All Forum Posts by: Joseph King

Well first I would figure out the after repair value (ARV) you can do that by finding other houses with the same criteria in that are (1 to 2 miles ). I would have a few contractors come out and give you estimates and maybe they would get into a bidding war. Let's say the house is worth 150k which is based off of other houses that sold in your area, the repairs cost 60k and he paid 12k. So in total he spent 72k but he market value is 150k. So now he has 78k wiggle room. It the ARV is similar I would say good investment.

To start off, you are not doing anything illegal. In your ad  state that you're looking for motivated people to help assist you in finding deals. Give them your criteria and if you close on the property  pay them a fee (usually $500). 

If you type in wholesale contracts in the search bar and go to the files tab it should be there. 

Welcome to BP, I assume your interest would be in fix and flip. One method if done correctly would be the BRR method. Search through the forums to get the method down and listen to the podcast where Brandon talks about little to no money down investing and you will hear about BRR. You can also find private partners to help you start off. I would communicate to those investors who  you did the rehab work for and see if they would have an interest in funding your first project. 

Well what are the comps.  That helps with the sale a lot because that's what you are going to base your market value on.  Just because you are leaving doesn't mean you can't close overseas. People buy properties all the time out of state and country, try using a power of attorney or fax if possible. But to find buyers use craigslist, BP marketplace and you can post on zillow and trulia for free as forsale by owner. But make sure you are on contract with the seller that way you have equitable rights to market the property.  

Mistakes are going to happen espc as a newbie but you shouldn't  worry to much as long as you learn from them and learn from others mistakes as well. 

With tax liens and deeds why would you not buy from the county?  I can't recall if Texas is a deed or lien state but if you purchase that certificate from the county the owner has to pay you back plus i believe in Texas 20% and if they don't you have the right to foreclose on the property and its yours.  Now if you buy from the owner you have to pay them for the house and the lien thats on the property at closing. Most lien and deed info are on the county's website (Kentucky is the county clerk's office)  or you can find it in the newspaper at certain times in the year. 

The way I see it you own the property you do as you please as long as your city allows and doesn't involve another person's property. 

Well If your going to rehab I would get a few different contractors out there to give you estimates on everything that needs to get done and if you're lucky they'll get into a bidding war (cheaper for you). Since you bought low  you should have some room to mark up to wholesale.

So using a wholesaler is not a bad option if your trying to get rid of it quick at a below market price if they are experienced enough. There is no charge to you vs using a relator who will just put it on the MLS and charge you a percentage at closing, the wholesaler gets his fee rom the buyer. The wholesaler will market it to a buyer who will add equity to the property and sell at market value. As far as the process the experienced wholesaler should know exactly what to do.