All Forum Posts by: Karen Hurd

Thank you both for your warm welcome. I am learning a huge amount of info and everyone in here is super nice and helpful! 

Hey, 

Thank you all for taking the time to answer my question as I greatly appreciate it. But, I just wanted to shout out a huge thank you to @Hattie Dizmond in the biggest way. Running the numbers was making my partner and I completely crazy. We were so confused, wasn't sure why we were confused and we were confused about being confused and that made us more confused!! Is that confusing or what? @Hattie Dizmond gave us a generous gift and touched us by the amount of time she took out of her busy schedule to show us exactly how to run the numbers. Now, we are no longer confused! Thanks @Hattie Dizmond and God bless ✝

I am running numbers on a foreclosed property. Asking price for this foreclosed property is

$460,000 The ARV is $593,945 with 10,000 rehab, $25,000 buyer fee and $12,750 is my fee. My max offer came to $536,250.00. As you can see my max offer is way more than their asking price. I used recent comps. The comps that I used were all recent sales, within one half mile and withing 20% of the sq

I would just like to ad that one of the forum pro's got a number of $397,000. If anyone can help me on how he got to that number; It would be  the beginning of making all our dreams come true!!

I would really appreciate your help.

Thank you in advance.

Karen

I am a wholesaler and I make sure my numbers on 100% on for my cash buyer and gving wiggle room so that most likely, they will make more. 

I think people run the numbers and their offer price looks so low compared to the asking price of the property. So, they start to play around with the numbers because they want the deal to go through without thinking about the consequences at closing. 

1. foreclosed property asking $460,000

2. Finding comps that are 100% accurate - run by your realtor. Accurate comps would be homes that sold in that area within 5 blocks, within the last 3 months and have the same amount of beds and baths. The sq of the $460,000 is 4139. So, the houses that you would use for comps must be 20% higher or lower than 4139. I am using 3 houses that sold in the area that meet all the qualifications above, add them, and divide by 3. You get your median price. You take the sq footage of each property (using 3 properties) add them and then divide that number by 3. Take the median price of the 3 properties and divide the number of the median price of the sq footage. This will give you the amount per sq foot. You take the sq footage of the foreclosed house..in this case it's 4139 and multiply that by the price you got, in this case it's 205. You take the sq footage 4139 and multiply it by 205 and you get your ARV. Take the ARV x 70% (.7). You take that number and subtract the amount for the rehab ( you get the rehab number from a contractor ( I never ever guess this number. I want it exact,) then you subtract the amount of money that your cash buyer needs to make. I live in NY and I would never use a cash buyer that tells me he needs to make 45 grand on the property. I move on to the investor that that has the same philosophy that I do.... "Greed does not rest until it is satisfied and Greed is never satisfied". I'm not, never have been and never will be a greedy person. Me (the wholesaler's fee) and subtract that. Then you take that number and subtract around 10 grand for "wiggle" room. The number you have at the end of this is your offer price. A wholesaler cannot simply start fooling around with the number to get a deal done that is going to piss everyone off. It's not about getting the deal done, it's about getting it done right and everyone walking away from the table Happy Campers!! 🏦

Hi,

My name is Karen and I'm new to Bigger Pockets. I love the site and just recently started posting (or, some may call it begging,) in the forums....

Anyone else here from Long Island? Jersey?

I would love to hear from ya!!!

Hi everyone,

Darren Sager invited me to the event on Tuesday April 28th I believe.. ....I work long hours on Tuesday, Live on Long Island and by the time I got there...It would be over. He also told me if I needed an "Investor friendly realtor on Long Island" to let hin know. I tried to send him a message back about how grateful I was that he asked and yes! Yes! Yes! I need an investor friendly realtor on Long Island as they are extremely difficult to find. After I wrote him the message, I couldn't send it unless I upgraded my account. I love this site. I thinks It's the best site on the net, has terrific info and I have learned a lot. I can not afford to upgrade yet. I haven't done my first deal yet and my job doesn't cove my bills..I have to borrow money from my brother a lot. I'm doing this so that I can afford to be able to make a lot more money and upgrade. 

So, if anyone out there knows an investor friendly realtor on Long Island prefer in Nassau County; words could not describe what this would mean to me. 

Thanks for reading my post and God Bless

Karen H

Hey Mike,

Thank you so very much for your help and your time. I greatly appreciate it. I looked up the next meeting and there is one next week. I will def be there.

Thanks again and God Bless

Karen

Hi Bill,

Thank you so much for your quick response. It would be impossible for me to become a realtor right now as I am a single mom working 2 jobs.  I would not be able to wait for money to come in for my first deal and wouldn't be able to show houses as I am at work for 12 hours every day 6 days a week. A close friend of mine recently became a realtor on Long Island and she completely regrets it.  I'm not sure where you live, but here In New York It's extremely difficult for a realtor to get started and make money. It's very cut-throat and It's a career that works if you've been in it for many years. 

I'll run your numbers and see what I come up with. I really do appreciate your help.

Sincerely,

Karen

Hi,

My best friend and I are wholesaler newbies.  We were introduced to it by a friend who is on Dean G's website. The website give 50 thousand ways to run numbers and it has our heads spinning. We just need a step by step formula that works and makes sense. We are both single moms...walking the walk...and we are taking this very seriously. Any help anyone can provide...we would greatly appreciate. 

Thanks so much in advance.

Sincerely,

Karen