All Forum Posts by: Khadijah New

@Gary Kurtz I am new to investing as well but think most people would agree that your problem is a good one to have. Again, I'm new but I think you have a few options available. There are tons of motivated people who have the time and desire to invest in real estate but don't have the access to capital. I think if you pair up with these types of people you'd be able to accomplish your goals:

1. You could work with wholesalers that know your buying requiremenrs and bring you deals that will provide cashflow and don't need a ton of work (they exist, I'm working on one now that is completely rehabbed but has set on the market for almost a year because it's priced incorrectly and is marketed poorly by the agent. I stand to get it at about 55% of asking price. Seller is in another country and is extremely motivared).

2. Attend Reia and find experienced rehabbers who may need equity partners.

3. Provide private lending and only lend on properties that need a minimum amount of work so that if you have to foreclose on the property it won't need a major rehab.

@Parish Simmons I'm new to investing and currently working on my first wholesale deal. From all my research it seems some wholesalers do it different ways depending on their experience. Some are good enough to do ball park estimates themselves or have relationships with contractors that will provide estimates. Personally I wouldn't pay for an inspection on a wholesale deal but would definitely have a knowledgeable contractor give me an idea on repairs so that your offer price is accurate and you're providing value to the end buyer by supplying correct information so they get a good deal.

@Colleen F.

@Chris Piper

Thanks for your help guys. Both points make allot of sense. I actually had the agent resend comps for two bedrooms because that's what I believe it is. When renting it may go as a 3 but buying it's definitely a two. Again thanks for your help!

Thanks guys. I appreciate your help!

Do you think my number makes sense? It is really low so I was a little concerned but I read if I'm not embarrassed I'm offering too much. But with that being said I also don't want to blow the deal. However, I want to make sure I'm paying attention to what the market is saying the house is worth and not what the seller or agent is saying.

Hi,

(This is my first offer, I'd like to wholesale the property but also offered the seller a lease option which if accepted I will hold the property and rent it.)

I put in an offer on a single family home and the real estate agent (whose an associate of mine) called me to let me know she would submit the offer but more than likely it wouldn't be accepted because it's too low (seller's asking 60k, 3 bedroom comps sold for average of 40k, I based my offer on an arv of 36k and offered 24k). The home has been completely updated and is nice but based on the comps I believe it's only worth $36k. I explained to the realator the big factor is that it's only a two bedroom. She is adamant that it's a 3 bedroom and says the auditor sites list it as a 3 and an FHA appraiser said it's a 3. It does say that it's a 3 on the auditor site but I believe it's a two because:

a.) the room is a pass through/is connected to larger room

b.) room doesn't have a door

c.) room has a window but doesn't have a closet.

Please tell me if I'm wrong about this and it's a legal bedroom or if she's just doing her job and trying to sell this house?

I appreciate your help. Thanks in advance for your assistance!!!!!!

Ps. owner lives in another country and property has been on the market 3 YEARS!

@Gary Timmons welcome to BP. Im new too so I get where you're coming from. Doesn't it feel good to be excited about somethi

@Connie H. thanks for the heads up about the wholesaling subgroup. Hopefully we can meet tomorrow, I'll definitely be at reia. I wanted to attend the subgroup but actually went to look at a property. This brings me to my next question. How do you determine arv if there are no good recent comps? This house has been on the market for 3 years through numerous agents and price changes. It needs no work, completely rehabbed. Do I just offer him 65% of his current asking price? I think if priced just a bit lower and marketed differently it would sell fast or be a great rental but I want to make sure I offer the right amount. My main goal is to find great deals for wholesale so that I can build a great reputation among investors.

@Cheryl P. thanks for responding!

Thanks guys, I appreciate all of your responses. Call me crazy but that just motivated me even more. @Cheryl P. Do you mind telling me what made you invest in Ohio?

Ps. Im new to social networking. I'm kind of old school,(I talk to my friends on the phone, no tv in the bedroom, etc) so if I respond in the wrong box or don't use the # or @ sign correctly please forgive me. I'm learning :) Thanks again for taking time to reply.

Hello All!

I am so excited about this site and all of the information, stories and networking opportunities available here. Although, I am new to real estate investing, I've been riding the bench for almost ten years so I've done a ton of homework but haven't done an actual deal yet. However, I'm consistently looking for deals and plan to have the first one under my belt by the end of the month. Aside from my passion for real estate I have a husband and two kids. My husband and I currently own a commercial cleaning company that has been successful enough to allow us to leave our day jobs but I don't want all our eggs in one basket. I am obsessed with all things real estate and am looking forward to earning a living by doing something I actually enjoy!