All Forum Posts by: Shequann Burrwell

how do you estimate the costs of a fire damaged house?

my understanding was that the owner needs at least 50% equity on their home in order to whole sale and pay off the mortgage when the deal closes. im not sure how to find divorces in my area im not that skilled in searching my county's public records. don't I need a realtor with MLS access to find expired listings?

Im looking into pre-foreclosures for wholesaling and looking for at least 50% equity in the homes. are there any other loopholes I have to go threw to contract them since technically the bank owns the home. as for the pre-foreclosures that don't have enough equity to wholesale what should I look for to know if they meet the criteria to short sale?

Dean Letfus do you have any examples i actually read diffrent contracts every day and the exit strategy that i seem to be the most simple and understandable is just stating that if the close date isn't met the contract becomes void as if it wa never signed. is this method effective or is more protection needed?

well i can tell you for a fact wholesaling is not dead because that is what I do, but im always open to new education.

if you do a google search you can find a lot of different contracts. for whole selling you need 2 different ones tho. one is a sale agreement when you make a offer on a home with the seller. the second is a assignment form you do with the end buyer selling the original contract rights to them. a simple exit strategy im using is just letting the contract expire for however long you have in the sales agreement. just make sure its stated to be void after you fail to meet the close date.

well the home is for family to live in so in come from the home isn't gonna be a issue and the the business already operating paying $1000 a month in rent by themselves. the business is in good order its the house its selfs that needs work and we can justify paying 359000 for a house that hasn't had any work done on it in 17 years.

my mother and law is looking to buy a 3 family home. she found one that she wants and we went and looked at it. its a for sale by owner and the asking price is $359000. I did all the research on the home and town records show the house as a 2 family and other real estate site show the same. we obtained the floor plans on the home and its is indeed a 2 family home that was turned into a 3 without any records to the town recorded. the extra kitchen and bathroom are also not legal. there is a business on the property as well that functions as a tow company that is legal. not i looked in to loan and a traditional loan would not be able to be obtained since the business in included in the deal. will i run into any hurdles when it comes to buying the home with the illegal extra apartment and what type of loan should look into getting since the property is considered multi-use?

i got a email the other day from a buyer interested in a home in a area i am not familiar with. the are looking for either a fixer upper of something move in ready and have a budget of 200000. most of the homes in the area that im researching are out of that range and those that are are already in a realtors hands. any way i can bank something out of the situation with a realtor involved?

I had another wholesaler call me yesterday looking to sell his contract. thats was all fine and dandy until he told me how much the contract was worth $240000. now the area the home is in has very few home that are over $200000 mostly multi families in the area. what he did was contract the home for the full ARV and didn't use the wholesale formula or do any repair cost estimation. what im trying to do is salvage the deal by contracting his contrantract and doing it all the correct way using the the wholesale formula running comps and repair estimates etc. what im wondering is if i should wait till his contract expires since its for the $240000 and then contract it again under the real wholesale offer amount. i have a investor lined up for the house ironically they are both trying to sell homes in the same area. i don't think i will have a problem with contracting the first deal at all since its clear this wholesaler isn't as educated in the process as i am at the moment.