All Forum Posts by: Account Closed

Hey all,

Just wanted some advice on a deal.

 I have a few colleges on BP who i'll regularly send and ask for feedback.

Included is Proforma and income statements along with rent rolls.

http://www.loopnet.com/Listing/19838163/4522-Gasto...

4 Plex in east dallas area, built as sfr but owner seemed to have turned it into a 4 unit (1r 1 bath each). Cashflows 32k a year (11% cap).

I understand the intrinsic value of the property is pretty much none and it'll have to be torn down at some point because it was originally meant to be SFR, atleast that's what i've heard thus far.

So what's the approach then? Use that as leverage in negotiations and get the guy to drop another 70k in price? is it a good deal then? Get him to drop 70k and ask seller finance and count on cash flows considering the risk?

Any insight would be appreciated.

Thanks again!

How much ($$) did your direct mail campaign run around? if you don't mind sharing

How cool man. Glad to hear it. Sadly my market (dallas/plano) is almost too competitive for wholesaling unless you have references for motivated sellers. There are already 4-5 "buy houses" bandit signs around every corner and our craigslist is just spammed with everyone's buy houses/rei ads (not properties). I'm 21, looking for a buy and hold. A few months back i had a wholesale deal set to close with my investor for a 6k assignment fee but he backed out a week before closing. 

Good job with your success! Guess i'm moving to wisconsin lol

Hey all,

First post after lurking for the past two years here on BP. Have watched every one of brandon and josh's podcasts.

I'm 21yo and am a full time student (except in summer) studying finance with a focus in real estate investments and have one year left of school. Currently working full time at Fidelity investments as a Business Analyst.

Virtually no credit history and i'm not a w2 employee. I have about 10k in savings and a buddy of mine is willing to come in with me for another 10k.

I analyze about 20-30 or so deals a week, just can't ever pull the trigger because i don't qualify for traditional financing (right?).

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Great condo for sale by Southern Methodist University in Dallas, tx. 1 bed 1 bath and has been rented out to students since 1999. Currently rented out for 1500 monthly, and priced at 89,990. HOA fees are 130 a month. Pretty much meets the 2% rule with rent. Like i mentioned above, i can bring in 20k for this deal. Who will invest with a student with no track record? i don't want to get hard money at 15%.

Second deal is a duplex with monthly expenses including mortgage insuarance and property tax = 2100 (value of duplex is 260k) in a great area. Both sides currently rented for 1300 each (2600 monthly income total. )  As mentioned above, i can bring maybe even up to 40k but how would i get financing? seller finance isn't an option, both properties are listed by an agent.

Any advice would be greatly appreciated!