All Forum Posts by: Michael R.

I agree with chris walk away. Maybe once you tell her your not interested until you can see inside she might change attitude.

one issue I see is how are you going to advertise the house? If the other wholesaler has the house listed for 10k and you list it with your fee for 11k why would I buy from you? Plus it would make me suspicious that the same house is listed for sale for different amount by 2 people. I can see maybe partnering with a established wholesaler as a viable route but what do you as a new wholesaler have to offer someone who is experienced and established? Plus I can not see them wanted to give away their list of buyers that took lots of work to build so easily. Maybe your best bet would be to start would be to work as a bird dog for wholesalers in your area.

Put something similar to what you plan to sell on craigslist and who ever responds just say it is sold and you will email them with the next deal you have. I dont wholesail so I dont know if thats on the above list or not.

Why dont you just find your own deals to wholesale? I dont think there would/should be enough meat left after the other wholesailer takes there cut.

Not to be negative but you should have gotten estimates before you bid. Never buy something just because it is cheap. I have passed up 1k houses because with rehab costs factored in it is a dealbreaker. In your case it could be a deal but I really dont know. What if houses are only selling for 20k in this area and you need a 10k rehab? I would never go off zillow or assor comps. You need the advice of someone on the ground who knows what it will sell for. Also I would not rehab it over a year, I would save my money and bang it out quick this way you can sell or rent to avoid and more vandalism.

I have been on the buying end of one wrap. The banks will most likely not enforce the dos clause but if interest rates go up in the future they might decide to start enforcing it so they get get higher rates. You can send the lender a letter stating your intentions if you wish. I pay the payment directly to the mortgage company this way I know that the payment is being made. You can use a note servicing company as well if you want. My lawyer preferred that I did not do a wrap but I did it anyway and it turned out ok. My big concern with this type of creative financing is that if down the road they call the call you have to have the cash to pay it off or you have to walk and lose whatever you have in it. I only buy houses now with owner financing for this reason.

If you tarped the leak and it is no longer leaking then it is no longer the tenants problem and they have nothing to complain about. who cares if the roof was not fixed correctly you fixed the leak and thats all they need to be concerned about.

depends what you do in re. dont see why you need a "power team" for buy and hold. just find properties that will cash flow and do your homework. I found my lawyer though a friend that had used her in the past. My ins co is used by a fellow landlord. Have not bought anything from a realtor yet because I find better deals on my own. This power team thing seems like a guru thing to me. Have you invested in any re yet?

I buy mostly Rochester and Buffalo and I started 4 years ago. I took many trips up there first before I bought anything to check out the area first. I looked here on LI first but there was no way I would be able to get funding for anything that expensive.

I live in Long Island (close to NYC) and got started when I was 23 years old. I do not buy here based on the prices but I do buy in upstate ny. I stated with about 20k and have done a few flips upstate and made about 10k on each flip. Prices upstate are much lower than your target area and to start out you have a lot less to loose and you can get started with alot less capitol. However everyone has different goals just letting you know how I did it. Now I mostly buy and hold.