All Forum Posts by: Ryan Webber

These are complicated issues that will take into account your state's case law, so I would recommend contacting a qualified attorney on the matter.

The owner of the other lot might have an easement right just from using it for so long, and not all easements require paperwork to be signed. I would advise caution before you go cutting off his septic lines. Consult that attorney and then go from there.

70% of ARV minus repairs/rehab costs. ARV=107,000, repairs/rehab costs = 13,000

.70 x 107,000 - 13,000=61,900

Now you have to verify that 107,000 is an accurate ARV and you have to verify that the repairs needed are 13,000. These two numbers are crucial to the equation and if either are different then it will dramatically change your answer.

I have come across quite a few investors that have a hang up with buying from another investor. I would advise you not to make decisions based on emotional feelings about a deal or who you are buying it from and make your decisions based on the numbers. Who cares who is selling it, crunch YOUR numbers and make your decision based on those numbers.

I have made a lot of money buying property from other investors. And I have sold property to other investors in which they made a lot of money on it. It didn't matter who was buying or selling it. It only mattered what the numbers were.

Welcome to the forum, Stu.

This is always a great place to give and to receive in knowledge. We're glad you're here.

Welcome to the forum, bookkeeper.

Foreclosure Boy, now I have no experience with this matter, but getting a no doc, no fico driven loan from a conventional lender seems rather naive.

Also Ohio Realtor, my only experience with a Sheriff's Sale is in reference to a County Tax Foreclosure Sale. I've never heard of a Sheriff's Sale other than that, and I am not sure what you are referring to.

I personally never let someone else do MY homework. I can't imagine taking the fluff on an advertisement and believing it. Who cares what the seller is saying, crunch your own numbers and determine if it's a deal.

Obviously you need to first find out what the asking price is, and then determine if its even in the ballpark. If comps are coming in at 105K-110K, then I know I need to be at 73-77K WITHOUT any work done to the property to hit my rehab numbers (70% of ARV). After subtracting possible rehab numbers, I know I need to be in the low 60's.

If they tell me that they are asking 70K or so and act like they have some negotiating room, then I would start doing my own homework.

First, I would check with a realtor and check comps in the area to determine an accurate After Repaired Value. Are comps actually selling for a $105/square foot?

Is their estimated rehab a contractors bid or is it just their estimate? Verify that the repairs listed are all that are needed to sell it and that it will only cost 13K.

After determining your own estimates on these two vital numbers, then you can make your own determination of if its a deal or not.

I would recommend buying a rehab project in a normal market at 70% of After Repaired Value minus repairs.

Welcome to the forum, Michael.

Chernandez, as far as I know the basics of assigning a contract and double closing two contracts are the same through all fifty states. Assignments are actually extremely common in commercial deals (the standard Texas commercial contract actually has a box for if that contract is assignable or not), and the principle behind a double closing is pretty straight forward. In a double closing you are merely selling the property the same day you are buying it.

I would always recommend to anyone getting involved with creative real estate investment strategies to first consult a qualified attorney in the state that they are doing business in.

Welcome to the forum, foreclosure boy.

So you are working foreclosures in LA? How is that going for you? Do you utilize any other avenues/strategies to find deals or just foreclosures?

I bet foreclosures in Southern California right now is high traffic, and it will probably only get worse as some of these ARM's start popping.

Yes, my main business is wholesaling. I actually buy probably less than half of the houses I put under contract. The others I mostly double close on but I also do some assignments.

Finding the right property is not as big of an issue as finding it for the right price.

Remember, price overcomes all objections.

These other posts on wholesaling might help you out, too.

http://forums.biggerpockets.com/viewtopic.php?p=16107&highlight=#16107

http://forums.biggerpockets.com/viewtopic.php?p=16028