All Forum Posts by: Jacob Michaels

@Roger O. I've got a few private wholesale deals for sale in Dallas at the moment, 2 of them are currently rented. I just started marketing them. What are your requirements for investment properties and do you know any other buyers I might contact?

Investor special at 2421 Kahn St. Dallas, TX 75241 is priced to sell fast at $8.10/sqft. The lowest comp was half the size of this house, similar age and sold for $16,800 recently, or $18.60/sqft.

Need to move this FAST. All-cash ONLY.

Take a look at the outside of the property. The neighborhood around it is all newer houses. I will only allow you to see inside with Proof of Funds sent via email. Inside/outside needs a lot of work.

Send me your POF to [email protected]. You can call me at 512-333-2189 or text: 512-630-2334.

Other wholesalers are welcome!

http://postlets.com/s/2421-kahn-st-dallas-tx-75241/10345940

P.S. Sorry for the repost on this one. I wanted to add "Dallas" into the subject line but couldn't seem to edit the previous post.

@Josh James I've been putting nearly 100% of my time into the Dallas area for the moment, and have found a service that gives me proper comps here (but costs me $800/yr!). So, I'm saving Wichita Falls for when I free up more time.

Do you have a source for local comps?

@Dick Green Please feel free, Dick. Bring me a serious buyer and I'd be happy to kick in something extra for you.

Btw, I updated the pricing--reduced 40%:

$9mil with $1mil down and 3.5% interest financing

http://www.biggerpockets.com/forums/517/topics/111346-reduced-40--biloxi-diberville-33acres-commercial-land-with-seller-financing-available-near-i10-and-i110

Investor special at 2421 Kahn St. Dallas, TX 75241 is priced to sell YESTERDAY! The lowest comp was half the size of this house, similar age and sold for $16,800 recently.

Need to move this FAST. All-cash ONLY.

Take a look at the outside of the property. The neighborhood around it is all newer houses. I will only allow you to see inside with Proof of Funds sent via email. Inside/outside needs a lot of work.

Send me your POF to [email protected]. You can call me at 512-333-2189

http://postlets.com/s/2421-kahn-st-dallas-tx-75241/10345940

I've got commercial land for sale near the I10 & I110 intersection that has been reduced 40% from $15mil to $9, with seller financing available with $1mil down and 3.5% interest.

If anyone has contacts who might be interested in buying with seller financing, let's work together on this. I'll make it worth your while.

@Don Konipol If I'm not a realtor, I can't legally market a property I don't own. So I have the property under a Purchase Contract, ostensibly to buy at that price. Really what it allows me to do is market the property legally since I now have an equitable interest in the property. This is all with the seller's knowledge and agreement.

@Karen Margrave No problem! Not only because of your advice, but also yesterday I was giving the situation a lot of thought and realized that it even in the best case scenario with me eventually putting together a deal between buyer and seller, it would only be too easy for any/all the involved parties to simply try to cut me out of any portion due to me at closing---in spite of the written agreement I might have. I was reading through a book recommended to me---To Be or Not to Be Intimidated by Robert Ringer which discusses many scenarios that could happen in cases like this---and it made me rethink my position in the deal.

I might be able to avoid that heartbreak by investing money and working with a local attorney to draw up better airtight agreements now, but considering that it's already a long shot do I really want to invest significantly up front to avoid a litigation situation down the line? Perhaps if I was in the local area myself then it would be more worth it, but I'm not. And perhaps if I was already fully invested in the commercial scene, but I'm not. I'm focusing on residential wholesaling at the moment and am reluctant to let myself get carried away and distracted with something completely outside my area of focus.

The ideal I think at this point would be that I pass along this opportunity to someone else for a referral fee. I thought in order for me to receive a referral fee from a Realtor I also had to be licensed myself, no?

If not, maybe that would be a good bet. The potential upside for a realtor or other investor who could make this work is sizable. Even with another huge hair cut on the sales price, my contracted "commission" on brokering the deal through this arrangement would be in the six figures. Are you interested?

@Joel Owens Thanks for the extra info and sorry for the late reply, I didn't get a notice that anyone had commented here until I got Karen's reply. I'll send you a PM

@Karen Margrave I appreciate your comments as I know you're very experienced in this area. To me, the price of the land isn't so important at this point. You're right in that I don't know how high (and I do believe that it's still high) the land is priced at---this is Biloxi, MS area. But my intention with the agreement that I have is simply to have legal means to market the property without being a realtor.

You're absolutely right that I will need to be able to market the property to a developer and answer their questions. I am looking for a local experienced partner who is able to help with that. Upon further research if it looks like it is just not going to be a doable proposition for me, I will cordially inform the sellers and we'll go on our separate ways.

@Randy Bachor Did you get my PM? I've got a great property in Gouldsboro (Pocono Mtns area) that you may be interested in. ARV is ~$100,000, 5/2 and fully remodeled. I can sell it to a cash investor this week at $64,000, but I have to move it fast.

You could either rent it or sell it to a retail buyer at a significant profit. I know hunting cabins are big in that area.