All Forum Posts by: Muhammad Saleem

My thoughts are, It doesn't matter if you are new or experienced as long as you have a good deal.  

Dear Community,

Struggling for my first deal, today while 'driving for dollars' I found some properties which seem vacant and also need some repair work. I have the addresses but I need to know the next step.

I think, I should now send them letters. How do we do that and how we can make them attractive.

All inputs will be highly appreciated.

Thanks,

Dear Community,

I need guidance about my first attempt to wholesale deal please.

I came across a deal in Detroit. I checked the comps and established ARV of 16k but after inspection, repairs estimate is 15k. If I add wholesale fee and other costs, MAO goes in minus. What is the solution to make money in such houses. Detroit is full of such deals.

Interesting thing is, I checked the property comps for lease, monthly rent is 850 to 875/month.

Suggestions will be highly appreciated.

@Katy Shearer

Normally, you need to sign a Purchase agreement with the option that you can assign it to third party. After getting property under contract, you can assign it to your buyer/third party and ask assignment fee from your buyer. This is the concept in wholesaling. By Signing PA, you get your equitable interest in property so you do not license for that.

Please ask me if you have any further questions.

(DISCLAIMER: I am not real estate attorney, you should consult with legal attorney before taking any step).

Great idea. or we can use it vice-versa. Can we ?

@Tom Olson Great Idea. I appreciate your point of view.

@Sean Edgar  I was thinking, If mortgage is pending, My buyer has to pay wholeseller fee + costs + also all the pending mortgage to make his property free & clear.

AND our ARV is the worth of house (free & clear with no pending mortgage/liens), Isn't?

@Sean Edgar

I also have the similar question. I hope your advice will help me too.

Considering the same example:    70% of 105k = 73,500

73,500 - all costs including, repairs, utilities, commissions, wholeseller fee, etc.  (DO WE ALSO DEDUCT MORTGAGE AMOUNT FROM 73,500 TO ESTABLISH OUR Maximum Allowable Offer) ?

Please advise. Thanks,

Yes, Thanks @Duriel Taylor

It is helpful. I have plan to put my business cards at different places, restaurants, grocery shops etc.

Thanks.

First of all, Many many thanks to BP community helping me on each step and I m still in the game of wholesaling.

Now I need your wealthy advice about some most productive strategies to generate Motivated Sellers leads as necessary oxygen for my business. 

Every input 'll be highly appreciated please.