All Forum Posts by: Nixon Vayupak

Welcome to BP community @Jose Perez  It is a great place to meet new friends and learn about various aspects of real estate and more.

Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meet

Wishing you the best!

@Dawid K.

Welcome to BP. You can get all your questions answered here on this site. The only thing you would need to do is just ask. =)

@Don Mayer

Welcome to BP. You can get all your questions answered here on this site. The only thing you would need to do is just ask. =)

@Romeo Trocino

Welcome to BP.  You can get all your questions answered here on this site.  The only thing you would need to do is just ask. =)

No you do not need real estate license to sell wholesale properties in CA.

Just locked my first out of town property in the city of Vallejo up in Northern California, which is an unfamiliar territory for me.  I usually do deals here in Southern California and able to pass some stuff to my local rehabbers and flippers without any problems. I never ask any absurd numbers, my goal is to make a winning solution for both parties. But for this deal I got up in Nor Cal seems like my numbers are off so I need so input.  So anyone if you can, please drill and correct me so I can make this deal happen to be a win win situation for me and anyone interested by the bay area.

Vallejo house info

1. SFR 4 bedrooms and 2 baths
2. 1600+ sq ft
3. 8700+ lot sq ft
4. Built in 1983
5. HVAC
6. Attached two car space garage
7. Fireplace

High Overview Breakdown

1. 285k ARV
2. 30k to 35K estimated repairs
3. 8% Closing Costs on Sale%
4. 40% annualized
5. 3 months to complete (This is a very light fixer)
6. 10% profit for rehab is 23K
7. 22k closing costs on sale
8. 203K wholesale price includes 5k fee.

**NOTES**

1. Owner is willing to do a "Subject To" for a few month (This can help ease HML)
2. House on same street similar design and specs sold for 295K
3. Rental property in the area for this size is going on average 1700 a month.

Welcome to biggerpockets.  You'll find majority all of your questions answered. =)  All you need to do is just ask away.

@Jon Holdman  I have to agree with you regarding about the fix and flip concept.  This is a very thin deal.  Now if I am able to get a favorable deal with the owner financing, do you think this would be possible sell this as like a "Lease to Own" or "Rent to Own".  Most likely I would need to increase the interest payment by 2% or 3%.

Need some input on this property with an "Owner Finance Opportunity". ARV is about $570K. The house is built in 1969 and comes with 5 bed and 3 bath with a total 1825 sq ft, pool, attached garage. The estimated repair cost includes Pool and HVAC comes out to $70K. Submitted offer at 400K and owner did not say no. But she indicated that she does not want to get all of the money up front to avoid tax and would rather owner finance the entire deal. So she then said, how much more am I willing to pay if she completely finance the deal. This is a curve ball for me.

So I was thinking along the concept of "Owner Carries the Loan". We would create a mortgage note (Deed of Trust) and she will be in first position and have escrow hold the deed until it is paid off. I've been told if the seller wants a higher price that the terms should be very favorable in the loan for buyer. So I was thinking $420K with a 4% 30 years amortize loan, so is this ideal or am I thinking the wrong way.

Please note I also checked the local average rent in the area and it pays about $2300 a month. Please provide your suggestions and any tips on a proper exit strategy.

@Donald Zeller  let me give the you heads up since this group was advertising like crazy last year here in Southern California.  I actually attended the free course with a friend and pretty much it was a complete sales pitch.  My friend spend the 2k on the weekend boot camp and was promised that if he did not close a deal they would refund his money back.  But there are fine prints in the arrangement, which made it really hard to get a refund.  The worst part is that all the information they were providing, you basically can find it on youtube, books or this forum.  There course pretty much explain everything in a high level approach leaving out the major detail portions of wholesaling, which you can find here just by asking.  But in order for you to get the major real experience they ask you to join their mentor program which will cost you about 35K, which includes their software.  Honestly this is a joke.  If you did not join their mentor program and even though you paid for the boot camp, you are pretty much pushed aside unless you decide to purchase some other training course they offer.

Here is my suggestion. Listen to the podcast here in the forum, read more information on the blogs and articles. Reach out to your local REI club and connect with real people. That is the best way to get things going.