All Forum Posts by: Phil B.

Hi all,

I'm a newbie to real estate investing (wholesaling) but fairly experienced in business. I own a company outside of real estate that does well (I sell to Walmart, Home Depot, etc.)

With that, I am interested in wholesaling because I am interested in the concept and it works with my expertise (marketing). With fierce competition, low barriers to entry and a changing real estate market, can you still make a living these days wholesaling?

I'm not looking for a get rich quick scheme and I have money and expertise for marketing. Is wholesaling still a viable business if backed by money, expertise and hard work? Is anyone out there clearing 30k+ a month profit strictly wholesaling?

I'm curious to hear your thoughts before I get too deep.

Thanks.

Wes, doesn't the sellers bank need to approve someone to take over a mortgage? The mortgage company based it's loan on the current owners credit. Do banks routinely allow someone else to just takeover a note? I'm a little confused how this would work I guess. What if my investor fails to pay the mortgage for whatever reason? What if I fail to find an investor? Then the original sellers credit gets jacked, right? From the sound of the owners, they want nothing to do with the place once they're out. I could be wrong and I could ask about that but I need to learn more about how it works or I'll sound like I have no clue what I'm doing.

Is the benefit to the investor time? Is that it? They won't have to get a hard money loan but could pay the note while waiting to get their own mortgage? Is that the reason behind it?

Brian the house was updated not too long ago. If it were my personal residence, I could spend 5 or 6k to make it more to my taste of course but 3 or 4k gets it in salable condition, subject to inspection of course.

I was actually thinking of putting in an offer for 105 with wiggle room to 115k. 118k would be about my very top.

The thing about this place is the area is moving fast. We got really hammered here during the bubble so prices were incredibly low. This same house was 129k retail 4 or 5 years ago. My gut's telling me the place could fetch upwards of 215k in this market.

Hi Wes. What would be the benefit to me of taking over the mortgage versus flipping the paper? For the rent payments? If that is the case, I'm really not interested in owning a property outright or rental income.

From my other job (I own an import company), my expertise lies in marketing. I think I'll excel at finding deals and negotiating contracts but being a landlord....I'm not so sure. I don't quite understand the benefit.

I'm not sure what their monthly nut is on the property.

Im really not sure. I've only read about "subject to" deals and honestly, don't understand it very well - not well enough to do none at least. You mean like a lease option to buy?

I've bought 3 personal homes for myself over the years as a primary residence. That's about the extent of my real estate experience thus far. I've been studying and reading everything I can for the last 6 or 7 months though.

Its in the Carrollwood area - all families, very nice homes in the area as you are probably aware. PM me for details. I would go in with a lot more confidence if I knew I had a buyer on the other end all ready to go.

Hi Guys,

Im a newbie and did some heavy advertising over the last few weeks and got some pretty decent leads. One in particular seems like it's got potential to work out. I was going to make an offer tomorrow but want some opinions first.

Tampa, Florida, 4 bedroom, 2 1/2 bath, 2000 sq. ft. in a good family neighborhood currently being rented out. House doesn't need any major work and is in really good shape.

Comps are all over the boards from $168,000 back in November to $215,000 in December - those 2 are the most recent around and house is closer to the 215k house that sold in November. I know the neighborhood well and would put an ARV on it of $178,000. Thinking like a homeowner, that's what I would list the house for. It could probably fetch upwards of $205 in this current market or maybe even more but might sit for a while. Current owner wants OUT.

Owner owes 110k and its currently being rented out to good paying tenants. Rent is $1650 per month. Mortgage is current, Im told no liens.

I'm looking to do an assignment deal, selling to flipper or landlord.

What would you offer?