All Forum Posts by: Mark Redmann

@Rick Pozos

 @Lucero Sanchez

 @Andrew Sky

Thanks for the replies.  I tend to agree with you also.  Does seem a bit shady. The seller didn't even counter or anything.  He was quiet for a minute and said "hmm, ok we can do that."  Makes me think something is up.  @Troy Sheets  The seller said the fire was only in the front bedroom and that he didn't know the rest of the house was in such bad shape.  I need to do some more research. This all caused me to pause and think about it before moving forward putting the offer in writing.  

Do any of you guys have any input on how to wholesale MLS properties? I've read mixed reviews on BP about it. Putting this particular "deal" aside, how do you wholesale MLS properties? Thanks!

He knows the condition of the house, has been holding it for years. No mortgage. He says that he hasn't had the time to rehab the property. He retired 5 years ago and has bought 4 properties since then. His wife wants him to fully retire and get rid of his holdings. 

Hey BP! 

I hope everyone had a great weekend. Here is the situation. I was contacted by a seller from my direct mail campaign. He has a house listed at 69.9K since March. He also has 4 other properties that he's willing to part with. I don't know if they are listed or not as he didn't send me any I do on them yet. I want to treat him right so that I have the opportunity to help him with the other properties. These houses are in Philadelphia. 

After viewing the property, I called him and said we don't tend to deal with MLS properties. He said we'll shoot me a number. We agreed at 12.5K. I don't have any contracts in place yet with him. I wanted to come to BP first to ask what I should do.

How should I move forward? What should I watch out for? How do you handle wholesaling listed Philly properties? 

Thanks for all your wisdom,

Mark

Hey BP! 

I hope everyone had a great weekend. Here is the situation. I was contacted by a seller from my direct mail campaign. He has a house listed at 69.9K since March. He also has 4 other properties that he's willing to part with. I don't know if they are listed or not as he didn't send me any I do on them yet. I want to treat him right so that I have the opportunity to help him with the other properties. These houses are in Philadelphia. 

After viewing the property, I called him and said we don't tend to deal with MLS properties. He said we'll shoot me a number. We agreed at 12.5K. I don't have any contracts in place yet with him. I wanted to come to BP first to ask what I should do.

How should I move forward? What should I watch out for? How do you handle wholesaling listed Philly properties? 

Thanks for all your wisdom,

Mark

welcome to the site! Lots of good info and knowledge on these forums. 

welcome @Matt McDonald! There's certainly a wealth of info here. The podcasts are great. Join your local REI clubs or meetups. I think you'll do fine!

That's great! congrats!  I cant wait to see your "I made $xxxxx" post!!  

 I should be there in July.  Yes it was at iMunch in June.  I'm not sure of the exact date though.  First tuesday of the month sounds about right.  @Troy Sheets would know better than me.

 My parents and I had this exact problem with a tenant.  The single family house was a mess, but we were trying to sell it.  After listing it on a Thursday, we had 6 showing requests for the weekend.  Well the tenant rejected 5 out of 6 showings because they were too early (1030, 11, 1130 am) He was a slob too and the house was cluttered. 

Luckily, after his year lease expired it went to a month to month.  After agreeing with him on a date to move out, he left. Not without trouble though.  He was supposed to be out on a Friday, but that afternoon asked if he could stay till Saturday and that he would be gone first thing in the morning. I had a paint crew scheduled for that Saturday and told him yes, but we will be there at 7am to paint the house. Well, he wasn't out first thing. He didn't even have the moving truck loaded.  In fact, I had one of the painters help me unload, reload, and pack more of his crap in the truck since he didn't stack anything right and would have NEVER gotten it all in.  

He finally left around 4pm that day... 

So when we originally listed it, we priced it at 169k.  After we got the tenant out and scrubbed the house, we were able to list it at 189k. We got an offer within days of listing it.  Currently waiting on the buyers home inspection.

NWA has come to philly also. I just recently got a deal sent to me.  I wasn't exactly interested as it was outside of the city.  Well wouldn't you know it, The following weekend I had a job related BBQ which happened to be less than a quarter mile away from this "deal" As I drove by it, I noticed a realtor for sale sign and thought to myself, wow NWA can't actually be trying to wholesale listed properties? I guess they are.

 The area was very strange also.  it was as though I had stepped through some invisible portal and went into the slums of the surrounding AMAZING area. This was around Villanova University and houses there have guests houses that are huge. but this little patch of houses looked pretty sketchy. I dont know, just rubbed me the wrong way.  

back to the original post, no haven't heard of them.