All Forum Posts by: Terrell Sapp

I'm not saying I do have buyers willing to pay 400k for this property. My MAO is $192.000. That plugged in with his figures might not work but I'll still offer. I would buy it for that discounted price and yes, i've checked the comps which I got the arv of $303,416

Thank you for the response @bill s. 

Next time I go there I will knock on the door ask ask if he's willing to sell. I'll keep you updated

My girlfriend lives in a MFR (4 unit including landlord in basement) and her landlord doesn't do much for the place as far as cosmetics, even a broken handrail which is hazardous. I don't have much information on him but Im sure I can find out more.
I suggested to my her that I could talk to him regarding selling the property, i would love to owner occupy it but have little knowledge on how to do so. Instead of using direct mail I'll speak to him in person, maybe door knock. This is a plan of mine to rent out a MFR. I have knowledge on wholesaling and little in regards to renting out, heres what i would like to know..

- how to go about it?

-what to say?

-is it possible to have a property manager for it? 

-how to check to numbers?

-what exactly should I be checking for?

Newbie looking for as much advice/tips as possible from the experts ! Thank you

I went to see a house today that I plan on wholesale, the guy has his friend renovating the place (its not occupied) 

-The guy thats renovating says estimates are about $10k remaining repairs

-The homeowner says he owns the bank $280k

-Also says based on tax accessor is $370k (we all know thats an estimate)

-His asking price is $400k

As far as the ARV I'm going to check Agentpro247.com it does show comps that sold.

All advice or insight is gladly appreciated.

With that help guys that brings me a step forward with this potential lead. I truly appreciate each response! 

I've seen many people speak of Listsource for leads, my question is did anyone use AgentPro247 or at least know the difference between the two in terms of reliability?

I came across a vacant home in my area, looking to get in contact with the owner.

Calling back a number that responded to my direct mail campaign, I spoke with the home owners nephew. He tells me a weird bind  they're in. They've been living in the home now for 5 years but the home is in the name of another person which they haven't heard from in years. It's to the point they don't know whether the person is alive or not! 

Does anyone know a way to take a deed from a person who can't be contacted and switch it to a person who lives in the address now?

All help is truly appreciated, this could be a wholesale deal and great know-how.

I get what you're saying. I will perform a double closing on this deal @JeremyTillotson. My profit I'm looking at 10k. I want my end buyer to profit just as nicely without feeling I'm being greedy.

I seen a few methods to determine the offer price. Some say 60-70% ARV minus my profit and rehab..correct me if wrong.

I also seen a price deduction from holding and transaction cost which i was also informed two huge differences. The differences being "Holding Cost is about 3% of ARV", looking at The Wholesaling Bible it reads "transaction and holding costs (20%)"

Besides my profit, rehab cost, how would i determine the cost for closing, transaction and holding even my end buyers cut?

For those more experienced wholesalers I seek your input. Whats a good profit for my end buyer? I am wholesaling in Bronx, Ny