All Forum Posts by: Meshia Smith

@Karen Kilgore Thank you

Thank you kindly! Will do. I do listen to some content on YouTube, I will continue while trying to get more comfortable with this. Thanks.

@Barry Pekin

Thank you. I am not sure of the Max Allowable offer. I will try to research more. I may have gotten the ARV confused in my head, because I was thinking it'll equal a different amt, so thanks for breaking that down further. I'm learning a lot, so Im trying to gain more clarity on the terminology. I have more searching to do. Based on what you've said here, this may not be the best option for me. I've been in talks with people interested in selling but I seem to get stuck. No deal has happened for me yet.

Has anyone heard of or had success with the FHA 203 loan? A mortgage advisor stated this is one of the best loans for newbies such as myself to get in on when starting in investing. I googled some of the information, but curious to know if anyone has used it thoroughly enough to provide their own personal insight/experience??

If the seller owes 48k on their home and asking for $55k as a net amt, does all of that net amt go to the seller OR does that mean they'd get 8k AFTER the remaining mortgage is paid off?? (The difference btwn the asking amt and remaining mortgage?) The repairs have been estimated at about 25k. Calculated the ARV to be between 75k-80k for this home in this area. Seller current and on time with mortgage & taxes and not in foreclosure. I am new to this and do not completely know the process smoothly, therefore trying to gage negotiations. Yes, I've researched but trying to get a foot in the door on the wholesaling process.

@Barry Pekin
Thank you kindly for understanding. That's exactly what it was. I AM a motivated seller, just inexperienced. I'm glad you noted that my response is not uncommon. I DO have a number in mind now, so I can use a starting point. I am at trying and will take this as a learning lesson so that I can move forward. I do agree, the method of his response was off putting, I think you got the point that I was making about how abrupt it was. I felt moreso cutoff short. I agree that had it been me, I would not have cut a potential seller so quickly. I likely would have given them a sec to think about it but if the followup seemed iffy, then I'd move on. However, I will take note and continue on this journey.

@Danielle Wolter 

Yes, I have a "round about" price but nothing definite. That said though, I didn't know to throw out a random amt not being sure. This was a less than a 1-min exchange so I guess it threw me off. I was under the impression he'd need or want to see the property 1st.

@Jaron Walling No, it's not that I didn't have an overall price in mind (at all), I could have done better with the response maybe but it also needs to be reminded that this was like a literal 45 second to a minute exchange. I wouldn't have known with no experience that it's asked right off the back. Some posters here did offer some perspective, and that's what I will consider when I reach out to someone else, thanks. 

@Kevin Sobilo thank you so much for this suggestion.