All Forum Posts by: Katharine Gonzalez

Here's hoping there's still no such thing as a dumb question.... I have compiled a list of leads with the hopes of finding a first property with flip, lease or option as my exit strategies. Any that do not meet my criteria, I intend to either wholesale or refer out. 

The "We buy houses cash/close quickly" jargon carries an obvious appeal, but I am hesitant to use this terminology when my expectation is to fund my first deal via a conventional mortgage. Is the "we buy houses cash" reserved only for investors who have cash on hand, or is it also used by wholesalers who HOPE to find a cash buyer?

Thanks in advance for any guidance!

Just wondering what others do to manage their client leads, etc. Are you using a CRM software? Pros and Cons? Would you recommend it?

@Adrien C....My market area is Orange Cty, NY and my exit strategies are flipping and wholesaling. Thanks!

Fellow BPers...here's hoping no question is a stupid one...Trying to learn the best parameters to create a list on ListSource to generate a list of absentee (in and out of state)  single/multi family home owners in my target market area and realizing I don't have a complete grasp with respect to the "Property" parameters, I understand why an owner with equity is necessary, but another post I read indicated that a $30k min of equity would avoid "junkers". This is where I get confused: why $30k? Any thoughts? Thanks in advance!

@JonHoldman ... My mistake, the comp was the only recent the broker I'm working with could find and was less than what the ARV of the property would be post rehab. She puts the post-rehab listing at $229K, which would then be 69% of ARV. Our exit strategies are flip, then lease-option, and finally lease-hold. I appreciate the feedback!

Looking for any thoughts/comments/guidance/suggestions...thanks in advance!

My partners and I walked through a property this weekend that seems to be a good flip deal. The property is a foreclosed SFH listed last week @ $89K in a fairly sought-after suburban village. Nearest ARV comp sold Sept was a 2 BR 1BA 1846 Victorian which sold in 30 days for $185K. The specs:

1892 Old Style Colonial

4BR 1.5BA

1436 Sq Ft

Partial Unfinished Basement

Full Unfinished Walk-up Attic

We estimated approx. $70K in rehab on the high end which incl. labor (though we will be doing all except roofing, flooring, electrical, and plumbing). Brought my (retired carpenter/absentee landlord) dad and my handy-man partner to help with estimation. After physical walk-through we sat and discussed reno details/process, sub work, and tried crunching numbers (proving to be most challenging part). Finding a need for a comprehensive repair cost estimate sheet to account for work not on the one I'm currently using. Considering asking a couple of plumbers and electricians to walk site to provide written estimates on material and labor - wondering if they'd be amenable to the idea since we don't have title. My biggest concern is getting the numbers as reliable as possible and including a 10% contingency to avoid $$ problems down the line.

The property is being offered first to owner-occupants and then to investors in about 1-1/2 weeks. Going to meet with foreclosing bank (and local community bank if that doesn't work) to try to qualify for a purchase & renovate loan.  Concerned we may be short cash to finance and get out-bid. 

Hi! Newbie here...So I get the concept of wholesaling, but what I'm struggling with is what to actually say to sellers when they responding to a marketing campaign. If I were the motivated seller, what would I expect to hear from an investor looking to wholesale or flip my property? Thanks in advance!

Assuming the house is in preforeclosure and I know where the current owners are my question is would it be viable or even possible for the owner to sell the property if it's already in pre foreclosure process?

I am aware of a property that was abandoned by the owners several months ago. The house door has been tagged with a notice of preservation, is not listed on the MLS and the tax assessors site still lists it with the owners. If anyone has experience with this, can you please share your thoughts on investment viability?