All Forum Posts by: Ricardo J Corbera

What I do to see if the seller is motivated is, I pull title reports on properties to see how much a seller paid for the property and the balances of the mortgage. Then you can base an offer to a seller. Just to check for what the seller paid for on the property you can use Zillow, Realtor, etc.. Hope that helps :)

You'll find Motivated Sellers very quick, but closing on the price and terms, etc. is the challenging part. I started wholesaling about 3 months ago and I still haven't closed a deal. But, luckily I've had a few deals and have learned a lot through the process! 

I will be there :)

@Michael Tripp

Hi Michael!

Thank you very much for your input!

I am going to pursue it the way both of you recommended it.

Cheers

Cheers Everyone!

I am looking to build my network and grow!

Does anyone know of any local networking or real estate investing groups in the San Fernando Valley or Los Angeles Area?

Thank you!

Hi Ajay,

I would recommend a brokerage that focuses on investment properties.

What did you like and didnt like about Homesmart and reEbroker?

Cheers Everyone!

I am just getting started in the Los Angeles and San Fernando Valley.

I have investors and looking to do some wholesale deals. 

Does anyone have recommendations to go about finding property in my area?

Thank you!

Hi Greg,

Thank you very much for the information and breakdown!

I would like to do more straightforward deals as well. Since I am just starting, I am trying to do numbers on as many properties as I can to understand and learn more.

What would you recommend as far as which step or method to use? 

How did you start or what was your first deal? If you don't mind me asking...

Thank you again for your time, Greg! 

Hi Guys!

I'm trying to do my 1st deal!

I live in Los Angeles, Ca.

I need help with the Calculators because I do not know some of the numbers.

I'm looking to wholesales a property that currently has 2 units. The property is zone LARD1.5 on a 5,000 sq lot. Property is currently vacant. 

Does anyone know approx what the Cost Per Sq to build would be here in Los Angeles? Quotes I've received is around $350 a sq.

Also, would you guys pitch it as a 3 unit or Apartment?

Any other ideas or info I will need when putting the numbers together for my investors?

Thank you for any input!

I'm really really trying to get into the Game. 

I haven't really found a mentor in my area that can guide me. So, I hope you guys can help and guide me through this :)

Cheers!

Investment Info:

Large multi-family (5+ units) wholesale investment in Los Angeles.

Purchase price: $1,195,000
Sale price: $1,400,000

Duplex off-market property that is zoned to build up to 13 units.

What made you interested in investing in this type of deal?

I have investors that are builders, developers, and flippers. And, they want me to find them deals because they know I have access and connections with Realtors.

How did you find this deal and how did you negotiate it?

One of my Realtors contacted me telling me was getting an off-market property. The Realtor and the Architect provided the zoning where a builder or developer could build up to 13 units.
We provided the investor with a safe clause so they could check and review the zoning with the city. If the zoning was incorrect they could cancel the deal.

How did you finance this deal?

I wholesaled the contract to my assignee Investor.

How did you add value to the deal?

Future rental income, property and land value once developed.

What was the outcome?

Currently in escrow.