All Forum Posts by: Melissa Ramos

Wow after reading these posts, I don't think I will be attempting to use them either. Too bad though bec. I am a long-time wholesaler but thinking abt doing my first flip and it looks like this is not the HML to do a 1st flip with or to ever do a flip with considering the negative reviews of both inexperienced and experienced investors. Thank god for BP!!

Hello everyone, I would love to attend as well. The best day for me is the 21st though :) Thanks for tagging me!

@Darren - that's the easiest way to sell off each unit however be careful of what apartment and the location that it is in. There is a condo complex here in Atlanta that was once an apartment 10-15 years ago and the owners converted it to a condo. The apartment itself was in poor condition and the seller (not sure if they were using property management at that time) did not update the buildings and did a cheap job of selling it off at a low price to buyers and investors who thought Clarkston was the next best thing. That was also the time when many refugees were settling in the town (it still has a large refugee population) so they were enticed with the cheap prices of the condo. Fast forward to today, the condos were never updated and fixed..a few of the buildings burned down, the quality of tenants that it attracts is just awful and now the seller desperately wants to sell but can't since they need 70% of the tenants' vote to sell the property off....I dont know anyone who wants to touch that place with a 10 foot pole.

Hey guys, here's a property of mine. Seller is completely motivated and wants a quick sale. See details below and images. I am a wholesaler and I am looking to assign my contract to a cash buyer. Please do your due diligence! Message me if you are seriously interested.

Property Address: 999 Lawton Street, Atlanta GA 30310 - Price: $13,500

Beds: 3Bath: 1 Bath Sqft: 894

Year Built: 1947

PICTURES: Click Here

DETAILS: Spectacular Investment in Atlanta GA! Repairs are needed. The house is near to Connally Elementary School, Finch Elementary School, Brown Middle School and several others. Very near to John A. White Golf Course. This property is centrally located, 5-7 minutes from Downtown Atlanta! Property is accessible from the I-20 that connects to one of Atlanta’s major freeway, I-85/75.

REPAIRS: Property is in need of complete rehab. Electricity and Plumbing are needed. Bathroom and Kitchen fixtures, Flooring in some of the bedrooms are needed. Walls need to be repaired (several holes in the walls throughout the house) and there are some some holes in the ceiling that need to be covered. HVAC Needed. Repair Estimate: 20-25K. Roof and Foundation of the house is good and solid.

COMPS: --TOTAL ARV: $81,300

Sold

1.1126 Indale Pl SW – Sold 6/3/13 for $48K.

2.1239 Almont Drive SW – Sold 6/19/13 for $45K

3.906 Oakland Drive SW – Sold 5/21/13 for $49K

Active

1.685 Holderness St SW - $172,900

2.1778 Alvarado Terrace SW - $99,000

3.397 Deckner Avenue - $74,900

RENTAL RANGE:

From Rent-O-Meter: Median Rent is $800. Average Rent is $900.

1.1090 Peeples St SQW - $795/month

2.1288 Almont Drive - $750

3.1008 Violet Street - $850

TOTAL RENT RANGE: $827

I have one right now with an FMV of $138K, I priced it at $70K. I supported my price with 3 actives and 3 sold comps (sold within 4-6 months) in the neighborhood. The tenant is paying $1,100 a month for rent. The utilities are paid by the long term tenant (Has been there for over 3 years now). Taxes and Insurance collectively at $2,100 a year. No HOA. There are no major repairs needed and the house has been very well maintained. The only thing that I keep hearing back is that the property is "too old" (It was built in 1955) which I can understand from a company that has strict guidelines in their buying criteria. I have had several feedback regarding heightened yearly maintenance costs since the house is old – that seems to be some of the buyers' deal breakers.

Yes I do a 2k earnest money.

Thanks for everyone that did respond. I know it may be the case of “a deal not being good enough” but nevertheless, everyone was starting out once. It would be nice to hear from fellow wholesalers who have dealt with it.

Hello fellow wholesalers!

For some reason I have been hitting a brick wall lately with wholesaling. Don't get me wrong, I'm still out there doing deals and all, but I get highly annoyed and discouraged when I do get a great property under contract for the typical 20 business days...and then the End buyer either walks at the last minute/I can't seem to find a reliable buyer.

I want to know your guys' experience with this. What do you usually tell the seller when this happens? Do you feel awful (I do :( ) when a deal doesn't close and you had an option contract going with the Seller?

Thanks Wayne. Nonetheless if anyone has any questions or if they need info, please let me know. Thank You!

Hello all,
My AZ group has an off market apartment complex right now for $4,112,000. $34k per door. 14% Cap Rate and 95% Occupancy.
I know this is discreet and an extremely brief description of the property, but as always, please PM me for more details and info. Thank You!

When you market it to your buyers, use retail or FMV comps. I assume you are marketing this to your buyers that would be willing to do the repairs so let them know you are selling the property to them at a steal.
i would suggest estimating the cost of repairs before approaching the lender or a buyer about the deal. if the house is a complete rehab, that might eat up your profit as well as how marketable the property is - depending on what your end price will be.

double assignment contracts can be a little "too much". If you want to keep this plain and simple, just have him assign to your buyer, sign an NCND and then sign an agreement that profits will be split down the middle. both agreements hold up in court in the event he cuts you out of the deal. if you are working with an investor friendly title company, they can cut the checks to all parties involved so that your wholesaler/partner for the deal will not have to rely on you to cut the check for him and leaves a paper trail.