All Forum Posts by: Melissa W.

Hello Chris,

Your story has inspired me.  I too lost 1M when the economy turned downwards.  I am in the process of getting back in the game.  My mistake was letting a partner handle the financing.  This time around I want to know everything about analyzing a property and financing it properly.  Did you analyze the property you purchased on your own or did you use a real estate calculator?

Thank you for telling your story.  There truly is a God.  You are blessed.

Melissa

Thank you Bogdan! I didn't think of Zillow.  That would save time.

Melissa

Hello,

It can be done.  You would write up a contract with the seller and buyer for a fee. Your fee can be negociated with whom your doing business with. 

If the seller of the property already has an agent, but you have a buyer looking for a deal, then you negotiate your fee with the agent, because you found a buyer. I have a friend that makes an offer on a deal with earnest money.  Once the offer is accepted he presents it to his buyer, and his fee is taking out from the contract that he wrote up between both parties.  He usually gets between $2,000 to $5,000 depending on the deal.  That is the typical fee in Southern Ca.

You would need to research your area.  

That is basically how it's done.  

Hope that was helpful.

Melissa

Hello,

I have visited many cities and towns throughout Florida.  I have lots of family and friends that live in the state.  My friend, who also is an investor, did very well in Weston Florida.  He moved their from MA and made a fortune in buying real estate on the water.  He had a vision back in the early 2000's that Weston was the new Fort Lauderdale.  Vero Beach is another growing area.

There are still good deals in Fort Lauderdale and Sarah Sota.  The developers in my area are starting to buy in Cuba.  Cuba is just starting to move forward.  Since you are young, and it seems like you can start anywhere, that might be a great place to research. 

Hope that helps.

Melissa

Hello,

I found Mike's advice to be valuable.

Thank you.

Melissa

Thank you Crystal.  I was told that in California to multiply the purchase price of a property by 1.25%, and that will calculate the property taxes.  This information came from an experienced investor in the state of California.  

I will make sure to search the public records as well.  

Thank you.  I need to get this proposal in, and your answers were helpful.

Melissa

Hello,

My talent is finding good deals and rehabbing a property to sell quickly.  My questions are to the experienced flippers, (1) How do you determine fixed costs such as Ins., utilities & property taxes?, (2) How do you determine your repair costs, and (3) How do you determine holding costs?

These are items on my spread sheet to bring to my lenders to show them that it is a good deal.  

Does anybody know what the average costs are in Southern California.  Everything in this state is much higher than other states.

What I have been doing so far is estmating what I pay personally for my utilities, water, gas, property taxes, and insurance.  I also asked a few friends what they pay to compare.  The area I live in is a higher end nieghborhood than the area I am flipping in.  Is there a more efficient way I can be working the numbers?

Thank you.

Melissa

Hello Andy,

Find a realator that invests in real estate themselves.  Whenever a realator tells you you can not do something, is the first sign to get rid of them.  Do a google search for an investment Realtor.  Also, drive the area where you want to invest, and look for three family units.  Search the area's where they have the most three family units, and contact an investment realtor that specializes in that area.  Make sure the realtor has a good track record, and has the experience.  A good agent would never say, "It's impossible."  

Hope that helps.

Good luck.

Melissa

Brandon, that is very good advice.  

Melissa

Hi Keela,

Some wholesalers have a buyers list of investors. Their job is to find the good deals for their investors.  They contract it out to you for a fee.  Meaning, they don't actually buy the property themselves.  This is why you may have had mixed feelings.  The wholesaler wants to make sure that you are qualified to purchase the property before giving you any details.

Wholesalers have access to foreclosures and other properties before they get onto the MLS. Like anyone in this business, it's about building a relationship. Everyone is guarded until they feel they can trust you.

It seems like you have good instincts.  Use them to find a good wholesaler.  Maybe the ones you dealt with are just starting out, and they are not confident in the trade.

Hope that helps you.

Melissa