All Forum Posts by: Katrina P.

Awesome...thanks a lot! I think I'll try my hand at newspaper ads and "we buy houses" signs.

@Dave - thanks for your willingness to provide input, even though you're "new" like me. I appreciate it. :)

@Ned - thanks Ned! I thought that was a more practical approach, but I guess I've just questioned my ability to find motivated sellers on my own. What's been your approach that's brought you most success in this area?

Hey guys:

I have been primarily a buy-and-hold RE investor, but did one flip last year (which wound up being an epic FAIL, btw). Anyways, I just wanted to ask a quick question about wholesaling. If I find a deal on the MLS, and get it under contract, say for a 30-day close, how do I wholesale that deal? I guess what I'm asking is logistically, how do I make that happen (since the bank will be expecting me to close on the purchase)? Sorry this is such a "newly" question, but I've never wholesaled before. Thanks, in advance, for any input!!

Katrina

Thanks, BryanA!

Thanks, J Scott. Yea, I agree...my Agent should have been on the phone at that point. But I didn't think to offer a Buyer Agent bonus, until you suggested it. So going forward, I'll definitely implement that strategy...do you think we should do it as a routine practice, or only when the house has been on the market for a while?

Yes, there are blinds on all the windows. Next time around, we're definitely gonna try the staging. How much does it usually run?

We just received our first verbal offer! They offered $130k + they want 5% closing help. We countered at full price - $137k - and gave them the 5% closing. They verbally accepted, and we should get the written offer tomorrow morning! YAY!!! THANK YOU JESUS!!! I know it's not final until it's final, but I'm happy!

Thanks for all the selling suggestions, J Scott. No, the house isn't staged. I'll definitely talk to my husband about staging it...I'm willing to try nearly anything at this point, to stop paying on that HML. I'm also gonna talk to my Agent about offering the buyer's Agent an additional 1-2% bonus. That sounds like a great idea. Lowering the price 5-10% eats into our profit, significantly, so we'll do that as the worse case scenario. It was originally listed for $139.9k, currently listed at $137k; I was thinking of lowering it to $135k. We'll see. But I just looked in my email and saw that we have another showing scheduled for today at 1130. It's actually a 3rd showing for an Agent that said their buyer is going to choose between our house and one other. So I'm PRAYING they make an offer. Fingers crossed. I'll keep you guys posted.

J Scott,

We've had roughly 10-12 showings. ALL feedback has been positive, even down to price...they all (except for one) said it was priced "just about right"...they like everything about the property...interior, location, curb appeal, etc. We just haven't had any offers. My Agent said that the buyers have literally 100s of homes to look at in the price range in the area, so it will take a while for them to look at everything. We need to sell it, though, cause the HML is very expensive. I'm thinking of lowering the price to get out of it quicker.

Thank you for the encouragement, Jeff. It is needed and appreciated. You're doing well to have 4 projects going on at the same time, and not feel overwhelmed. Working on all these houses at the same time has certainly overwhelmed me.

I bought too many properties at one time, starting out....BIG mistake and HUGE headache. From now on, one at a time...

No, not all rented yet...not even all completely renovated yet. The two houses that are finished are rented; except there's an upstairs of one of the units that's still on the market. We've had a lot of inquiries, but no serious candidates. We're finishing one of the units of a duplex this week, and it will be on the market this week. We're waiting on that one to get rented before we pour the $$ into finishing the other side. The triplex has only had minimal work done on it. Utilities are on in the duplex that is currently undergoing renovations. The pipes have been fixed, and it's still rather cold in MI, so my contractor suggested I leave the gas on so that the pipes won't freeze again.