All Forum Posts by: Orest Omeliach

The 25Kis a rough estimate. Rule of thumb is $10 per square foot

They want to list it for 140.. doesn't mean they are going to get 140. On top of the lower offers they are going to get, they still will need to pay real estate fees including commission to the agent and closing costs. By doing a wholesale deal, they don't have those fees. If I buy the house for 140 or even close to it.. Where is my profit going to come from and if I sell to potential buyers, how would they make money? Of course they are going to want to sell it for a high price... I'm not trying to offend anyone, but this is a wholesaling forum, not a buying for asking price forum...

Yes. To an investor, so they can flip and sell the house for that 200K. Just to be conservative I did a ARV of 180K.. 70% of 180K is 126K.. 126K minus the 25K rehab cost is 101K which is what I will sell it to potential investors for. If I buy it from the seller for 90K then I get a 10K profit.

No.. The seller said she was thinking of putting it on the market for 140K. I comped the property at around 170-180 K ARV.,. Although i believe it can sell for 200K. I'm just being conservative. I'm looking to pick it up for around 85-90k max and sell it for around 100k

I was driving back home and saw an estate sale sign. Went to the house and the owners said they have a real estate agent in mind and they are planning to put it on the market! I told them I can take the house off their hands if the conditions were right (a great deal). They told me they were thinking of listing it for about 140K, which is a good amount below market. I have an appointment on Wednesday to see the house and do a quick estimate on repairs. Before seeing the inside of the house, I estimated repairs being roughly 25k since its a 2500 sq ft house, and after the 70% of ARV (175K), my max offer would be about 90K. Any pointers would be appreciated! Do I have to close the deal that day? Or are there situations where a seller will call you back. I'm really hoping this works out! It will be my first deal as a wholesaler!!

Do you ever call the executors? What if the property is in the beneficiaries name already? Who do I send the letter to then?

Awesome, thanks Priscilla! Will do!

I have my list of probates and I am unsure of who to mail them to. Should I mail it to the deceased's mailing address or should I mail it to the beneficiary/fiduciary. What is less offensive? I can act as if I don't know that the person passed away. If i mail it to the latter, should I show sympathy and send my condolences or should I get straight to the point?

Thanks Brandon Turner !! You guys are doing an awesome job! I love the podcasts and listen to them at work! Keep up the good work! Thanks for the info, I will definitely check it out!

Thanks Raymond B. I will look into that meeting! Will you be attending?

Hey everyone, thanks for welcoming me to your community!! My friend referred me to this site and I thank him over and over! I'm learning so much and am excited to learn more and hopefully soon get my hands dirty!! My family owns 3 properties. 1 2 unit in Brooklyn NY which we bought in 1999 and currently rent out. We then bought a 3 family and a single family in which we reside. I helped my father renovate both the multi-family properties and now have some experience with rehab and some property management too. I have a full time job but ever since I read Rich Dad, Poor Dad I have seen the light!!! Now I know this is not going to be a cake walk, but I have always been a hard worker. The problem is I'm working hard for the wrong person! My goal is to start off wholesaling. I plan on attending a few REI club events and build a network of people who I can help, and in return who can help me. Any advice is greatly appreciated and once again I would like to thank all of the people who created and contribute to this site!!