All Forum Posts by: Account Closed

I've been reading up a bit about preforeclosures and the possibility of wholesaling them. I have a database that sends me a list of preforeclosures anywhere in the US. Just today, there are 27 preforeclosures in a zipcode I am interested in.
So I've learned that just because it's a foreclosure/preforeclosure, doesn't mean it's a good deal. I've also read that the good ones should have atleast 60% of ARV in equity. So just looking at these lists, how can you tell which ones are worth following up on? Do you call all 27 to find out and knock on 27 doors? Please advise!!!!

We came across this property listed on MLS for 29k. It's 2 units 2/2 with 2288 sq ft of living area. Just the land itself was appraised for 67k.

I'm thinking it's going to take a complete rehab because the property is far beyond distressed. The mid comps for the area are about $150. Low being 88k and high being 218k.

I am unsure if it is bank owned or not - it doesn't specify, would that make a difference if I try to wholesale it? I am quite new to all of this so can someone PLEASE help me analyze if this is a deal or not.

Thanks Wheatie.
What about finding COMPS for multi-family homes? How do you factor rental to equate CMPS? And how nearby do other similar properties have to be in order to compare them? Within half a mile? A mile?

Thank you!

to Troyce & flipcoach -
The seller wasn't really motivated so I just let it go. But I am fairly new to this industry... can either of you ellaborate on "subject to"?

How do you calculate the ARV on the property?

Can you wholesale properties that are in preforeclosure and foreclosure? From my understanding, a sale prevents the foreclosure correct? Please advise.

Thanks Jason!
When is the title insurance obtained? During the title search correct?

I contacted the closing attorney for a title company I used to work for to inquire whether or not they did closings for assignments and this is what he replied back to me:

"Yes we could do the closings, but you may have issues obtaining title insurance. The title insurance companies are cracking down on these types of transactions, because they look for good money transfers. If you show good money throughout you would probably be okay."

Can anyone ellaborate on this?

I have a seller who could not accept the cash offer due to what she owed on the property. She inquired about a terms offer.

I am quite new to this and didn't 100% understand terms when it was taught to me. Can anyone please elaborate on terms?