All Forum Posts by: Pedro Oliva

@Hattie Dizmond  Thank you for clearing that up for me!

Ive read that offers or more likely to be accepted if you show proof of funds such as a bank statement if paying cash or pre-qualification letter if financing is in place. My question is, that if one is wholesaling the property would this still be necessary? Wouldnt your buyer be the one who would need these items? To me it seems like a catch-22 situation, especially if I dont have the funds and have not applied for financing if no buyer is found.

So I shouldn't worry about the value of the home in its current condition, but mainly it's arv, and if I can be able to purchase under the Max purchase price to where I can score a profit?  Am I correct in this assumption?

I've been doing some reading and would like to clarify some things before I move ahead. I understand that you need to check out comps in order to get your ARV. But what do you do when determining the value for an as-is condition? As far as wholesalers go, do you guys use the 70% rule to determine if a property is a good deal? Or do you again look for comps and then somehow use a formula to subtract the estimated repair cost to factor in the as-is condition?

Another vote for android.

How does one actually go about finding out what the after repair values are of homes in a certain part of town or neighborhood? Is this just a matter of knowing what the retail values of homes are going for? Also specific question is how does one figure out where are people buying most at?

As I'm starting out and doing alot of reading, I keep coming across many that mention to learn your market. This may sound dumb but, what exactly does this mean? Im a total newbie when it comes to rei and have the slightest idea as to what to look for, let alone how to look for it. I guess im in the situation of not knowing what I dont know. What is it that one needs to know about the local market and what are some steps to go about doing this?

 Jon,

Currently live in a home that is owed by the family I just pay the mortgage/rent. How long does one have to live in a fha mortgaged property before you can move out and rent it out?

Ive got $5k to invest that if I lose I would fine without the money. With most conventional loans requiring 20% down, am I just completely out of my league in thinking that I can start investing in real estate? Is there anything that I can reasonable do with the small amount of money out of pocket?

Does anyone have any recommendations on books for wholesaling properties?