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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 35 times.

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21
Originally posted by @Glidden Rivera:

@John Thedford

You may be right, I'm considering the fact that this is his first wholesale deal. These forums are to create dialogue and hopefully learn. I think the numbers are not great on this deal because he is sucking a lot of the juice out of the deal by being heavy handed. Typically wholesalers are aggressive on ARV's and conservative on real expenses.

I probably wouldn’t do this deal as an investor,

Because there is not enough meet on the bone.

I myself am making an effort to build people as much as possible, unfortunately; we can’t make people honorable.

This could be a good deal for everyone involved, if greed doesn’t make it a one sided deal.

Honestly 5k assignment fee on this deal would be reasonable. At this rate, he would likely come through for the seller, the 22k he intends to make is a definitive barrier to the sale.

I definitely understand why this deal would make you mad.

 Glidden, thanks for the constructive input. It sounds like you are a totally using some  reason in your analysis, rather than trying to pigeonhole all wholesalers like the bottomfeeder who hijacked this post has been doing. 

If I need to lower my assignment fee, then that's what I will do to make the deal work for everyone involved. I am not rigidly fixated on a number I need in terms of profit. I am simply putting it out there to get some constructive feedback like others have offered. Unfortunately,  John Thedford has made it hard to actually have a decent dialogue regarding analysis if the actual deal. I think the moderators should step ina and ban him as I see he has done this on many prior posts in the Wholesale forum. 

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21
Originally posted by @John Thedford:
Originally posted by @Account Closed:

Get over yourself. Show me what laws I am skirting. Stop putting out false statements and convincing yourself you're helping people. I haven't mislead anyone, and don't care to keep defending myself against more and repeated false accusations. The value I am offering in my particular deal is preventing a distressed owner from having their house demolished for unsafe and unlivable conditions. 

But I don't need to prove that to you. 

All for ONLY $22,500. Now THAT is a service! As I said...victimizing sellers. 

It seems that now you have an issue with my assignment fee. And I'm sure you work for FREE right??  You have never made any profit off your borrowers of hard money right?? Get over yourself. 

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21

Get over yourself. Show me what laws I am skirting. Stop putting out false statements and convincing yourself you're helping people. I haven't mislead anyone, and don't care to keep defending myself against more and repeated false accusations. The value I am offering in my particular deal is preventing a distressed owner from having their house demolished for unsafe and unlivable conditions. 

But I don't need to prove that to you. 

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21
Originally posted by @John Thedford:
Originally posted by @Account Closed:
Originally posted by @John Thedford:

LOL typical MYTHOMANIA unlicensed broker propaganda! You suckered the seller. Sign a contract to sell YOUR house on those terms (if you even own one). No need to try and convince me of your "integrity". 

My 1K says you victimize this seller.

The only victims here are myself for having to read your self-righteous babble and the other members on here who are wasting their time reading a post where no information of value was offered, only venomous trite fodder by a self-appointed standard bearer of integrity. 

 There IS value...education for those that think unlicensed brokers provide value. Education to help new readers see through games and not become victims themselves. 

 You seem to have the impression that only you can provide an education and the "facts". I am still waiting for you to show me where the facts may be found, that only a registered and licensed broker can buy/sell/assign a property in an ethical manner. and provide "value". That is such sanctimonious, self-serving horsepoop. New readers would be better served without your drivel. 

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21
Originally posted by @John Thedford:

LOL typical MYTHOMANIA unlicensed broker propaganda! You suckered the seller. Sign a contract to sell YOUR house on those terms (if you even own one). No need to try and convince me of your "integrity". 

My 1K says you victimize this seller.

The only victims here are myself for having to read your self-righteous babble and the other members on here who are wasting their time reading a post where no information of value was offered, only venomous trite fodder by a self-appointed standard bearer of integrity. 

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21
Originally posted by @John Thedford:

30 day due diligence? $10 EMD? No need to try and convince me of your sincerity as a buyer LOL.

No venom! Facts!

What facts are you referring to??

As I stated prior, and clearly you have chosen to ignore due to your blind bias, I have not tried to convince the Seller that I am the Buyer, and have stated verbally multiple times that I may be assigning the contract OR buying myself. I also pointed to our contract where it stated this. So how am I being a scammer again? Oh and please show me the rule book on what period of due diligence I need to offer and how much of an EMD to place.

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21

I don't scam my way out of anything. Do you spend your free time trolling  Wholesale forums, spewing your venom and baseless accusations?

Post: [Calc Review] Help me analyze this deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21
Originally posted by @Jaleel Phillips:
Originally posted by @Account Closed:

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hi Guys ~

I have a property under contract, that will be my first wholesale deal, barring any disasters.

The house is an extreme hoarder house. The heirs inherited the property. One of the siblings had lived in it for years and filled it up to knee level in junk. He is no longer living there and it is now vacant. According to the owner, the city threatened to condemn it, but they have not moved to do so as of yet. It is a 2 Bedroom 1 Bath, with 1450 Square Feet of Living Area. Property sits on 0.52 Acre.

I got the property under contract at what I believe is a good price. It's just under the tax assessed Land Value.

I am meeting with potential Buyers this week. I want to make sure I market the property at a good price, so both my Buyer and I will walk away with a great deal.

Here are the numbers so far:

ARV = 120,000

This is based on comps for 3 Br properties sold within past year, within 0.5 miles. The home is in the city's "Historic District". I would assume buyer would make it into 3 and at least 1.5 bath, given the size of the property. If it was kept as a two bedroom ARV would only be about 80,000.

Purchase Price: $11,500 . Contract signed with Seller. $10 Due Diligence, 30 day period. $10 EMD.

Rehab Estimate: $50,000 . (This is a very rough estimate for a full rehab. For a 1450 square foot house, I think a lot can be done for 50K.) 

Asking Price: 34,000 (ARV 120,000 x .70 = 84,000 - Rehab 50,000 = 34,000 )

Desired Wholesale Fee/Profit: 22,500.   (Selling Price 34000 - Purchase Price $11,500 = $22,500 )

Is this a good asking price?

Hi Oren,

I think that is a great asking price should the numbers add up. Where are you getting the rehab estimate cost from? Also how did you find this wholesale deal? $10 EMD and Diligence is crazy LOL.

Jaleel, 

The rehab estimate comes from my very basic understanding of rehab costs. For a full rehab, including 2 or 3 large items, I would use $35 a square foot. For this house 35 x 1450 comes out to right around 50K. I could be totally off, but I just want to be in the right ballpark to be able to give the end buyer a reasonable idea. 

I found the property by driving for dollars, using the Deal Machine app. Highly recommended. 

As far as the $10 EMD, I gauged how much the Seller would really need. He didn't give me the impression that he wanted a large deposit, and he was happy with anything.

Post: First Wholesale Deal

Account ClosedPosted
  • Wholesaler
  • Huntersville, NC
  • Posts 39
  • Votes 21
Originally posted by @John Thedford:
Originally posted by @Account Closed:
Originally posted by @John Thedford:

You found a sucker with $10 EMD and 30 day inspection. Can you afford to lose $10?

John, it seems like you have an issue with my EMD. What would you have put down?

I don't scam people. If I represent myself as a buyer I AM A BUYER. 

 I admire your immaculate Integrity, John.

So what I hear you saying is you feel that all wholesaling is a scam. 

When I met with the seller, I explained more than once, that I would most likely be assigning the contract to another buyer. He didn't seem to mind. Can you imagine that?