All Forum Posts by: PAUL ARNDT

Why would a seller accept $10k when they owe $20k?  Unless the lender agrees to a short sale or the mortgage is assumable, this doesn't work.

What are the estimated repair costs? ARV?

You'll want to check, but I think you may need to be licensed to offer some of those types of services.

That's very standard to do the inspection after a contract is signed, even in typical transactions when the sale is directly between the seller and the end user.  It shouldn't raise any red flags for the seller.

Douglas,

After reading your post and profile it appears you, like I and many others have in the past, are chasing after the magic bullet that will make REI easy. It's never going to be easy. My recommendation to you would be to save the money that you are thinking of giving to these 'gurus' who are just going to charge you for info you can mostly find for free here on BP. Put that money aside and add to it until you are ready to jump in. Attend local REIA meetings, as that is where you will be able to connect with local investors who may be willing to give you a hand up in exchange for you doing something for them. And read everything you can here on BP, listen to the podcasts. There is so much info here and it's free!! There are so many successful people on here willing to answer questions, share their experience, and give advice. Good luck to you!!

Remember factor in estimated repair costs.

 In this case it does matter that the price is 1.5 and not 3.  Price point doesn't matter, price ALWAYS matters.

Wholesaling houses that are already listed for sale is a mighty difficult proposition.  You're best bet is to find off market properties, meaning they are not currently for sale.

I think that's what a lot of newer wholesalers, like myself do (will do.)  Unless you are family, it's a good idea to give them something in return, such as first shot at the deal or straight cash.

Oh, I'm mailing to the local owners, too.  Just found it curious that such a large proportion were out of town owners, since that seems to be a popular demographic to market to.  Thanks