All Forum Posts by: Neil J.

friend* seems* two*

Hello Wayne,

Ok, the holding cost seams dead on. No financing cost because my is pretty wealthy and Its a true cash deal. I've cam up with a $280k ARV because to properties on the street and block sold 7 months ago for just of $300K same style, rooms and similar sqft, only major difference is the house I might be possibly rehabbing has only 1 bathroom and the rest that sold for just over 300k has 2 bathrooms. Thanks a lot for your input!

Hello BP,

I've gotten a commercial property under contract and I ran into an issue where the seller would not grant me access to the property unless he was present.  ( My Life ) So I ended up showing the property to 3 investors in a 2 hour period and the seller was answering every question the buyer was asking me. It was almost like I had no part or reason of being there. Later on in the day the seller called me and yelled at me over the phone repeating over and over again, "I thought I was suppose to sign this damn contract and you were going to buy who were all those people? You didn't even know them!" A huge MESS!

Any suggestions on how to avoid this??? Any?

Hello BP family,

I'm a real estate wholesaler and I might be venturing into a rehab project with my friend.

I've found a pretty good property in a nice area in NJ, the details are as followed;

ARV $280K

Purchase Price $140k

Repairs $30k

Annually Tax $7k

Closing Cost $3k

Profit $90k - $100k??

Does my profit sound ok or am I out of my mind?

Am I leaving something out?

Will I get heavily taxed on my profits?

I need help because I using my friend's money!

Thank you,

Neil

 Gilbert Ross,

Wow! Thanks a lot! Appreciate it!

Hi Randy,

Thanks for the great advice! Unfortunately, I do not have 20% down as of yet. But you're 100% correct. If I dont ask, I wont know. 

Hello BP family,

I'm a wholesaler from New Jersey and I recently got a small commercial building under contract. I thought to myself what a great property to start building wealth. I've gotten seller to agree to a pretty cheap offer. But if I wanted to actually purchase the property to hold, how would I fund the repairs? 

I know hard money lenders are used for flipping purposes, but what if I wanted to rehab and keep the property for cashflow? 

 Hello Dev,

Thanks a lot for your input, I have a fear of bandit signs lol I've placed around 150 bandit signs in a targeted area and with 24 hours received a lot of calls, but all was of properties with almost no equity. Furthermore, nearly 90% of my signs were removed within 48 hours. I know this form of marketing is effective, but I'm guessing I probably didn't perform it correctly which cost me a lot of time and some money.

Awesome advice Cody!!

Ugh, horrible grammar! lol