All Forum Posts by: Ryan McIntyre

@Corby Goade That thought popped into my head but I was so focused on the other side of deal that I disregarded it. Thanks for bringing it back to my attention. It does seem to be one of the better ways of moving forward. Thanks!

@Wayne Brooks I had a couple in there, but I did forget the buyer concessions and an extra layer of back end costs. Thank you!

@Jason D. Really I just consider finding and dealing with investors who think more like me much easier than regular buyers which is why I wanted to take an investor rather than a regular agency approach to my deals. With this property not having as much meat on it as I thought, I would definitely consider just doing this through finding a normal buyer.

Really, I don't like the agency side of this business and do not want to rely on it in the future. I want to deal mostly with people who recognize the numbers and quality of the deal and put their faith in that rather than my ability to sell myself. I realize that no matter what I'm going to have to prove that I am a trustworthy and reliable partner in any deal, but I'd like decision to be based more on the deal than on me.

Sorry if this is making no sense :)

@Ned Carey and @Amanda G. thanks for the advice. I will definitely check more into the legality of assigning contracts as I didn't even consider that (it's been a while since I've had my head in the investing game). Finding a good investment group down here in Naples (which seems to be very difficult thus far) and talking with the investors there will really help me get into a better mindset/help me understand the little nuances of my area.

I will have to do a little more research I suppose in order to get a better understanding of how this deal would go down. I've seen this property and really there is almost nothing to be done on it since it is about the exact same quality as all the other condos in the community. Now that I think about it, I'm not sure exactly what a flipper could do on it. 

Really this was something I just happened on and decided to put through the wholesale calculator here on BP so I could test out how this would actually go down for deals in the future. I just figured if I could somehow negotiate with the real estate agent to get to my price below 120k (whether that be now or in a month or two when they're more desperate) I could do it. For the calculator, it did say that my asking price should be 118k even with 5000 put into the rehab, 5000 for me, 25000 for the flipper, 3% for the agent, and 2500 in closing costs. I must be missing something though if I'm having this much push-back. Does anyone see anything that I am missing here?

Hi all,

I've recently acquired my real estate license here in Florida so I could have access to the MLS/maybe do a couple of sales, but my main interest is to start wholesaling to gain some capital for rentals. When I was searching through the MLS I found a foreclosure that I am considering for a wholesaling deal. The asking price recently went down after two months to 135k, and the comps in the same golf community have gone for around 155k-160k. I think I can make money for a flipper (once I find one) and myself if I can get my offer accepted for less than 120k (as there's hardly any work that a flipper would have to do to the property). Since this is my first time going through this I would like specific details about how the wholesaling process works. Do I call up the selling agent, make an offer? What kind of documents should I be using to cover my bases? What are the step-by-steps to get this deal done? I would really appreciate some advice in this and maybe some one you know who would be willing to do a deal with me? Thank you in advance for any time you put toward this!

Amazing job setting that goal right off the bat! Stay focused and keep us updated on how you're doing along the way (hopefully this will keep you from deviating from the plan). BP is the absolute best place to help you reach your goal. Try to utilize everything this site has to offer, especially the educational portion if you're just starting out. Good luck, and I know I speak for everyone when I say that I can't wait to see your progress!

Welcome to BP! I live in Fort Collins as well and have been learning the ropes of REI for some time now. Even if you plan on investing part-time or as a hobby I feel like there is still quite a lot of information that you can use in your experiences here on BP. I would begin by reading the Ultimate Beginners Guide that they have for free on the site. I would then jump right into the podcasts to get a realistic view of how the industry works. There are so many podcasts that it can be very overwhelming which is why I recommend listening to the 22 1/2 actionable steps, the UBG, and the 10 common mistakes podcasts. Those will really help you get started and then you can listen sequentially to the rest of the podcasts as you start investing. Otherwise it's a pleasure meeting you Lindsay. Feel free to ask me questions or post on the forums. Welcome to BP and happy investing!

Welcome to BP! I'm a student up here in Fort Collins and I'm starting out as well. Taking on the podcasts is both a very daunting and very rewarding task. It will help you develop a business plan moving forward in the upcoming months but there are just so many of them. I would start out by listening to the ultimate beginner's guide (read that book as well), 22 1/2 actionable steps, the 20 common mistakes of investors, and then get started on them sequentially. Otherwise just start networking with all the local investors here on BP or come to an ICOR meeting. There's a meeting for NOCO investors in Loveland on Thursday at the Best Western by I-25. If you want to learn more about it just message me back; otherwise, welcome to BP!

Welcome Jennifer!

BP is definitely the place where you need to be. I am a student here at CSU and I'm majoring in finance. I have been a part of BP for three months now and have learned so much. If you haven't already, I would jump immediately into the podcasts. You learn so much, and it helps you start to develop what your business model could look like. It also puts into perspective what investing looks like doing it the right way and not just what flipping shows and gurus tell you. Try to listen whenever you have a little bit of free-time, like when you're going to school or doing mundane tasks. Otherwise, just start connecting with as many investors as possible by looking locally and sharing your story. If you have any questions (seriously any questions at all) just look them up on the forums or post it yourself. Good luck with everything, and welcome to BiggerPockets!

David, I have definitely implemented your motto! Thank you for welcoming me and making me feel like I can really do this. It helps a bunch. Renea, you are the best! Those quick tips are the little things that are going to make the biggest difference here while I'm starting out.  I really will take both of your advice to heart. Thank you for taking the time to respond to a newbie like me.