All Forum Posts by: Ryan King

Just looked up the lot size and its approximately 26200 sq feet. I don't know where to go to find the value of the land.

Good point about the foundation. It seems like it would be better to haul it away and hope someone else would put a house or double wide on it.

@Robert those three questions are good ones that I don't know where to go to find the answers. 

I don't have any cash to put into the house and the idea was to sell it to an investor but after looking at the property, I don't think the numbers work unless I got it for a screaming price.

That's a good idea... If I could persuade her to do that. She is a out of state owner so she won't be down to the property for a while.

I will give her a call this afternoon. Thanks.

I am getting into wholesaling and the first response from my direct mail was the property I am about to show you. It looks like a tear down but I am wondering if the lot value and shed would would be worth making an offer on. 

Seller is asking $110K. It has been for sale but off the market for 4 years. Neighbors want to buy it and offer $90K for it and was declined.

Zillow listing for 672 sq feet

There are 2 "homes" on the property. 1) 2 bedroom and 1 bath (672 sq feet): Every window is broke, the foundation is falling apart, needs to be completely gutted and rebuilt. The water furnace for both homes is in the garage behind this house.

Zillow listing for 1424 sq feet

2) 2 bedroom and 1 bath (1,424 sq feet which I don't think is accurate): Needs a lot of work but it is salvageable. 

Now the kicker is this huge shop that is on the property that Zillow doesn't mention anything about. It is massive. 

Guy showing me the property said the seller was offered $90K cash just for the shop and she declined it. I am looking to wholesale this property but I think I wouldn't be able to find someone who was willing to put that much work into it.

I was just wondering what you guys thought. Again, I am a newb and this is my first property I went to look at. I think the only way I could make any money on this deal is throw her an offer of  $50K and see what she says. 

Is the land value and the shop worth it?

Are those houses salvageable?

 Thanks.

I listened to a great podcast today by Sean Terry on Flip2Freedom.com and the service he uses called Rebo Gateway for leads. For a guy who sends out 30,000 mailers a week, he said this was the best and cheapest service out there. In the podcast (episode 127), they talk about the niche lists that generate huge returns but other services don't have as many filters.

Anyways I got some great ideas for what to do for my next mailing market.

I am about to send out 280 yellow letters to vacant homes in my area which I got from a partner but if I am looking to generate a lot more potential properties, what are the best places to get leads for wholesaling? Is there one that embodies most of the opportunity sellers (i.e. probate, free and clear, tax deferred, vacant, etc.)? 

Thanks.

I am very interested in this as well. It looks like you did a great job summing it up. 

I just joined pro! I am going to be a REI Soon!

I always thought it was better to start locally with your first purchase. I have been looking all the time but haven't found anything worth pursuing. Thanks.

That is is good point. I was assuming they were renting it for $795. I wouldn't pay that much. I was thinking around the $240,000 range. There is only a few multi families that are on the market in my area. This is the second one I have seen in my price range in 6 months. Thanks.