All Forum Posts by: Mark Maire

Maybe several deterrents can do the trick.. ADT security signs, simulated TV, put a couple lamps on timers, etc. 

Nice to see a fellow investor from Hampton Roads!

Good Luck!

Fellow military member in Hampton Roads!  Welcome!

I'm still a little confused, not entirely sure what double closing is and what needs to happen at the title company with the contracts..

Thank you

Am I missing any steps?
1. Find a motivated seller, with deal potential.
2. Determine ARV and REHAB COSTS at meeting.
e.g. ARV: $150,000 REHAB: $25,000
3. Negotiate a deal.
$150,000 x .7= 105,000 - $25000 = $80,000 - $5000(min. assignment) = $75,000 max offer.
4. Agree at $70,000
5. Seller and wholesaler sign Purchase and Sale Agreement with option to assign.
6. Find cash buyer.
7. Agree on price @ $80,000.
8. Wholesaler and CASH BUYER sign ASSIGNMENT contract.
9. Take contracts to title company, cash buyer wires $80,000 to title company.
10. Home seller signs DEED documents to cash buyer. Home seller receives $70,000.
11. Me, the wholesaler receives $10,000 from title company.

Am I missing something? Do all 3 parties have to be present

You need it to cash flow before the down payment.  

First scenario is way under the 1% rule which is break even in a lot of markets.

Second scenario same boat depending on rehab

Filter even more than do ZIP CODE with EQUITY 80%-100% then do ZIP CODE with EQUITY 60%-80%..

Thats a decent price, I recently got a low tier Uba Tuba, for $60 sqft.  But mine came with a free undermount sink and dishwasher mount kit.. 40 sq ft for 2450.. 

i am in virginia beach, va average 3br/2ba sell for 200-250k

When you visit with the home owners do you openly tell them that your an investor?

That your going to find them a buyer?

The reasoning behind your offer?

Thank you

I think I am going to decide against it. If I was going to live in it I would probably do it since I could rent the mother in law suite to someone. If he were to give me $10,000 I would do it.