All Forum Posts by: Robert Burns

While I appreciate your taking the time to reply to my post, I think you need to get off your lofty perch and your obvious negative bias toward wholesalers.

I think just "I don't think it is appropriate" would have been more than enough.

Have a Wonderful Day!

When marketing to probate properties what is the prevailing thoughts around marketing to the spouse of the deceased.  In other words just sending a letter to the estate of the deceased knowing that the spouse is alive and probably inherited the property they were living in.  Is that appropriate?  How likely will the spouse be interested in selling their property or do you market to them anyway because the spouse may be downsizing or moving to retirement home or something like that.

Thanks in advance for your replies!

I have a lease option agreement on one of my rental properties and it is going to expire the end of September 2021. My tenant buyer will not be able to get a mortgage and wants me to extend the contract for 6 months. The property has appreciated significantly over the 18 months he's been in there and his contracted purchase price is $206,900.  I just ran the current comps on that property and its current value has jumped to $231,100.

So I told him I would write a new Lease Option agreement to start the day after this one expires and told him I want $3000 option fee and also I would need to raise the selling price for the property because of the significant appreciation.

I am trying to decide how much to raise the price.  He's been a great tenant and has paid me the $1500/month lease payment every month he has been in there and I know he is taking good care of the property.

So should I raise the selling price all the way to current value or raise it to something less than all the way and give him some credit for being such a good tenant?

I would appreciate some feedback on this situation.

Thanks in advance!

I've need some advice on when or if you should release the addresses to potential buyers before you have the properties under contract for wholesale assignment deals.

I am working on a 5 rental property deal that has some good potential and I am talking with a local buyer who has a good reputation and has been very active in my market for years.

I just sent him the generic info on the property including zip codes, rental payments, estimated value, mortgage pay offs and work needed but I did not send him the specific addresses. He just emailed me back asking for the addresses.

I think I can trust him but I don't have the properties under contract so I don't any protection expect his credibility that he won't go around me.

Feedback/suggestions/comments are very welcomed!

Thanks in Advance!

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Gene Hacker Investor and Home Inspector from Lake Isabella, CA

replied 20 minutes ago

Why don't you have a contract? IMO your goal should be to get it locked up with a contract before marketing it to potential buyers. Without a contract you don't have any real protection. Get it locked up.

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I've need some advice on when or if you should release the addresses to potential buyers before you have the properties under contract for wholesale assignment deals.

I am working on a 5 rental property deal that has some good potential and I am talking with a local buyer who has a good reputation and has been very active in my market for years.

I just sent him the generic info on the property including zip codes, rental payments, estimated value, mortgage pay offs and work needed but I did not send him the specific addresses.  He just emailed me back asking for the addresses.

I think I can trust him but I don't have the properties under contract so I don't any protection expect his credibility that he won't go around me.

Feedback/suggestions/comments are very welcomed!

Thanks in Advance!

How does an inground swimming pool affect the selling price of a property.  I am working with the seller of a nice 2500 ft2 3/3 home in good condition and we are looking @ around $230K for a selling price but he wants to add to that because of the swimming pool.

How much/% does a swimming pool add to a selling price typically?

Thanks in Advance!

Michael,  Thank you for the information!  Have a Great Day!

Thanks Michael!

I recently drove a number of neighborhoods looking for vacant/distressed properties for wholesaling prospects.  I found a number of properties that appeared vacant or in some form of rehab and using their addresses, I went to the assessor's website to get the owners name & address.  I sent them "I Buy Houses" letters but have not gotten very good results.  Any suggestions?

Joe, Thanks for the logical and accurate comments.  Another aspect that is clouding this deal is that the sellers went to school with my brother and they are not "desperate"!  So I'm going to call them and tell me why our offer is so low and that it's likely they need to find another buyer.