All Forum Posts by: Mitul Gandhi

Ok update on this one I posted this deal in another forum and groups for help and i am getting the feedback that my underwriting is waaaay off for reference here is the property https://www.redfin.com/IL/Chicago/1541-W-Barry-Ave-60657/home/13365509here was my underwriting of it https://docs.google.com/spreadsheets/d/1XM_-mcdFU_glqV_lH961nBKDleFdSfhIrnBV9J7c7H0/edit#gid=1398361879

The feedback that I got was the following - My capex and maintenance were wrong. I had it at 2.5% (per my agent) right now i have both at 10% arbitrarily. how do i estimate Capex and Maintenance better? They also said i needed to account for common space electricity? How would i determine that? Basically all utility estimates were off. Further they were asking what is the ARV ? How do i determine that? Any help would be appreciated!

Yes i am buying the house owner occupied. 

When you say vendor that means the seller correct?   My agent is dealing with the buyers agent.  

Thanks for your insight. 

Can I ask you how i could structure this deal as a partnership? 

Hey everyone,

I could use some advice on how to navigate a real estate deal I'm working on. Here are the details:

• Assumable loan balance: $750k at 2.75%
• List price: $950k
• Downpayment needed: $200k to cover the difference

My initial plan to make this deal work included a few options:

1. Getting a loan for the $200k difference.
2. Bringing in a partner.
3. Asking for seller financing.

However, when I discussed these options with my agent, I hit a few roadblocks:

• Second Mortgage: My agent said no bank would provide a second position loan for the $200k.
• Seller Financing: He mentioned that 99% of sellers would reject this, though we're asking anyway.
• Agent's Advice: He suggested I just get a conventional loan and put 5% down for the full $950k, but I feel this defeats the purpose of leveraging the assumable loan.

Given these challenges, I’m trying to figure out the best way to raise the $200k. Here are a few questions I have:

1. Second Position Loans: Has anyone successfully obtained a second mortgage in a similar situation? If so, how did you manage it?
2. Private Money: Does anyone have connections or suggestions for private money lenders who might be willing to finance the $200k?
3. Hard Money Loans: Would this be a viable option for bridging the $200k gap? Any experiences or advice on this would be greatly appreciated.
4. Small Business Loans: Has anyone successfully gotten a small business loan to fund a down payment?
5. Down Payment Assistance:  What do I need to qualify for downpayment assistance? 

I’m really trying to make this work because the assumable loan at 2.75% is a fantastic opportunity. Any advice, connections, or suggestions would be incredibly helpful.

Thanks in advance for your help!

I am looking at some multifamily properties in Chicago and I am so confused when it comes to taxes here. I am looking at 2 properties in particular. 1 has taxes of $28K and 1 is $13K and both are in the same zip code both 4 units. Is there an efficient way to find the neighborhoods that have the least taxes?

Thanks for replying @David Ramirez.  I am not trying to replace my W2. I am just trying to buy a property myself in the next 5 months and part of my lead gen/prospecting/marketing strategy is to outsource cold calling but in order to do that, it seems that I need the whole system in place (e.g., cold calling --> Followup --> Acquisitions --> Closing)  to take care of the motivated sellers that come out of the cold calling (e.g., speed to lead).    I don't really want to spend a dime on marketing until i have even a rudimentary system in place as I know these leads are precious and costly.

I am currently trying to understand how people with 40 hour/week jobs efficiently go from building a list to getting a motivated seller on the phone to an appointment and signing a contract 

I currently have more money than time and I would like to outsource all steps of wholesaling besides the sales portion.  

My understanding is that Speed to Lead is a big deal and for any prospective seller who decides to fill out a form and set up an appointment with you should be contacted within a few minutes to hours.  

How do you guys with regular 9 to 5's make sure this happens? 

My best guess for a setup is something like this 

• I hire VA's to build a list and skip trace 5,000 contacts

• I hire a call center to call this list 

• the motivated sellers are registered in call centers CRM which directly connects to my CRM. The people that need to be followed up with are called again by the call center. 

• I hire a Sales person to call the motivated seller to get an appointment. ( Sales person sets up an appointment via Calendly) 

• I go on the appointment look at the property and sign the contract 

Do you have any recommendations on books/podcasts/youtube videos / mentors/ classes to help with this? 

Hi BP! 

 Looking to network with wholesalers who have deals on 3 to 4 plexes in Chicago ... Feel free to DM and introduce yourself or reply to this thread! 

@Mark Ainley can I also get that list?

Thanks for the replies.  When things are too good to be true they really are too good to be true 

Hi,

I get myself into a situation knowing I was taking a risk. So I met this guy on reddit who said that I could get into wholesaling for 10k.  There were a lot of red flags that I won't get into.  He said the he has a birddog that is selling leads for homeowners for .95 center per lead and. I need 5000 leads to get started.   I bought into it .  So now I have 5000 leads. The Birddog sent them in an excel sheet. It took a while because he was skip tracing them. 

So my first set of questions is 

1. Do you have to have license to be a birddog?  Is there credentialing involved? 

2. How can you verify the that the list he sent is not used already ? 

3. Is .95 cents per lead the going rate for home owners ? 

4. Does anyone know any reliable birddogs? 

5. If this is a scam is there a way to get your money back.

6. If I do truly have a list of 5000 leads for homeowners who want to sell can I resell that list if I haven't used it at all. 

So thats the first step. Now the guy who is teaching me is asking me to buy a cash buyers list.  This is $13-14/lead.  He says I need 500 but if I don't have the money I can start with 350 leads.  

So my questions to follow this 

1. Are these the going rates for cash buyers list 

2. Does anyone know of any reliable birddogs? 

thanks for your help In advanced