All Forum Posts by: Robert Molloy

@Nikki Botsko

Hi Nikki,

I’m on the East side of the state in Connersville. Just started driving for dollars. Happy to meet up and share ideas anytime.

@Anthony Ceballos-Garcia Just signed up for the University course after watching a few YouTube videos.

Didn’t get an immediate access code or follow-up email after verifying my address...We’ll see what happens.

Hasn’t been a blog post on the site since January.

The contracts seem very simple (but maybe that’s good).

Let me know if you get anymore feedback.

Thanks for taking the time to read. First time dealing with a contractor. Just don't want to get taken.  We're in Indiana BTW.

Project: Adding 10x12x8 Master Bathroom to current 3 bed 1 bath 1600SqFt SFH. 

COST: $33,262.00

(Current bath/water heater/kitchen plumbing is on the east end of the house, the Master bed is on the NW end.)

House sits on solid concrete foundation and walls (including interior) are all concrete block. 

Estimate Details: 

• Foundation: Concrete 4000# test
• Framing: Walls 2x4 16'' OC
• Roof: 2x6 Rafters 16'' OC, OSB Decking, Owens Corning Oakridge Shingles
• Overhang: 12'' Vinyl Soffit, Aluminum Fascia
• Exterior Walls: OSB, House Wrap, D/L 5'' Vinyl Siding
• Gutters
• Interior: Painted Drywall walls and ceiling
• Insulation: R13 walls and R30 Attic
• Trim: Painted
• Plumbing: Will hook-up to sewer and from incoming water line from lines running to the house.

Allowances: 

• Tub $414
• Tile around tub $180
• Shower $641
• Stool $199
• Vanity $699
• Faucets (3) $375
• Mirror $325
• Lights $210
• Water Heater $510
• Flooring $300
• HVAC $1200 Thru the wall unit

_______________________

$5053

Electric to be used from the existing panel. 

Price does not include permits or landscaping. The quote is reflective of using minimums in the pricing due to the small size of building. Examples are such things as excavation, concrete, drywall finish, and concrete finish.

I've included pictures of the front (East side) of the home. Behind the cypress and the fence to the left is where the bedroom is. They want to remove trees and tear down the fence to get there (Gate is at the other side of the yard).  

Thanks! @Guy Olds

@Christopher Brainard Thanks for the heads up, man! 

Hi Everybody, I'm new at the wholesaling process and I'm taking action step by step. I'm in the Las Vegas area and went down to Clerks Office, pulled a few probate leads, and sent out a handful of letters over the weekend. Just want to make sure I understand the process if anyone calls. 

1. Being named "Executor/Executrix" - Starts with Petition, then Hearing, then Order. 

2. Once Order from the court is complete that person has legal right to sell the property, BUT FIRST must list "Notice of Sale" in the paper (or some publication which they talk with their lawyer about doing) AND  a "Notice to Creditors" (which can be filed at the same time).

3.  I can put the house under contract.

But the more I look into it, the more I find things that might kill the deal like this:

 http://homeguides.sfgate.com/sell-real-estate-duri...

Where it looks like they have to advertise my offer and the court has to approve it or start an auction war. 

Or this one:  http://www.upnest.com/1/post/how-to-sell-a-house-d...

Where it says it MUST sell for 90% of the appraised value.

Am I wasting my time? 

Better question: Is there anyone in the Las Vegas market that is successfully doing these? I'm real good at fetching coffee.

@Jessica Marin, Sorry the reply has taken so long. If you're still interested, it sounds easy enough:

1) You put home under contract with seller for "x" amount of dollars, what ever the seller wants. (Let's say 100k)

2) You market the contract for "x" + whatever you want to make. (Let's say 107k, because you want to make 7k)

3) You assign the contract to the end buyer and charge an assignment fee to the seller. (In this case the 7k)

The seller gets what they want(100k), the buyer gets what they want (a place to live while waiting to qualify for a mortgage), and you make a little for putting the pieces together (7k).

Hope that helps.

2 years and no deals? Good on you for keeping at it! Maybe find someone you can team up with local who IS getting the results you're after...offer to pay for the marketing in exchange for some mentoring or something then split the deals. 

No more going it alone, man. 

Great stuff Travis! Thanks for posting. Still good today!

Hey John, 

Best of luck in your search. I'm moving out to Indy this summer, probably the Marion area. Hopefully you get up and running by then. Always looking for people to connect with!