All Forum Posts by: Paul Fagot

Hello BP Fam,

Names Paul and I currently am thinking about moving to St. Petersburg. 

Wanted to get some input on the market there because I’m thinking about sticking with wholesaling for a bit till I learn the area a little better then transition into flipping.

I’ve watched a lot of videos of some of the better areas and some of the not so good areas and from what I got is that the closer you are to the water the better the neighborhoods get. Is there any specific area that’s hot right now? Is there any up and coming areas I should have an eye on?

Ideally I’d really like find a mentor there who is an active house flipper who does a lot of flips in the area to learn from and as I’m learning from them I’d find them new and good off market properties as I do that now with a guy who’s taught me so much and helped me grow in my real estate journey!
 
Thank you for your time! - Paul

@Steve Vaughan

I just don’t have the capital yet to be able to tackle that size of property. Would the down payment be the purchase price? Or is this a different kind of contract? 

Thanks for the feedback!

Hey BP, I have come across a potential deal but the owner is wanting to do an owner carry but I’ve never wholesaled an owner carry deal let alone know if it’s even possible? It’s a 8 plex in good condition and fully rented and 2 run down fixer homes all next to each other in a pretty prime location where I live with new downtown development projects has anyone ever done something like this or know how to structure a wholesale deal like this? What’s needed? How’s the contract structured? Figured I’d see what kind of options are out there and info before going to my attorney.

So I'm trying to talk and find a PML in my area for when I find a great deal I can take advantage of it instead of someone else. I found a guy on Craigslist who lives in the town next to me who lends money secured by real estate and if there's equity he'll lend it. I checked out his website and in his investor tab he says "Investors, earn 12% - 15% on well secured 1st trust deeds, 50% or Greater LTV, you pick the loan."

I understand a little bit of each one but I feel like I’d be able to understand it better if it was broke down. Was hoping someone could maybe help me and break it down for me in the best way possible.

Like if I found a property say purchase price was $175k needs $60k and ARV is $325k

How would that play out? Do any of those sound like good or normal terms?

@Paul Fagot

@Paul Fagot bump

How's it going everyone!

I have a seller whos 24 who needs to sell two of his inherited properties that are in foreclosure and wants out

1 property is a 2/2 1100sqft house backs up to a creek

is a fixer-upper and needs a driveway down to the house

Default around $130k

repairs $20-$30k

ARV around $160-$170k

area: C

rents in area $1000-$1200

2nd property is a 2/2 1000sqft with 1.6 acres

is also a fixer-upper

owner passed two years ago and has plans that are approved for I guess 24 lots to be split up to develop on in the back. Neighbors also would be interested in selling part of their land as well to develop on. Also has a company ready to go do come clear and flatten the property.

default amount $130k

repairs $25-$30k

ARV $200-$205k

Area : C+

rents in area $1000-$1200

trying to think of a solution for him or what strategy would work best!

How's it going everyone!

I have a seller whos 24 who needs to sell two of his inherited properties that are in foreclosure and wants out

1 property is a 2/2 1100sqft house backs up to a creek

is a fixer-upper and needs a driveway down to the house

Default around $130k 

repairs $20-$30k

ARV around $160-$170k

area: C

rents in area $1000-$1200

2nd property is a 2/2 1000sqft with 1.6 acres

is also a fixer-upper

owner passed two years ago and has plans that are approved for I guess 24 lots to be split up to develop on in the back. Neighbors also would be interested in selling part of their land as well to develop on. Also has a company ready to go do come clear and flatten the property.

default amount $130k 

repairs $25-$30k

ARV $200-$205k

Area : C+

rents in area $1000-$1200

trying to think of a solution for him or what strategy would work best!