All Forum Posts by: Malita R.

@Erin Elam Thank you!

It was direct mail (postcards).  I mailed it out to the seller and he stated that he had other properties that he was looking to sell.  So one of the properties that is under contract is a property that I didn't know about.

So far, I got these 2 under contract and he we already talked about looking at 2 more!

Hello BP!

Today, I finally got 2 properties under contract!  The properties belong to the same seller. I'm really exciting about this.  But of course, nothing is final until checks are in hands.

But again, this is a very exciting moment for me.

Thanks BP!

Hey BP!

I know this has been asked a few dozens time already (I did a site search)..But I found maybe a hand full posts that actually mentioned a name.

Can anyone from the Phila area recommend a Title company that they have worked with?

Thanks

Thank you! On to the next!

@James Stevens @Michael Noto 

Hey BP!

I posted a few days ago that I was not trying waste time with what I believe is a BAD DEAL. After letting the sellers know that I was not interested in that property but I would look at more, they lowered the price by on $500 bring it to $7500.

Based on these numbers, not only would I not make a profit but I also would not be able to wholesale it to a potential buyer.

Would it be worth even getting it under contract and seeing what I could do with it? Or, would that tarnish my reputation before it even begins?

What you think?

Thanks!

@Guy Gimenez 

Thanks for your advice.  I was able to incorporate my knowledge into the conversation.  It made since to because as you said, they would do it to me.

That was my first property that I ever walked (tried to at least).  It was very vacant and destroyed.  I could only see the upstairs from the stairwell.  The staircase did not look sturdy enough to go all the way up. 

However, after coming home and running the numbers again, for what they are asking for, I will need to make no profit. Even with no profit, their asking price is still too high. And because the other home is in the area, I know if will have the same estimated ARV.

I'm glad I'm able to notice a BAD DEAL before I get too involved.

Thanks

Thanks for the reply @Mary B. 

How likely is it that a wholesaler gets a quote from at least 3 contractors before each deal? For a newbie, I can see how that could be helpful for estimation purposes, but to me, that seems a bit time consuming and misleading especially towards the contractors.  Of course I would have no intentions on using them to get work done (since that's not my role).

Hello BP!

Today I returned a phone call from a seller who was interested in knowing what I would offer for their properties. Of course the convo did not start out that “motivated” in the sense that they “needed” to sell. It was more “wanting” to sell. However, I continued to gather as much information as I could during the call.

Summary:

Two shells that were purchased at sheriff sales here in Phila. They were looking to do a packaged deal. They mentioned that one of the homes prices was negotiable.

Once I got off the phone, I did some research and was able to locate public records on how much they actually paid for the homes. I know they are clearly looking for a profit (which they should). However, should I use that knowledge in negotiations? Or, based on the numbers I ran and they fall within a reasonable amount for a buyer, should I not mention it and allow them to make their profit? Win, win, win for everybody?!

Thanks

Thank you @Mike D'Arrigo  @JPaul Mills @Dan Perrott and @James Stevens . All of your posts was very helpful and informative.

Tomorrow is the meeting. Ill keep everyone informed on my progress with another post.

Thanks again.

Hey BP!

In doing research on a lead, I was able to find that the property owner has a little over $7k in back taxes according to the tax revenue site.

I also was able to check other public court records by the owners name and locate documents that show unpaid utility bills ranging from a few hundred to a few thousand.

As I stated in a previous post, the owner of this property is renting out this house that has 3 units (1 unit is occupied). Of course from this same site, I was able to locate Landlord/Tenant court records that show the owner has been to court at least 5 times evicting tenants for nonpayment.

My questions are:

• If all goes well and I am able to get this property under contract, will the property owner be able to use funds that they will get from the deal to pay off the debt, specifically, the back taxes? For example, owe $7k back taxes, we agree to buy house for $20k – debt = $13. Or, does the owner need to come to the table with the money.

• Since the owner is renting out the home, are they responsible for paying the utilities that are behind? If so, can the above example apply to paying off this debt as well?

• Is personal debt found when doing title search?

Thanks