All Forum Posts by: Richard Rodriguez

I don't know much about the real estate world. I'm actually closing on my first house as a primary residence soon. I was curious about something though. When a seller is selling the home doesn't the title company check to see if there are any liens against the home before closing on the property? What resources do title companies use to do that? Is there an online resource I can use to search for judgement liens against properties? Isn't that all public information? Thank you

Hello, I am close to putting a property under contract and I need to start looking for some cash buyers. Where is a good place to start? The property I am trying to sell has an ARV of 500,000, and it needs about 220,000 in repairs. I will have it under contract for 80,000.

There are no repairs needed, and no I will add my wholesale fee when I assign the contract, but I haven't even put the property under contract yet.

Ok, well it worked out actually. They accepted my offer and will vacate upon closing. However I have never actually closed on a deal before. I was wondering if somebody could check out my numbers before I sign this contract? The condo was built in 2005, and it is in good condition. I based an estimate on what there condo was worth by looking at what other condos just next door with the same number of bedrooms and bathrooms sold for in the past year. There were only three of them that had sold, so I averaged the numbers together to get an idea of what their condo would be worth. I was actually pretty close to Zillow's estimate. I then came up with a wholesale number with this formula.

Recently Sold in past year.

260,000

295,000

305,000

Added together: 860,000 /3 = 286,000

286,000 was what I estimated the condo to be worth.

286,000 x .70 = 30,000 = 170,200.00 (My offer, which was accepted)

Does these numbers look sound to you?

I only ask because I have been known to offer to much in the past based on faulty numbers.

Well the complication is that I am trying to wholesale the deal...so I am not paying cash no.

Hi everyone,

I was just curious about what can be done here. I made a wholesale offer to somebody for there condo and they said that there desire is that they can pay off there mortgage and move. My offer is just enough to cover there mortgage and then some (170k for a 165k mortgage). However they said in order for them to accept my offer they will need about 2 months of extended occupancy after closing so they can save up some extra money to move.

I am not sure how I could make his work. Should I drop the deal?

Hey everyone,

I have a lead, and I am not sure if it is a very good one. I am trying to wholesale this house, and usually a nice rehab project is what a wholesaler might look for, easier to negotiate wholesale prices and they usually sell faster, but I am not sure about this one.

The guy's house is vacant which is great, and according to zillow it is worth about 134,000. However I am not sure if I should always stick to zillows estimates. But here is the thing...the house is so run down that I am not sure what can be done with it. The town wants to condemn the property. Parts of the floors are rotting out, the basement is completely rotted out and there is a large hole in the side of the house. It just gets worse from there.

In order to go on with this deal I need to make the guy an offer, but I am not sure what to offer him. Usually what I would do is make on offer based on a certain formula (ARV x .70 - 30,000 = My offer).

So I guess my question is this...should I make an offer based on the value of the land and approximate tear down costs or should I make it based on repairs needed? I just don't know what to do with this?

The guy wanted somewhere in the range of 40 -45,000...which if the house wasn't a piece of junk probably would have been okay, but I have a feeling that is too high.

I did my research on the locaal market and here are some things I noticed:

Houses in tip Top shape in the area go for an average of 300,000.00

It is a nice area

On the other end of that...a house just down the street sold for 70,000 a year ago and it has 4.6 acres, more bedrooms and is in good shape.

This guy has 1,440 sq ft, 4 bedrooms and 2 bathrooms and his house was built in 1880.

Sorry for the long post, but I tried to put in a lot of detail. I am not sure how to make an offer on this?

Hey everyone,

Not sure if you have heard of this being done before, I have. I had a possible oppertunity to do the same. However I am not sure how wholesaling a gas station would be different than a house, besides the obvious fact that it is considered commercial.

The reason I am trying this is because I have connections with a guy I go to church with. He works directly under the CEO of a big company out here in CT, a line of Gas stations and minimarts that from what I understand are doing very well. I figured if I found some shutdown and abandoned gas stations, I might be able to get one under contract and sell it to this company.

I know of one place already that I have been trying to get a hold of, it's a shutdown sunoco gas station that actually wasn't in the market for too long. I was going to call and make some offers because I figured that if Sunoco is holding onto this property for any amount of time, it would turn into a liability instead of an asset, and hopefully turn them into motivated sellers.

Is there anything I should know before trying to negotiate a price with them. I mean, does the usual wholesale formula apply to this type of commercial property?

Hey everyone,

I just finished looking at a house today, and I am having trouble deciding whether or not I can do anything with it?

I'll give you the quick version: The house is owned by a nice old guy who seems motivated to get rid of the property, because he does not have the ambition to try and fix it up.

I went to look at it, and man alive the place is in such bad shape that it needs to be condemned. Somebody stole all of the copper piping and plumbing as well as the electrical wiring and circuit board. They used axes to remove a lot of the walls to get to the piping and wiring, leaving behind only the barebones structure itself.

Without going into too many more details, I will just say that it needs to be knocked down.

I'm thinking I should take into account the value of the land alone, subtract the amount of money it would take to demolish the house, and then offer a wholesale number on whatever figure that would be.

What do you all think?

Usually what I do is call a local Real Estate Agent in the area who has been around for at least 5 years. They have a pretty good idea of what land is worth and they can even look at past sales of land and what they sold for, which is essentially what you want to do. Find 5 different transactions of land that took place in the local area and average out the number to get a good idea of what the land may be worth. Also location and the potential people you plan on wholesaling it to should be considered as well. I'll give you an example, I almost wholesaled a piece of land that was about 20 minutes away from a couple of casinos and inevitably there was a lot of traffic that went by. That in itself made it more valuable. It was my plan to try and wholesale it to a local business. I never could find anybody to buy it though :(.