16475
You Hold A Mortgage Note at 5.9% for $49425
Our Monthly Payment to You: $265.32
Interest You Receive: $10210.88
Total Amount in Your Pocket from Sale: $76110.88

Plan B:

Asking Price: $65900
30% Down Payment: $20000
You Hold A Mortgage Note at 5.0% for $45900
Our Monthly Payment to You: $246.40
Interest You Receive: $8003.92
Total Amount in Your Pocket from Sale: $73903.92

Buyer going to keep the property as a rental and has good credit.

Do you think it will be attractive to sell the note?

Thanks for all the advise.

Adelina,

Welcome to BP. I'm also from San Francisco and I investment primarily in out-of-state markets but want to start doing deals closer to home.

Feel free to connect.

Haim

My take on it is a bit different. Live wherever you want and invest wherever it make sense for you.

If you plan to wholesale, you can do it virtually, you don't have to live in the market where you wholesale. You do have to have boots on the ground such as agent, contractor, and property manager.

If you prefer to do flips such as in Memphis for example, you can rent in a nice area for 1000-$1150 and put your money to work on flips as @Curt Davis mentioned.

Just my two cents.