All Forum Posts by: Jamie Rost

I am sorry I posted the incorrect date. The day is April 18th. Sorry for any confusion. 

Thank you @Ola Dantis ! Certainly something I am looking into! 

@Justin Stamper Thank you for the recommendation!  I certainly think we can accommodate a change in venue for future meetings! 

Looking to meet other real estate investors in the Orlando area?

This event is intended to connect, inform and inspire investors in the Orlando area.

This free event is open to investors of all levels and experience! If you are in the Orlando area and would like to attend please RSVP using the “Attend Event” button.

Come visit us on Wednesday, March 28th from 6:30 Pm - 7:30 Pm at the Orange County Public Library Chickasaw Branch in the Combined Co-working Room.

We look forward to seeing you there! 

This type of conversation is exactly why I have not taken action with wholesaling due to the ambiguity of the process. It seems there are always two extremes in perspective related to this model. Now a novice question here so please be kind, what aspect of wholesaling is unethical or illegal? Is it the interpretation of the law as brokering a deal ( which I agree should only be done by a legal and licensed entity and understandably varies by location), is it the approach that wholesalers may take interpreted as predatory or is it something else? It seems that in many areas you can find wholesalers so are they all illegal? Again I am asking these questions without judgment but to understand the feasibility of using this strategy as a way to build cash to being the BRRR process for buy and hold strategy.

This is really great information! I certainly would not want to violate any law. I have read that recording of the contract was one of the steps. This is one of the reasons I created this thread is to validate before taking any action. @John Horner and @Jay Hinrichs thank you for calling that out. @Jorge De Jesus great advice! 

I am just learning about wholesaling and I wanted to make sure that I understood the framework of the process. From my understanding, the various phases of a wholesale deal include the following:

1. A call is received from home owner as a result of marketing efforts 
2. Provide a range that we (wholesaler) would be willing to offer
3. Review property and required renovations to determine selling price to market to buyers list
4. Get contract signed by home owner
5. Record contract with county
6. Market property to established buyer list
7. Once buyer is interested complete the assignment contact
8. Receive deposit from buyer and put in escrow with title company
9. Set closing date with title company for double close 

Did I miss anything related to the process?

Thank you

Jamie 

Thank you for all of the information. The properties are in generally good shape. New roof in 2015 on both. I am not sure of the condition of all the units but the two I saw would just require cosmetic updates. One of the properties will require new windows within the next year. 

Here are the current results of the calculators. 

This report is based on a portfolio loan including both units. 

https://www.biggerpockets.com/calculators/shared/877343/ef4b42ed-97f5-403a-b701-3c172a9be0ee

These reports are based on individual loans for each unit 

https://www.biggerpockets.com/calculators/shared/877343/e302a1f8-fddc-4d2a-a2bf-bec4d87dca43

https://www.biggerpockets.com/calculators/shared/877343/eb6edbd7-b8d3-41b3-bd16-56cd72e86e6c

Thank you for any advice you can offer. 

Hello BP members

I am looking at my first deal and wanted to get some advice to make sure I am taking everything into account to properly analyze this opportunity. I am looking to purchase 2 -  4 unit properties as a portfolio. I have estimated the expenses following the BP rental calculator. I am having a hard time getting the estimated costs of water and gas as well as clairifying what expenses are tennent and landlord expenses.  Structurally the properties are in good shape new roof, updated electrical etc. One of the buildings will need new windows within the year. 

Each of these properties have onsite property management that includes lawn, snow removal, tenant screaning, vacancy filling rent collection and maintenance for a monthly fee of $300 per structure. I am awaiting review of the contract so I can see what extent of the maintenance services are included within that monthly fee, speaking with them it sounds like basic refurbishment activities are covered. 

I am also getting quotes on insurance for the property and have contacted the local authorities about crime activity with only very minor activities reported. I plan to initially purchase under my personal name then move to my LLC. From my estimations I should cash flow about $150 per door per month.

Are there other items I should consider? Questions I should ask? 

Thank you for any advice you can offer.

Jamie

Hello everyone. I am very sorry to report that I have to cancel our meetup this week. I had an unexpected death in the family and will be out of town. Please keep a look out as I plan to reschedule this meetup within the next 2 weeks. I am sorry for any inconvenience. I look forward to meeting each of you.