All Forum Posts by: Miyako Boyer

Derrick R. When I looked at the pics online the house looked terrible. I don't see offering 90k on that house honestly. I'm going to drive there to see it today and see the area.

Luka Milicevic yes. When I looked at the property online it definitely looked like a tear down. The house was terrible. And when I looked it was last sold in June for 30k which was very odd. So I called the owner and asked when he wanted to sell and he said because he wanted to buy another one. That also didn't make any sense.

Sean Davidson you took the words right out of my mouth. That is exactly what i was thinking. I'm just trying to figure out how accurate the formulas are that I have been hearing about on the podcasts. How are people actually able to make deals without using an appraiser?

Hi BiggerPockets 

Ok so I wanted to write a post to get feedback to see if I'm on the right track on figuring out the comps and what to offer the seller on this particular property. I recently came across a podcast on someone who wholesales houses and uses a formula and wanted to try it. There is a property in Nashville that is for sale by the owner for 89,900. I did the comps on it. I went on Zillow and found 3 houses that sold for the cheapest and 3 houses that sold for the highest within the last 90 days, to get the average with the same square footage and number of beds and bath. 

Cheapest- 

1. 130,000, 

2. 150,000, 

3.140,000

Highest 

1. 225,500

2.264,900

3. 175,000

I then calculated the repair cost by taking $20.00 per square footage which came out to about 21,000 in repairs.  

According to the formula I should be offering 99,060.00 and my profit would be 20,000. In my eyes it doesn't make any sense because I would be offering more than what they are asking. 

There has to be more work involved when figuring out comps and what to offer a seller then just doing a formula. 

Hey Bigger Pockets Just curious has anyone been able to wholesale a property that's for sale from the seller in the 400k range? I have a property that I would like to wholesale located in the Franklin/Brentwood area of Tennessee and I'm trying to figure out if I can wholesale this one, only because of how high the price is. The seller bought the property as a project but doesn't have the time now to fix it up now. Does anyone have any feedback or experience wholesaling in this price range? Also how can I determine a deal from a non deal?

Brian Gibbons wow did you really. That's impressive. I can have about 10-15k saved by June July. However what could I possibly do with that money to make more money and give me the ability to quit my job by next year? That was my goal. And I heard that you shouldn't tie up your own money. Is this in fact true?

Amit Kal hi. Sorry I am just now seeing this post. I wish I would have seen this sooner as I would have loved to talk to you about the property. I'd love to connect as I come across other properties if you'd like.

Hi BP. Does anyone know if investors like buying manufactured homes. I have a house that I want to wholesale but I don't know if any investors like going that route towards manufactured homes. Any suggestions?

Wow wow wow. This is all extremely great advice that I am definitely going to listen to 100%. I appreciate everyone's feedback and advice. Also I had another question. I found a property that I would like to wholesale but I wanted to know do investors really like buying manufactured homes? Or do they stay away from those types of homes?

Hey bigger pockets Ok I am currently living in Nashville and I am still in the process of actively learning and studying real estate while I work my full time job. Does anyone have any suggestions on how I can get started without using my own money and with having not so good credit at the moment?... I know there has to be a way around this. If there isn't a way what do you suggest I do? Also I keep going back and forth with the idea of going to go get my license and then transition into flipping and doing rentals. However, I do not want to be an agent for very long, if at all, that isn't my goal. I've been listening to podcasts as well as reading, yet I'm still at a barrier on how to actually begin, and I'm extremely anxious.