All Forum Posts by: Patrick Tiedeken

Thank you! What are the sources you use? 

Hello BP Community! I was recently talking to a wholesaler who is part of a “national probate registry”. Is anyone aware of anything like this? 

How do you find your probate lists in the most streamlined manner (ideally not needing to go to the courthouse every Monday)?! 

Hello! I am trying to build a wholesale operation to fund my BRRR operation. Has anyone been through the Astro Flipping course? I just got off of a discovery call - they're very upfront that their model does take a lot of work but offers content, mentorship and most importantly a network of accredited investors to sell deals to at 80% ARV rather than 65% which most local investors shoot for. Any feedback is much appreciated. Patrick

@Deanna Lawrence this is super helpful. Thank you! The terms are not fixed and I am not aware of the model you’re describing (1st and 2nd model). I want to learn more about how to structure these deals though. 

Thank you @Mitch Messer! 
Good point on property management - I plan to handle that but you’re right, I should be paying myself. 

The property is not occupied so your point RE market rent is a good one. 

I did let the seller know I would need a home inspection. She has been pretty upfront that flooring and paint are needed and I budgeted in some cash out of pocket for that. This could quickly get out of hand if all of a sudden a roof, furnace etc etc start coming into play.

In this instance, seller financing was MY idea. The seller said she is willing to consider it because her and her husband own the properties outright and want to be more passive. They don’t have a desire to reinvest so the passive payment every month at a decent interest rate is appealing to them. 

Correct me if I’m wrong but you’re basically saying this sounds too good to be true, right? 

Hello! I am looking for help from the BP Community. I am working with a motivated seller who is willing to offer seller financing. I am looking for insight regarding what I might be missing on this deal as I have never done seller financing before. I am sacrificing cash flow in favor of appreciation and not putting money down. The BP calculator tells me my CoC ROI on this deal is 56%. Can you read through the below and let me know what I might be missing or if you think this is a good deal? Thank you in advance!

The offer: $140K with no down payment (seller financing) which is in line with the comps 

5% interest and 30 year term with no prepayment penalty 

Analysis 

Purchase price: 140K 

Monthly Expenses (including mortgage, taxes, insurance, capex 5%, vacancy reserve 5%, maintenance of 5%) : $1,463

Income from rental: $1,600 per month (conservative) 

Cash flow: $136

Thanks so much! 

Hi Folks! I am in the beginning of my wholesale journey. I am marketing, contacting owners and found someone interested. I was offering a conventional loan with 20% down, a 10 day inspection window and a 30 day close. Buyer is highly motivated but after conversation said he will only consider cash offers. 

my question is this: do most wholesalers make cash offers (even if they don’t have the cash) knowing that if they can’t assign the contract they will just lose the deposit or can amend the offer later to close with financing? Or do you only present offers that you can really back up? Also, what if the buyer asks for proof of funds but you don’t have the funds. 

Thank you for your insight. Very helpful! Yes I did account for insurance and would be self managing. I see your point about wanting your money back out and I agree - I probably need to keep searching for a great deal - seems like this one is only good. 

@Eric James what do you think about the numbers without a refi cash out? Worth it given the strong cash flow potential? 

@Eric James sorry- my title was a bit misleading. I wouldn’t initially rehab and refi as there are tenants. Would plan to do so if the existing tenants leave but only needs 10k in Reno costs and max market value would be 125k