All Forum Posts by: Jerrell Slay

o OK thanks, I just plan on wholesaling it, I guess my question is, is this a good idea for an investor?

(I am a newbie and this is the 3rd house i've pursued ) this may be the obvious to some. Is it wise to pay appraised value? recently got a lead, the guy who has the property is a flipper and says that he does a couple a flips a year, the house is a 4bd 2ba garage and 2 levels, in a very decent neighborhood. For example the house is appraised at 100k and that's his asking price to sell it in the middle of his rehab as is, with the work he has already done he quoted 20k to finish it, ( this does not include my fee), the house has potential to sale for 150-160k which was his numbers, I also did some home work and it seems that he is right (I don't have a realator to pull comps so I done what was advised by "gurus" and use other resources). All input is greatly appreciated!! Thanks

Thanks for the advice very insightful!!!

hi all, just curious to know what are the best escape clauses for wholesaling so you (the wholesaler) doesn't get stuck with an unwanted property. 

Thanks for any input

great points martin I greatly appreciate the advice,I thought I would do a 1st round of due diligence, then once I got it under contract, do the official check of those things you pointed out. As I go forward with the process I will definitely have stronger numbers. Just curious, would you enlighten me on the steps you would take or how you would go about this. For me learning never stops.

i definitely will, thanks for your reply. Have a awesome day!!

thats true, I thinking after I see it I'm going with about 20-24k on an offer when he said o.b.o, I used to sell and buy cars ( apples and oranges lol) I'm thinking when someone says o.b.o, they have a lot of wiggle room and don't want to share it because of a figure they are trying to stick with but push come to shove his bottom number maybe a lot lower, 

Great point the seller said he bought it when his sister died n 2012 or 13 from the estate sale they had when she passed, he then rented it for a about 6-8 and the Tennant trashed it, the seller wasn't to open about how much he owed, he said he would want 29k or o.b.o. If my numbers are in the ball park I'm hoping to put it under contract for 23-24k and wholesale it for about 27-29k(but you are exactly right about needing to know how much he owes). The seller lives in a different city from me so I told him I would drive by look at it then call him. If I'm still interested he would come down to Knoxville and show me the inside which he let me know it needs plumbing and sheet rock,  its a 2bd 1bth with a den, comps came out to be 65k-84k. I read from sean terry book that u allocate 10-15$ a sq. Ft. So that means it will need about 15k in rehab,I believe once I build a rapport with him he may open up, I'm going to let him know in order for me to help him I need to know how much he owes and some how let him know I'm not trying to low ball him but rather trying to make him and the buyer happy which I still have to find ( he doesn't know that part).

Thanks for the replies very helpful!!

chaz Reid that's a great point I heat a lot of people saying that