All Forum Posts by: Nancy Brook

So you do not have a property picked out yet? $700-$900 and $60,000-$100,000 are large ranges.

Yes

It depends on the market. We'd need more info on how much you'll put into rehab, estimated sales price, holding costs, commission, how quickly are houses selling. Then we'd need info on rent in area for a place such as yours.

If you put in an inspection period you can get out of the contract. I've never had anyone ask for proof of funds in a wholesale deal.

That's a tough decision. If you're losing money and the property is not appreciating I'd say sell it now. It doesn't sound like there is any good reason to keep it. Even if you broke even, you'd be winning. You could try FSBO as a possibility to save on commission. You can always hire a Realtor later if necessary.

Have them sign first. It's not a deal until you sign the agreement but you have control. No, they cannot have someone else buy once you have the house under contract.

1. Get contract signed with 10-day inspection clause and 30-day close. Do this before you see property. It's not a deal unless it's under contract. 2. No money down unless someone demands it. 3. During inspection if you find anything then you can renegotiate. 4. Work hard to find a buyer during the 10-day period.

Go talk to your banker with numbers in hand. I bet you could get a commercial loan based on what you're saying. You have great equity in your apartment complex if you've more than doubled rent. Plus, the new buildings will easily pay for themselves. 

Originally posted by @Rochelle Wilkinson:

Originally posted by @Nancy Brook:

You are doing awesome! I'd suggest talking to a local bank that handles in-house portfolio loans and see if you could qualify for a loan using your apartment complex as collateral. Based on your track record I would believe any banker would be impressed with your management ability.

 I honestly didnt think of that.. so wait til October? when I am no longer bleeding money from all these repairs? mortgage is currently with everything included at $28,000.. rent roll last month was $54,000.. so there is postive cash flow.. just using it all right now to right all the wrongs the past company did..

I would go talk to your banker now and get a plan together for when is the right time to go into more properties. 

The other thing you could do is find private money from an investor to go in on a deal with you. If I had money I would bet on you. 

You are doing awesome! I'd suggest talking to a local bank that handles in-house portfolio loans and see if you could qualify for a loan using your apartment complex as collateral. Based on your track record I would believe any banker would be impressed with your management ability.