All Forum Posts by: Ashley Guzman

Ok sorry again, it is late and this has been on my mind all day--the property is in Jack county not Parker. Again, I apologize for not being more clear. It is in Jacksboro, right by the school if you are familiar Shane. I will pm you. Hopefully I can get a little guidance on this so I can at least let her know something within the next few days or so.

She owns the property free and clear, that was the first thing I asked her. However, she was in a lapse period of her insurance when the fire occured so she is not covered there at all. She basically lost everything in this fire. I honestly do not want to rake in the bucks here, I just want to help this owner get a chance to walk away from this devastation and move on with her life. I told her that I could not gurantee finding an end buyer and that is why I have not put it under contract, but that I would do everything I could to help her. 

Karen, thank you for the advice. No when I said farm I just meant that I was in the beginning stages of trying to market to a specific area in Wetherford Texas. I should have written that a little more clearly. I will check with the building dept. in the morning about the credit. Would I just put that in the proposal to an end buyer once I have it under contract to let them know? Also, in doing comps would I just compare to recently sold lots in the area? As far as the market in the area, I think that's where it gets a little bleak. I had an agent do comps for me and the only thing he could come up with were two houses that sold for cash a year ago. It is a very tiny town with really no upward trend in sells from what I can see. I thought maybe it would fit for a buyer who would want to put a multi-unit on the lot, possibly a four-plex. It is a good neighborhood but just from driving around it looks like it is a lot of renters. I have to do a little more research on the area as it is out of my particular area that I am familiar with. I told the owner to give me a few days to see if I could help come up with a solution for her, so I really would like to try and help her if I can-but I will not put this thing under contract until I know it can be executed. Thanks again

Hi guys I posted about this a few days ago but I have not really received a lot of input. I have a little more information now and can probably form a better question. I am a wholesaler out of the Fort Worth area and I am also trying to develop a farm in the Weatherford area. I only wholesale deals. An owner responded to my marketing and said her house had been in a fire and she just wanted to walk away and start over. After a few questions I decided to meet with her and see if anything could be done. Upon arriving at the property I saw what I had previously assumed which was that the house is a total loss. It would be a tear down and I am guessing a new construction type deal. The owner  said she just wants out and would settle for a few grand. I did not put her under contract because I do not want to harm her in any way if this is not a deal that can get done. I feel like she has been through enough as it is and I do not want to string her along with false hopes. I really want to help this owner so if anyone can point me in the right direction it would be greatly appreciated.

Now for my questions. How would I do comps on this property? Should I treat it as a lot or compare it to other houses that have sold in the area? How do I figure out repair costs considering the building would have to be torn down, cleared out and rebuilt? What type of buyers would be interested in a deal like this? I know how to analyze normal wholesale deals but with my lack of experience I have never dealt with anything like this. I would appreciate any positive input. I am learning here and would love to help this owner out, but if it is not something that can get done I need to let her know as soon as possible so that she can figure out her next steps. Thanks in advance. I look forward to hearing from yall.

Great Job! It is wonderful to hear that wholesalers are out there with the intent of helping. That is always my intent when I approach a wholesale situation. I read a post right here on BP that was so negative towards wholesalers and it really hurt to hear other investors thought that way. I am so glad to see someone like you doing it right and helping all of us out there who are doing whoelsaling the right way get a better reputation overall. People helping people is what its all about and I am happy for your success!

Hey Keeno and welcome! I am a new whoelsaler as well and the way that I have found to build a list is to reach out to people right her on BP in your area and ask questions. Ask people who are flippers and buyer/holders exactly what they are looking for and let them know that you find deals and would love to add them to your list. I like to cater to the needs of the cash buyers and get deals that they are specifically looking for. You can also go and join your local REI clubs and get to know the buyers there. The seasoned investors do not mind telling you what they are looking for and answering your questions. That way when you approach them with a deal that you have under contract you already know that it is what they are looking for and it is an easy transaction. It will also help build your reputation as a good wholesaler and a person other people want to do business with. I have been on here for just a few months and I already have a pretty good list of buyers that are capable of buying. They were all wonderful about answering questions because the better I know their needs the better I can help their business and in turn help mine. You just have to reach out and get to know everyone! Good Luck!!

That is a good point. I do not have experience with fire damaged properties but I do not plan on rehabbing it. This would just be a wholesale deal for me. I just was not even sure if there were buyers out there for this type of deal. I feel like if there is an interested buyer he/she could give me their margins and we could get a deal done. Just want to try everything I can before I pass because the way I see it, everything is a learning experience and I can not learn if I walk away too soon. :)

Thank you for the advice Gilbert. I assume the owner has no insurance as the property was damaged a few months ago and nothing has been done but I will definitely ask her. I checked the tax records and she owes some back taxes. Just based on the pictures it really does look like a total loss. I just dont want to put anything under contract until I know for sure that there is in fact a buyer who buys these types of properties. I do not want to waste anyones time, especially the owner because I feel like she has already been through enough, but I do want to help and hopefully make a profit in the mean time.

Hi everyone, 

Ok so I have a question about a severely fire damaged house. I have a woman who wants to sell her house to me, however, after an initial search on the internet I saw that the home had been through an awful fire. I have not been out to see the property in person but plan on going first thing in the morning to get a better look. From what I saw the damage is very extensive. Now, I am a wholesaler so obviously this would have to be that type of deal. First, can I wholesale a fire-damaged house? Are there buyers that will buy that type of damaged property? Secondly, how would I even attempt to try and figure out a repair cost..I mean basically it would be a tear down just based on the pictures I saw and that would then turn into a new construction in the end, so I have no idea.  I would really like to help this woman if I could but I understand that if its not workable then its not workable. I just enjoy helping people and finding solutions to their problems so, if any of y'all could help me out with advice that would be great! Thanks everyone and I look forward to hearing all the ideas and advice you may have.

I could be way off but what is the zoning in the area? Could you repurpose the space and possibly eliminate the HOA at the same time? I would try everything I could if it led to cashflow.