All Forum Posts by: Account Closed

Typically 5k is where you want to be but sometimes it can depend on who pays for closing cost and in most cases a buyer will but if the buyer won't then you might have too and might eat up your fee a little. So I say 5-10k is what I would shoot for.

Im with @Josh Braun on this one. I would go more bang for your buck by going with a quad just because you can house hack it of course and get a little extra income as far how you you crunch in those numbers. Do your due diligence on that and spend your time finding out what that particular property is worth for you and verify everything as far as utility and the expenses that come with owning a property. Everything will make sense and fall in place for you to move forward with a decision at the point. Also in your situation I would definitely go with FHA on this especially if your plans are to live it at least a year with the exception of the FHA guidelines. Great book to read for land lording is The book on Biggerpockets on Managing Rental Properties. I would also add to go and check out the webinar in the education tab and look at " How to analyze and find rental properties". Very crucial stuff to go through especially if your just starting and I hope that helps. If you have any questions Pm me anytime.

Thanks

Mike

of course include clauses in there whether you want the tenants to take care of things or you will do partial on maintenance and stuff of that nature. But yeah good luck. 

Am I to late on this question @Austin Mudd? Yeah it seems your in pretty good shape to handle it. You going to do lease to purchase or rent to own?  Do you have a buyer? Or was that something you were still looking to find? Honestly if they want to take your offer and possibly rent it out as well if they don’t want no part of it. Ensure them a tenant would be put in place and you would take care of the rest and they can collect a check from tenants every month with out having to do anything. In the mean time the buyer gets it sold hopefully within 60 to 90 days. You and the buyer would of course have to iron out the details on what you may want out of it and so forth.Win/Win for everybody. I would also make sure with whomever the broker is to run a credit repair on tenants for reassurance on yours and the sellers part. 

Not necessarily get paid as a means of living is abetted way of putting it as you would with a 9 to 5. I forget I have sensitive people out here. Lol

Also Double closing work but not everyone will do it. I mean you want to be honest about this situation as a wholesaler just simply say that you do this as a means to feed my family or get paid as well. There is no need to be ashamed of what your doing if your comfortable in your numbers and they make sense enough to make it work. If your embarrassed about it giving low ball offers then this isn't for you because hence the fact it is WHOLESALING and that's what your doing. You can do double closing if your comfortable doing that that's fine. There is a podcast between 10 or 15 of the podcast that explains closings and a Real estate agent goes in detail about it. Anyway if you have any questions let me know or PM me.

Tayler LaChapelle does have a good point as far getting what the seller wants as far as price but at the same time the ball is in your court. A seller is always going to want high dollar with anything and don't matter what the house looks like. But if there wanting to get out of it as quick as possible they will almost be willing to deal with you as well. Everyone has great point here as far as understanding there needs but you have to remember not everyone is going to accept your offer. So be prepared for a lot of NO's but it helps you to get the practice in so you can figure out what to say and not too. Great listens to is also it only 77 on the podcast but 42 with @MikeNelson and or 176 with @tomkrol who is also a good listen. Another one to I would suggest is to Listen to Brandon turner on podcast 120 on analyzing deals because you want your numbers to work and to get a better description of it got it the webinars archive look up how to analyze deals on there as well as he shows you to better your situation as a wholesaler crunching your numbers. Well hope that helps.

Best thing to do into educate the person. For example.... Sir, whenever considering the offer that I am about to present to you please know that there aren't any agent fees. I'm sure you can imagine how much that is.  Also, we are purchasing your home as is.  That means that you won't have to incur costly repairs.    Normally whenever you are selling the home on the open market you must do repairs and buyers always ask for more things to be done.  Also, might I mention the convenience.  This is fast and simple.  Oh, and I will pay all of the closing cost.  With all that being considered you wouldn't necessarily make more money selling on the open market. Nor do you have to go through all of the trouble with inspections.  UGH, isn't that a nightmare. With all that being said I can offer you is (blank). The biggest piece of advice I can give you is this: Once you give that number don't say another word, keep your mouth shut and wait for a response...Then you know where to go from there.  Most people talk themselves out of deals by simply just not staying quite. HOPE THIS HELPS, GO GET EM GIRL

Ok well it's apparent Riley is trying to get good insight on BP as far as wholesaling a deal. You can tell his eager to learn the game but being honest and knowing your numbers and really doing your due diligence is your main course for this meal. Yeah there's others out there that just throw a few numbers and collect there check at the end of the day but the same principle applies to wholesaling deal. Get both seller and buyer under contract. You collect the fee be on your way. It's that simple or is it? Now Riley I can see both sides here to why Charlie Fitzgerald has a point, which is to have the integrity in your work but that comes with knowledge and educating yourself and even so having a mentor or just give you pointers here and there. BP is suppose to be the place for answers but we all ask questions when we don't know on these forums, that's what it's for. As far as that deal goes it might not go far. I will PM you Riley.

If you can catch them in time before there foreclosure date you can make an offer because at that point obviously they are already in distress losing their house. Motivation almost all the time is there for them to sell but you might find one that doesn't want to lose their house. So do your due diligence and make sure you do your numbers really well. I do both square footage or how much my buyers are willing to buy the house for. So yes those are good leads but like I said if you can catch them in time. If you have any other questions just PM me.