All Forum Posts by: Kristen Franks

I would possibly be interested in wholesaling land. I hadn’t thought about doing that but am not opposed. I would need to find end buyers that are interested. I will investigate if I can find buyers and reach back out. Also I hope to start with some duplex homes as soon as I get more capital together. I will stay in touch on that. Thanks Kristen

Hello all, I am new to real estate investing. Well at least I am new to doing it. Years ago my late husband and I went to a Charles Givens Seminar and my dad bought me the Carlton Sheets program a few years after that.  He was certain this was the way to build wealth.  I thought it was just for rich people to do.  After that at some point he had me read Rich Dad, Poor Dad and I knew he was right that it was the way to build wealth, but I didn't think it was something attainable for me.  I recently did the WREIN Seminar and started following Jerry Norton and BiggerPockets and decided that it wasn't just for the rich and I could begin with what I have and build from there.  I have been voraciously studying and planning and implementing for the past four months and have just completed my first wholesale deal (closes a week from today). So sorry it took so long dad but I am now officially a real estate investor.  My goal is to wholesale to raise capital to do flips for shorter term investing and to buy and hold rentals for long term investing.

Investment Info:

Single-family residence wholesale investment.

Purchase price: $227,500
Cash invested: $500
Sale price: $232,500

Very first wholesale deal and what a learning curve! So glad to have the first one under my belt. I hope to make a bit more on deals, but not loosing money with a huge learning curve is a positive.

What made you interested in investing in this type of deal?

I am working the wholesale angle to build capital for future flips and buy and holds.

How did you find this deal and how did you negotiate it?

It was on market. We were one of the first ones to view and offer. We offered and they accepted. Our offer was way over the usual 70% of ARV minus repairs. We figured better to make a little and get the deal.

How did you finance this deal?

We brought the earnest money out of our personal bank account $500 and fortunately found an end buyer within our inspection window.

How did you add value to the deal?

Honestly, a lot of luck and finding an end buyer who was awesome to work with.

What was the outcome?

We are closing a week from today. All looks good to close on time.

Lessons learned? Challenges?

Stick with the formula, because your ARV isn't necessarily the end buyers ARV and same with repair estimates. Also, average per square foot isn't always the way to figure ARV

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Agent on the buying end and Investment Firm on the assigning of contract end.