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All Forum Posts by: Jazmin Purifoy

Jazmin Purifoy has started 3 posts and replied 7 times.

Post: Motivated Seller, Newly reno, Market Value

Jazmin PurifoyPosted
  • Wholesaler
  • Atlanta Metro Area
  • Posts 7
  • Votes 4
Quote from @Jerryll Noorden:

This is not a good deal.

Simple reason is this. .. the selling cost will be about 10% of the sales price. That is $30K

So out of the gate this deal already wouldn't work because you are already $5K in the negative.

You still need to get your fees out etc. etc.

Just as a guide..

if the house is worth $300K, my offer likely wouldn't be higher than  $170K

Granted this would cover about a $50K repair cost budget, and that would be tight. My assessment is that you are not dealing with the right audience.

Finding someone willing to sell, doesn't mean he is a motivated seller.

Selling a $300K house for $275, is not what I would call "selling below market value".

I know this is not news you would like to hear but I am just being honest here.


 This is exactly what I needed to hear. I'm here to learn and I appreciate the feedback. This is good information to have. 

Post: Wholesaler working with Off Market Brokerage Co.

Jazmin PurifoyPosted
  • Wholesaler
  • Atlanta Metro Area
  • Posts 7
  • Votes 4
Quote from @Michael Dumler:

@Jazmin Purifoy, trust me, do not try to wholesale a wholesale deal. If you have a legitimate buyer, then you will need to acquire your real estate license to represent their behalf. If you want to stick with wholesaling, you have to source deals off-market. Trying to wholesale on-market MLS properties or other deals that are under contract is the biggest waste of everyone's time.

Thanks for the response @Michael Dumler

I guess their off market properties are technically on market because they're under contract with the realtor. 

Post: Wholesaler working with Off Market Brokerage Co.

Jazmin PurifoyPosted
  • Wholesaler
  • Atlanta Metro Area
  • Posts 7
  • Votes 4

Hi BP Family, 

I recently came in contact with a agent who works for an off market brokerage company. Being a newbie I didn't realize there where companies that solely worked with off market deals. Their properties are not listed anywhere, and I have to come into the office to view their property list. 

They are asking for due diligence before putting the property under contract and I'm sure that's where I come in, virw the property and determine if its a good deal to hand over to a buyer. 
what's my best plan of action?

Post: Motivated Seller, Newly reno, Market Value

Jazmin PurifoyPosted
  • Wholesaler
  • Atlanta Metro Area
  • Posts 7
  • Votes 4
Quote from @Bill B.:

Could buy it as a new primary for you or a rental for you. But there’s no chance you can wholesale this and turn a reasonable profit. Let’s say you offer 5% off retail (probably not enough, but it’s all you got.). So you’re at $285k minus $10k in closing costs?

You’d probably be safe at $250k? Worst case you break even and learn for free. I think you lose $10k or more at $275k.

Thanks @Bill B. this is very helpful. He has multiple cash offers on the table so he will probably get what he's asking. 
 

Post: Motivated Seller, Newly reno, Market Value

Jazmin PurifoyPosted
  • Wholesaler
  • Atlanta Metro Area
  • Posts 7
  • Votes 4

New To wholesaling and worked up the never to call a fsbo. 

He wants to get rid of the property, just renovated to kitchen, bathroom, new roof and HVAC. Properties are selling for $300k and he wants $275k. 

Is this a good deal and how should I approach this so we both walk away happy. 

Like I mentioned I'm new to wholesaling and really want to learn as much as possible, so just learning from this experience will be ok with me if i cant close the deal but would still love to walk away with something. 


Any tips would be greatly appreciated. I'm also open to JV if I am able to get this property under contract.

Post: More than a wholesaler. I want to build connections.

Jazmin PurifoyPosted
  • Wholesaler
  • Atlanta Metro Area
  • Posts 7
  • Votes 4
Quote from @Michael Dumler:

@Jazmin Purifoy, I somewhat disagree with you. I would recommend simultaneously building your buyers list AND getting deals under contract. If you have a home run deal under contract, finding a buyer will be as easy as posting the property in an investment networking Facebook group. You'll receive multiple offers. The problem is, that the majority of wholesalers complain about not finding an end buyer because their deals are trash. 90% of the wholesale deals I receive aren't deals at all. Their ARV and rehab numbers are inaccurate and they essentially get the deal under contract at market value leaving no room for margin. Focus on finding legitimate deals first, AKA you need to find motivated sellers! If you have a deal, finding a cash buyer is simple.

Thanks @Michael 

 I actually made my 1st connection today.  The property is newly renovated, with new bathroom, kitchen, plumbing, roof and hvac. The seller is highly motivated to get rid of his property and be done with it. There are 2 issues, 1 is he has an emergency hearing in 2 weeks to get the tenant out of the property and he also wants market value for his property ($275k) and properties in the area is selling for $300k. 

How do I approach this scenario so we both walk away happy. Is this a good deal for someone. 

I will keep in contact with the seller but really would like information for learning experience. I'm also praying this could be my 1st deal if it is in fact a good deal. 

Post: More than a wholesaler. I want to build connections.

Jazmin PurifoyPosted
  • Wholesaler
  • Atlanta Metro Area
  • Posts 7
  • Votes 4

I'm in the ATL area and new to wholesaling. I've been told to build my buyers list first, then find title companies, and then start making offers. I feel comfortable with finding comps and think I'm on the right track with ARV numbers, but i have nobody to run this information by to ensure Im actually on the right track.

I get time is money and thats what im trying to do. Get a little bit of your time now so WE can make money on a consistent basis later.  

I would like to find buyers in the ATL metro area, get their criteria and find those specific off market deals rather than gethering a bunch of properties that may or may not sell.

I would like to network with other wholesalers, get their experience in the business, good and bad, and JV on some deals if the opportunity presents itself.

I get the trail and error but I would like to minimize those errors as much as possible if possible. I want to avoid burning bridges before I even get started. 

Any investors and wholesalers willing to give advice I will greatly appreciate your time.