All Forum Posts by: Lawrence Robinson

Hello Jean G.. I agree with Phil Bottfeld that problems often conceal great opportunities. I also agree with Kathy McKenzie that the disparity between quotes received warrants getting one or more additional quotes. I further agree with you that "$130k to redo the inside of the affected unit" is exorbitant. Did you get detailed quotes outlining exactly what the contractor(s) would fix? This will likely reveal important details about the units to help justify your decision one way or the other. Also, did you arrive at your ARV by using a CAP rate and calculating rehab costs into your expenses? Also, have you investigated why the seller wants out? If these questions are making you jittery, I would consider wholesaling it to someone like Skyler Smith who may be more experienced in complex deals of this sort. Either way, it's a win-win for you. Good luck!

Hello Jerry Klingerman. Have you considered when the property was built, days on the market, and rehab costs? From the limited information provided, it sounds like your offer may be based on an emotional attachment rather than hard facts. But, to your question, you can forego the expense of a title search and access all of the lien details by paying a leisurely visit to your county court house. Good luck!

Welcome to BP, Cheron Thornton. The resources on BP, as you know, are incredible. They make it difficult to lose money if you utilize the tools and professional resources available here prior to committing yourself to deals. First and foremost, listen to the podcast and read posts in the relevant forums, and you will do very well. Best wishes in 2016!

Thanks, Santrece R. I live in South Carolina, but I will definitely keep you in my mind for any deals that come up in Indiana, as I periodically do business there.

Hi Santrece R.. Do you conduct business in Indiana or only in Illinois? Also, do you strictly focus on residential or do you also work with commercial? Thanks!

If I could piggy-back off this discussion, Derek Carroll, I am looking at wholesaling a commercial property. However, it's an empty manufacturing space that could be used for any number of different things, so would the valuation for something like this be based on comps for similar sized commercial buildings or just an experienced commercial appraiser's opinion? Thanks in advance.

If you have a background in IT, rest assure you already have the toolset necessary to successfully wholesale. You're already familiar with the workflow of systematically working through problems; and, as a wholesaler, you're essentially a problem solver. It requires a lot of hard work and due diligence as you're mostly a salesman for other buyers. If that concept doesn't appeal to you, then you probably don't want to wholesale. It can certainly help jumpstart your real estate career if you have a strong work ethic and you're a natural salesman. It's certainly not for everybody, but only you can make that decision.

You can ask general questions in the  blogs but click on members' avatars for detailed information such as their email addresses to ask about specifics. Also, the guidelines for using the site are here: 

https://www.biggerpockets. dot com /rules

Welcome to BP, Kenyon Lemon. You will do well if you just set goals and network with successful people who are already wholesaling. As a preamble to jumping in head first, I would strongly recommend studying the blogs and podcasts on BP specific to wholesaling. Best wishes!

Welcome to BP, Jeffrey Hayes. A 14% return means your margin of error is wickedly low. Changes in any of your projected costs will decimate your return. For example, based on the age of the house, it will very possibly need a new water heater. Also, inspections invariably require unanticipated repair costs. Any what if your buyer has a buyer's agent, that's a minimum of $2,600. It sounds like your business plan has a few holes in it; but just remember, prudence will keep you in the game. Wish you the best!