All Forum Posts by: Jeff Smith

Great dea(s)lBUT....there are tenants in there and my end buyer doesn't want to close until they are out...CA law....that could be 60 days....yikes. 

Run across this pretty much EVERY DAY in my wholesale business. Sometimes we find a buyer that just takes it w the tenants but MOST won't deal with it and they are hesitant to make an offer. Once I tried offering cash for keys and the sellers gave me a ridiculous number. Whole deal crashed because now we have to wait 60 days for them to be out according to CA law since they were month to month. If they are on a lease....even worse. 

What's been your experience and how do you deal with tenants on your wholesale deals that are going to flippers that need them out and the home vacant..? Thanks... 

As a wholesaler I run across deals all the time that are in pretty good shape....question is...what do you offer? Some of the homes are turnkey...fully ready to go. Some barely need anything.... 

Any other wholesalers run across deals like this? Any investors out there looking for turnkey rentals in So Cal? lol. What has been your experience and how do you calculate what you're going to offer.....and then how do you move? 

These haven't been my homeruns but I have made a few bucks here and there on these types of properties...just getting feedback on everyone else's experiences out there...thanks!  

@Christopher Petrillo we are wholesaling a few in Indy every month at this point....we don't completely have the hang of the market but much better since I originally wrote this post.....are you located there? 

Have a potential deal -- want to see what the consensus says on this one:  

seller owes approx $133K

DQ balance w lawyer fees, dq payments etc ($11,500) 

ARV $195K

No foreclosure sale date. 

Seller just doesn't want a FC on his record -- he has agreed to allow us to bring him current and take over payments which are $1188/mo PITI, incl his solar panel payments.

So exit strategy:

1. Rents in area go for approx. $1200 so no cash flow there.

2. Sell it "as-is" FSBO for $150K or so and pocket the difference (problem is its in OK condition and could take mos to sell)

3. Lipstick fix to get more money (paint, floors etc basic) and wholetail it for a bit more

4. ?????? 

Any replies appreciated...thanks. 

2xx South Temple Indianapolis, IN 

1BR 1BA 12xx SQ FT

rented M2M

Comparable Full Flip Sales:

0.3 mi away – full rehab sold for $99K

2XX South Temple Indianapolis, IN  (right across the st from other South Temple)

2BR/1BA 8XX SQ FT

Rented M2M

Repair List: Full Rehab or light rehab for buy and hold

7xx South Keystone Indianapolis, IN 

2BR/1BA 6XX SQ FT.

RENTED M2M

Homes .8mi away Fountain Square selling 100-150k+ same sq ft.

23XX English Ave Indianapolis, IN 

2BR/1BA 11XX sq ft

RENTED M2M

Repair List: Full Rehab for flix and flip or light for buy and hold

Comps: full flip sold for $157,000 .5mi away

15XX Comer St,  Indianapolis, IN 

3BR/1BA 11XX SQ FT

RENTED M2M

Comps $90-100K full rehab comps .5mi away

20XX Spruce St. Indianapolis, IN 

2BR/1BA 8XX sq ft

VACANT — FULL REHAB NEEDED

Recently Fully Flipped Comps – $117,000 - $125,000 .5 mi away

SELLING FOR $285,000.00 OR BEST OFFER

Under contract – pictures coming within 48hrs or less

If interested, will send you agreement to sign and need $1,500.00 Non Refundable Deposit with Hocker Title. First deposit wins properties. If this is our first time working together please let me know so we can establish long term relationship.

Please reply to this for more information and to get details. 

Thank You!!

Jeff Smith  

Fix and Flip Opportunity 

West 39th Indianapolis, IN

4BR/2ba 1750 sq ft

Butler – Tarkington Area

Comp .2 mi away just flippped for $135K

Homes within 2-4 blocks also just flipped for $140K-150K

Vacant

Full Rehab Needed

Under contract – pictures coming within 48hrs or less

Asking Price: $60,000.00

Please reply with your email address for details/address 

First $1500 non refundable deposit wins property. If this is our first time working together please let me know so we can establish long term relationship.

Please reply with your email address for details/address, thank you!  

@Ross Denman thank you much -- and I can only imagine -- based on some of the things I have run across already  -- I will now add you to my list of growing buyers in the area...thank you.  

Hello all -- I wholesale properties around the country and just entered the Indpls market -- this is a new market to me and even though I lived there for many years...there are some pockets I am unsure about. Looking to talk to someone/possibly partner on a few deals in the area -- also any feedback would be appreciated. I am running into properties under 50K but they are rented at $600-$900 per mo but.....they are small.....so I am unsure. HELP! haha... 

 I'm looking at $25-$35K in repairs to get it up to spec if they defaulted and we had to evict them.

Max rent they would be able to pay would be $2150 per month...if that.

The more we talk through this the more hairy it seems to get --

BUT let me ask...when would these scenarios work out ?? "subject to with little to no equity......" so I know what makes a deal and what doesn't. I know we will run across this scenario again and want to make these deals work. Have you done any and when have they worked out for you? Again thanks for the help... 

 Thanks...this deal is all over the place... 

They have a modification in place...the only thing due right now are the payments on the $240K portion -- the latter second is due in 15 yrs as a balloon...... they lender deferred that portion -- PITI on the 240K is $1650.

so yes, right now total they owe 409 -- house, fixed up is worth 440 -- they are 25k in arrears  -- no go right? 

and again thanks....helps me think through these deals and risk, etc...thanks