All Forum Posts by: Michael Petruziello

Good Afternoon,

I am looking for investors that want wholesale deals in Columbus, Ohio. You will be notified of these opportunities before I post them on the marketplace. 

Please PM or respond to this post and I will contact you directly to ask you a few questions. 

Thanks for you time,

Michael

@David Hodge I have a property that I just got under contract today that would be perfect for your mother-in-law. Please PM if you have any interest.

Thanks everyone for your help. I appreciate your insight. @Matt Stewart and @Melroy D'Souza the ARV is around $65K based on recently sold properties. So I think it's clear that my "too good to be true" was in fact, too good to be true. However, it's still a good opportunity based on my numbers. I just can't sell the property to an investor for $50K and if I tried, I'd get turned down pretty fast.

FYI: This property is in Columbus, Ohio 

Hey BP-

I found this deal that I need help analyzing because to me, it sounds to good to be true. 

A landlord responded to one of my absentee mailings and he wants to get out of his SFR rental because he is tired of being a landlord.

The property was previously rented out for 4 years (same tenant) at $800/month and based on rent comps within the neighborhood, the median rent is $800/month. The neighborhood is lower income and most other properties on the street are owner occupied with no vacancies. 

Summary of the Property Details:

Type: SFR
SQFT: 1504
Rooms: 7
Beds: 4 (5 with attic)
Baths: 2.5
Other: Two car garage, semi-finished basement
2015 Taxes: $1,044.66

The property needs updating. My partner (contractor) walked through it, and to bring it up to date he said it would be about $10K. 

My thought is to offer this deal to another investor that would like to add to their rental portfolio. I do not have any rentals, nor do I plan on having them. 

The owner is asking $30K for the property but the comps have been all over the place within the last few months ranging from $16/sqft - $46/sqft. The majority of the active listings for the neighborhood are around $30-$45/sqft.

Based off my analysis, if an investor purchased the property from me at $61.4k ($50K purchase price plus $10k repairs plus $1,400 cost of purchase ), the investor would have around $500 positive cash flow per month.

Another experienced real estate investor told me that we need to present both options; flip and buy/hold. But this is obviously not a flip opportunity. 

My question is.. What am I missing here? Would an investor not want the property because he/she wouldn't make money on the ARV?

Please let me know if you need more information. Your help is greatly appreciated. 

Thanks,

Michael 

Austin- 

Congrats! The place looks great. I am a fellow Real Estate Investor in Columbus, Ohio. Recently I have partnered with two other individuals and we wholesale buy and hold properties. Please let me know if you would like me to put you on our buyers list. Good Luck!

Michael

I am creating a marketing campaign for my flipping business (I was in advertising/marketing in a former life). My question is, have any investors sold off their unused leads to other investors generated from your own marketing campaigns? For example, if a motivated seller calls you from one of your bandit signs, and you can't use the lead, have you passed it on to another investor for a finders fee? 

Before I begin any campaigns I want to make sure I am not breaking any laws because I AM NOT a licensed real estate agent. 

Thans for your help!

Hey everyone,

Quick question... Does anyone have any good resources or methods (besides the MLS/Realtor) to identify comps and rental rates in a specific area?

Thanks for your help!

Michael

Good Morning BP!!

My name is Michael and I am a new investor from Columbus, Ohio (originally from Cleveland, Ohio). I have been in enterprise sales for the past 8 years and I finally realized how unhappy I was (unrealistic expectations, bad managers, bad products, etc.). 

Throughout the past year I have been educating myself in Real Estate Investing through books, articles, podcasts, networking, etc. Im excited to say that as of two weeks ago my wife and I decided to start our business. With that said, I would like to network with as many wholesalers and real estate agents as possible. We will be focusing on flipping and buy-hold. We have cash and have a meeting to get pre-approved with a local portfolio lender on Thursday.

I look forward to engaging with the Bigger Pockets community and learning as much as I can! Hopefully, once I have gained the expertise I will be able to share my knowledge with others. 

Regards, 

Michael Petruziello