All Forum Posts by: Jorge Caicedo

...and I tend to exaggerate slightly..lol
I've already e-mailed Ryan about the comment so I won't address it here..if anyone on here would like to address me regarding it, please send messages to my PM....let's keep this about real estate..thank you

Matt,actually, i'm still pursuing it albeit not as hardcore as i used to...it's not so much an issue as it is a ludicrous assumption made by a total stranger.

Corey, for holding costs, talk to a Realtor or a title company..As far as repairs are concerned, just talk to a few handy men to see what they charge per sq. ft..nowadays(at least here) it's roughly about $45 sq. ft...as far as the ARV goes, check the paper to see what homes are selling for and use that as a yardstick for starters

hey, you bought up "guru status", not me..lol

Corey, the best thing to do is to use a formula-the one used most is ARV X.70-repairs-holding costs-your fee..is this a hard fast rule? no but it's a good barometer when starting out.

Corey, you don't have to tell them you're wholesaling it..if you do, more often than not, it'll lead to the seller changing his mind..think about it-if you were selling your house to someone and he/she said "i'm gonna wholesale it"-you then have to explain the concept to them which will leave them skeptical.

I've already answered your questions on contracts and earnest money...

As far as ARV is concerned, ths=is comes from learning the prices in your particula area for single family homes to residential multiplexes..You should aim for 70% of ARV as opposed to 50%-most end buyers won't touch it for 50% or less-take it from me. Legally, once you've assigned the contract to the buyer, it's out of your hands..This is where the buyer does his due diligence to make sure these things don't happen..
Hope that helps..

i don't consider him a "guru"

If you can't find a buyer(although one should be set up in advance) tell the seller that your partner(s) didn't care for the prop or just simply changed their mind. Now having said that, you want to have an Addendum to the Purchase Agreement and have the addendum state that you the buyer can w/draw your contract at any time for reasons deemed worthy..i.e, bad location, buyer found problems after the fact etc....

Maybe I should put out my own wholesaling how-to guide..lol
I'll send a copy to Ryan Webber and Preston Ely...

Corey, you can go to any Office Depot and pick the forms up..You can also retype and modify them to suit you as well.

Corey, most investors will do a drive by on the property and inspect it themselves..most investors won't cut you out of a deal but if you think they will, record your contract at the courthouse..this way it'll show that you were the original buyer. A license isn't necessary b/c you're not acting in a Realtor capacity. This has been explained elsewhere in this forum.