All Forum Posts by: Nick Stango

@Andrew Syrios and @Christian Marin The two wholesalers are working together but the second wholesaler listed it about $20,000 more than the first LOL

Hey I have a questioin for all the wholsalers and creative finance investors here, I looked at a painting/ repairs project last week, and the customer is putting her house up for sale. She has lots of equity but wants to get top dollar for it even though it is almost all original and needs paint, carpets and repairs. She is planning on doing the work before listing, so I asked her if she would consider selling as is, and or if she would consider an owner finance. It's a 2 bed 2 bath with a loft that is being used as a third bedroom, comps are $240k an she owes a little over 100k but kitchen and baths are very dated. She wasn't opposed to anything we talked about. Property can rent for $1,500 - $1,700

@Brent Coombsexactly! that's one of the reasons why I did not put an offer in at $40k I started at 25k and went up to $35k as a verbal offer. I was only able to use the 3br 1 bath homes in the area that sold for $145k - $175k but not really knowing the condition they were in. I was cnsidering fnishing the basement with an e-gress window on this project to increase the sq footage, maybe add a bed and or bath., the ceilings in the basement were hight enough to finish. That was about the ly thing it had going for it.

@Jay Hinrichs I do have my PA contractors license and some townships require a licensed plumber and electricians, just not in my township. We just need an independent electrical inspection. We use to have to get licensed in each township we worked in, but they changed that a few years ago.

@John Thedford My reasons for not buying it was the price, but it was also right across the street from an apartment complex which most likely produced the thief who stole all the copper pipes and wires. The house was also a 2 bed 1 bath, one of the beds had no closet, no furnace, kitchen gone, bathroom gone, 650 total sf, tiny living room, asbestos siding, shed and garage are dilapidated, vacant lot/easement next door with electrical wires and poles going through it. Only one other house in the neighborhood was a 2br 1 bath comp. and it hadn't sold in a while. It was on the market for $129,900. I figured if I paid $40k and put $40-50k into it and tried to sell it for $120k take would be cutting it too close. I would need to get it for $30-35k tops to make it work and that was below the sellers price to the WS. No big deal, there are a lot of foreclosures coming up in that area, so I'll just keep looking till I get the deal I want. Keep in mind, I would be using 100% hard money for this which would cost 5 points and 15% so about $10k for 6 months, which puts me at a disadvantage unfortunately. If I get anymore info on what happens to this property, I'll let you know.

@Jay Hinrichs I mentioned many times in my post that Wholesalers are selling without a license and that was the main difference between agents and WS (Wholesalers ) in getting tired of typing Wholesalers so it's now WS, I'm not sure it's illegal to sell real estate without a license in every state, maybe se states do require one. But look at it this way I'm not a licensed plumber or electrician but I can do plumbing and electrical work in my township without a license as long as I get it inspected and permitted. I don't want to be on anyone's bad side so please don't take anything I say here personal, I'm learning with every reply and appreciate all the professional opinions here. No hard felling whatsoever. 

And that also goes for you too @John Thedford no hard feelings we're all here to teach and learn, and I appreciate your replies.

@Braden C. the first WS did negotiate the price with the homeowner as low as he could, so he said, I did tell him he should go back to the seller and get him to come down in price more since the copper was all ripped out. But he didn't think he could get him down anymore, and the WS was only asking 3k over the contract, the second WS on the other hand really went high on his price, but he's a pretty good marketer and wouldn't be surprised if he sells it one way or another. 

@Jay Hinrichs     Wholesalers spend thousands of dollars a month on marketing too, and even though they both have similar marketing techniques they do differ in many ways. If you want to argue that RE agents have unethical marketing strategies just like Wholesalers do, be my guest, I thought you were supposed to be defending RE agents. Please elaborate the real differences in marketing strategies not just a generalization of different types of marketing, like direct mail, and huge signs, and telemarketing, we both know these strategies are used by both realtors and wholesalers, what I want to hear from you is what makes them different,  for instance what's the difference between a wholesalers direct marketing campaign and a realtors direct marketing campaign? 

I think with @John Thedford it's all about competition from unlicensed marketers, cause let's face it, both RE agents and Wholesalers are marketers, the big difference but not the only one is one is licensed and one isn't, but both bring in seller leads through marketing and both bring in buyer leads through marketing. I think the type of marketing that differs between RE agents and Wholesalers is another thing that can be discussed. Now I'm not sure if there are laws or ethics that come into play when marketing as a RE agent, but I'm pretty sure when it comes to marketing as a wholesaler it's a totally different animal. You won't see RE agents parking a big truck in Home Depots lot with We Sell Houses plastered all over it or sending out yellow letters or using bandit signs. If there is a difference in ethics, marketing methods is defiantly one to be discussed.

@Brent Coombs that is the way I see it too, too many repairs to list or write it down.

taking a second look at that picture I would gut the whole bathroom there's mold everywhere

if you are tearing out the drywall and tile and the tub is a steel tub I would replace it if it's a cast-iron tub and you are keeping the tile then I would glaze the tub if you don't want to take out an extremely heavy cast-iron tub, looking at the picture it looks like a steel tub I would just rip it out and replace. You can get a cheap steel tub for $199 at Home Depot, I hope you know how to install the tub. If not hire a plumber