All Forum Posts by: Account Closed

Just make sure their monthly income is 3x or more the monthly rent.  Always keep in mind fair housing laws went renting or selling any property.  

I would go with your gut on this one.  It's your house.

Krystina,

Did I ever answer this?  Message me if you still need that info.  Thanks!

Sam, good for you for taking action.  I would be interested in hearing about this deal.  Please feel free to message me.

Give yourself a guideline, and obviously I don't know your market, but try offering 60 percent of ARV on a 200 K or up house, 50 percent of ARV on a 76,000-200,000 house, and 30 percent of ARV on a 75,000 or less house. The whole point is to get lots of leads and quickly make lots of offers quickly. If you hem and haw, the seller can move on to a quicker offer from another investor. Get the properties under contract. Also, don't be afraid to make an offer and walk away. They may come back to you.

The answer is more simple than you think.  You are an investor, and can buy a property in one of two ways, either deeply discounted for cash, or closer to full market value on terms.  If buying for cash with the intention of wholesaling, you need to get the property for as low as the seller will go, in order for you to be able to flip it to an investor-buyer.  If you stop focusing on analyzing, and just to get it as low as you can, or on terms, you can then offer it to an investor buyer, who can do his or her own inspections and analyzations.  Good luck!

Typically what you do is let someone walk you through your first deal and split the profits with them 50/50.  I did that on my first deal, and it was a huge help!  Good luck!

Kim

Don't over-analyze and hesitate.  Get it under contract and wholesale it.  Good luck!

I would go with the seller financing over a bank loan any day!  Why?  He's giving you better terms.  There will be lower closing costs.  It will be a quick and easy closing.  

Hey Jacob, 

The lender won't see "and or assigns," because the offer will be to the seller, not the lender, in a pre-foreclosure.  Also, will you be able to bring the loan current by paying the arrears, or will you pass those fees along to your buyer?

Kim