All Forum Posts by: Matthew Sullivan

I am not listing agent. I have agent working for me as buyer this way if good deals come her way I can have a better chance of seeing them before hitting market. The remark for listing just states "short sale approved for $200k!!!"..

There are ways to assign a short sale by purchasing under a corp and it's technically selling the corp (as like an assignment). So I would be selling the corp and I do have POF.

Hi Everyone!

You guys have been so helpful in educating me as a new investor. So I was given a good Short Sale listing by another agent who works with investors and here is the situation and my question. The house ARV would sell for $350,000 easily based on comps and doing my due diligence the house can easily sell in less than 120 days. The house is listed at $200,000 and I was told that "it is an approved short sale". I spoke with a few investors I want to assign the house to and I am being told they would purchase for $180,000 including my assignment fee. The house was listed only 3 days and has never been listed before as a short sale..only other time was on market was in 2004 and sold under a conventional loan. Now Ideally if I can get an accepted offer between 160-170K and assign to equal $180,000 I have cash buyers that would grab it from me in seconds. So my question to the BP community is this- What are the chances of he bank approving an offer between $160-$170k so I can assign at $180k. How long does it usually take to hear back from bank on their counter offer? Given that my offer for 160-170k is going o be a cash offer do you think the bank will be more likely to accept. Keep in mind I am the first person viewing this house thus far. I did the wholesale calculator on BP and the MAO would be $170k to be able to assign at $180k....Everyones insight are greatly appreciated!

Hey everyone!

You guys have been so helpful answering my questions. I have learned a lot so far from asking through these posts. My new topic of the day to get answers for as a wholesaler....

When wholesaling to rehabbers- what is the range of profit they look for ARV?

What are the typical calculations flippers use to see if your MAO to flipper is a good deal..How do rehabbers/me in general calculate the associated carrying cost.. such as taxes, utilities, etc per month. I'd love to see a break down as a rehabber the process used to better understand how I can make sure to find great deals and pass them along to rehabbers.

Thanks for your help guys!

Please disregard this post no longer valid

Hey Everyone!

I have a few concerns as a new real estate agent and new wholesaler in the field. I've been researching about auctions in my local area for houses that are in foreclosure. How does the auctioning process typically work (in Long Island NY- if able to be specific). I was under the impression that the banks usually want to satisfy the liens owed on the homes. But I see houses in auction that have liens higher than the value it's worth in resale. For me as a new wholesalers what are some strategies I should focus on? What do I usually need to bring to an auction to get the house if I do win a bid? Should I have my lawyer give me contracts that are assignable? Do I bring proof of funds letter with me? What should I do? I'm thinking of going to a local auction this week to see how it works. 

You help is always appreciated guys and gals!

Hey guys!

Hope everyone is having a great start to the new year. So I just started to get in to the wholesaling side of real estate and I am looking for guidance. I've been told that using the MLS to try to get houses at a discount is tough becuase many good deals won't be on MLS at all or for very long. I've mainly been focusing on REO and short sales listing which seem to be duds. Should I go after non-reo and short sales and see if my wholesale formula for cash offer will work? I've spoken to a few other wholesalers in the field and seem to get mixed messages. What do you recommend I work on first and what type of house? Should I target pre-foreclosures and call the owners and explain what I do?

Ugly house on the block perfect for flipping. Small backyard but if 2 car garage is taken down or down sized to a one car garage you now have a backyard. Link attached to view photos.

40x100 property. 

I am selling property next store is vacant land to have option to expand house property or build a house on land. Land next door is also 40x100. land next door is corner lot selling for $30,000. 

Link below for 38 Doges promenade.

https://drive.google.com/open?id=0B4O_iAySCK3YSVFS...

Great!.. I took a look at the property this morning. The dilemma with the property is that its current land is very small and basically has no backyard and just a driveway on the side. To make the house more enticing I can purchase the property next door and then I have a huge corner property and can move the garage to create a large side yard. I took some photos of foundation and inside. the ARV - my assignment fee is $114,000 that includes the value the extra land brings (figuring that $100,000 would have to be put in house). The bank wont go any less than $10,000 below asking price (forgot to mention this is a short sale approved by bank)..The land next door is not short sale. But I kinda need that land to help hold value to the house. Here's some pics below maybe this can help with giving me a better idea of cost. FYI I didnt take pics of upstairs- I chickened out I heard some noises in this very dark house- thanks to my camera flash getting good pics in the dark rooms. Where the red fence posts are and to my hand in the way of pic is the separate piece of land that i feel I would need to purchase with the house to really make it saleable. Your input is welcomed much!

Hey guys!

I'm looking at a house thats a 3 bed 1 bath house with 2 car detached garage in back of house at end of driveway. I am going to look at house in person today. Based on the pics I have seen online the walls have mold and holes in it, ceilings are in shambles, all the copper is taken out of the baseboard. The house is approx 1500-1800 square feet. Before I place an offer I'm trying to get an idea of how much a full gut reno down to the studs including updated and new electrical,plumbing, ceilings, walls, new EVERYTHING...I was thinking it would prob cost at the high end $100,000. What's your opinion? The house is located in Suffolk county new york. Please let me know what the lowest could be and the highest would be.

Thanks everyone for all your help!