All Forum Posts by: Marquest Page

Good for you! You put in work, you were fearless, and you got a deal under contract! Congratulations! Now to sell your deal I have a few tips to sell your deal: #1 is the absolute BEST way to sell your deal and that is to contact every single wholesaler in your area and offer 50% of the fee to JV with them if they find you a buyer. When I had a deal that I wasn't sure I would be able to sell, it was gone in 24 hours when I found a JV partner who had tons of buyers. #2 is put it on the MLS as a flat fee listing. It should cost around $200-$300 but you're going to get so much exposure it's going to be worth it (list it as a cash/hard money only contract for purchase deal-just assign it to them and get a $3k deposit). #3 is send out postcards or flyers to ALL the recent cash and hard money sales in the last 6 months advertising your deal. Include photos, address, contact number, deposit fee, website if any, email, etc. #4 Craigslist & postlets #5 imagine yourself going to the title company picking up your check 3 times a day. Feel relieved that you were able to sell your deal so easily and quickly and now you want to help other newbies like others have helped you. Good luck!!

Marquest,

I am a fairly new investor/wholesaler as well. I have been a wholesaler in Charlotte, NC for a year and I went through the same learning curve that you are going through. I commend you for not only being a action taker but for also being brave enough to ask questions. Everybody who commented in this post gave great advice. The first thing you want to do is do your due diligence by researching the comps and rehab cost before you take it to a investor. Buy attempting to do your part, some investors will be willing to teach you how to be a great investor but if you take deals to investors without attempting to research the comps or rehab/cost, some investors may not take you serious. Take pictures of everything in the house especially parts of the house that needs to be rehab. Showing the pictures to the end buyer  may give them a better understanding of what type of rehabs the house may need. Nevertheless, congrats on being a action taker and good luck on your first deal!

Why is the owner selling the property?

You might want to buy the book on estimating rehab costs and take a close look at the whole list to see what needs to be done.

If you sell it as a rental it usually just needs to be in livable condition but not necessary updated. If you are selling it to a flipper you will probably want to look at updating cosmetics as well.

Why are the comps so different? size, location, quality?

Maybe if you post the address and some photos we could get a better idea as you already have it under contract.

Unfortunately @Marquest Pageif you don't know whether or not it's a good deal, you aren't going to convince an investor to purchase the property. Have you checked comps in the area? Have you estimated the cost to rehab the property? Those are the first two steps before you start doing any title work. Start with comps and rehab costs. How is the roof? How are the mechanicals, windows, etc...? Do you have any more details you can share?

Unfortunately @Marquest Pageif you don't know whether or not it's a good deal, you aren't going to convince an investor to purchase the property. Have you checked comps in the area? Have you estimated the cost to rehab the property? Those are the first two steps before you start doing any title work. Start with comps and rehab costs. How is the roof? How are the mechanicals, windows, etc...? Do you have any more details you can share?

 Hi Marquest,

I am a local HUD registered agent who has successfully bid on HUD homes for customers. They have used standard FHA and conventional financing. I mainly work with investors so haven't done any 203k as an agent but when I was a LO we did 203k streamlines. Both the HUD bidding process and the 203k origination process are and straightforward organized process. Make sure you get a loan officer that knows the 203k process well. Many will offer 203k but don't want to do the extra work. You and your agent will have to coordinate with the loan officer/mortgage processor to arrange the renovation inspection and obtain a cost to cure figure. The most important part is to make sure you leave plenty of room in your offer for the renovation costs plus the repair contingency amount, HUD obtains an appraisal on the property that will qualify as a HUD appraisal for FHA loans.

I am in your area....feel free to connect with me.