All Forum Posts by: Ryan Succetti

I have a potential seller who is in foreclosure on a lot. This lot is within a Luxury Gated Community. There is an HOA and CC&R's with strict rules of what can and cant be built. For example there is a minimum size of 5000sqft for homes. There are currently built homes that have recently sold in the mid $2 million range. Each lot is set up for electricity, sewer, gas, etc.... . All the buyer had to do get have plans made, approved by the HOA, and build a beautiful estate.
There are 3 smaller 4 plus acre lots listed on the MLS. 2 for $240k and 1 for $650k which massively overpriced has been on the market for almost 2 years. In the last 12 months 2 smaller lots 5 acres have been sold. One for $260k and One for $150K which was an interior lot.
The lot that I am hoping to sell is just under 6 acres and is an exterior lot with amazing views and is one of the larger lots in the community.

Please help and thank you in advance.

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Has anyone tried running ads on Patch to generate seller leads? Thoughts? Experiences?

Thanks in advance.

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Quote from @Steve K.:

Quote from @Ryan Succetti:

Quote from @Randy Rodenhouse:

If you are looking for a property and the price is right and you have a clear exit strategy it really does not matter who u buy from. However, you are not going to be able to buy the house creatively using Opendoor...like sub2 or owner finance which is the main way I purchase homes. In most cases, you are going to get best deals directly from the homeowner.

My intention is to assign the property once under contract. Will OpenDoor not allow this?

I doubt they will but it would be ironic if they do accept an assignable contract. Make sure to beat them down heavily for repairs after inspection, and charge them at least a 7% transaction fee!

LOL that would be awesome. They listed it for $1.1 in may of last year. They paid just over a million in April of last year. Price has been dropped several times since May and is currently $890k.

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Quote from @Nick C.:

Quote from @Ryan Succetti:

Quote from @Randy Rodenhouse:

My intention is to assign the property once under contract. Will OpenDoor not allow this?

Assigning listed properties is very difficult unless you have a massive buyers list and a large sales team that can jam investors into properties.

Sorry this might be a dumb question. I am new to this. But what's the difference between buying a home from a private seller or a listed home for 70% of ARV?

The numbers are the same right? Just the seller is different. Or am I missing something?

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Quote from @Randy Rodenhouse:

My intention is to assign the property once under contract. Will OpenDoor not allow this?

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Quote from @Wale Lawal:

@Ryan Succetti

While everyone may feel differently about Opendoor, we think they do a disservice to sellers. Working with a speedy service such as Opendoor means paying substantial fees and getting a significantly reduced price on your home than you would if you chose to work with an experienced Real Estate Agent. When it comes to a sale, as important as selling a home, it is not worth it to skimp out.

While the Opendoor process may seem incredibly appealing, the fees and lost funds will not make it worth it in the long run. Working with an experienced Real Estate Agent almost always means you will have an offer on your home within the first two weeks, so the timeline isn't much longer when working with a Real Estate Agent vs. Opendoor. Sometimes it is even faster to work with a Realtor. Unless you are an experienced seller with several years of experience buying and selling homes, it is always advised to save yourself the hefty fees and work with a Real Estate Agent who understands the market and will make your transaction their top priority.

All the best!

When it comes to sellers I usually would 100% agree with you when it comes to home buying sites. However in my market I have noticed that OpenDoor purchased homes above market value last year and there are a handful of them sitting on the market now with considerable price reductions that were purchased then relisted listed in May or June of last year. If these sell OpenDoor will be taking a considerable loss. So in these instances the seller probably came out on top.

I am making an offer on an average original condition property that was purchased in May of 22 for what the ARV is today. Fingers crossed offer gets accepted.

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Quote from @Nick C.:

If the price is right that's all that matters. Good deals are hard to come by, and some situations are a lot more difficult to deal with than OpenDoor employees.

Thank you Nick. That's what I figured.

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Does it matter that OpenDoor is the seller if the price is right? Their process and employees don't seem the most easy to deal with.

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Quote from @Chris Seveney:

@Ryan Succetti

May have interest in the deal. Send me a PM

If in SD join the SD reia meetups / associations to network, find buyers and learn.

Also if you use Propstream you can find cash buyers in that neighborhood to market too

sent

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San Diego, California

Quote from @Peter Mckernan:

Quote from @Ryan Succetti:

This is potentially my first deal. I finally have a house under contract for assignment. I reached out to my very small network no one is getting back to me.
What do I do now?

I would reach out to a bigger amount of people.. You have two things in Wholesaling:

1. 1-3 buyers that are the go to people each time that you have built over the years

2. Build a list of a ton of people, this is by getting people off FB, buying lists, and checking title on flips

thank you Peter.

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San Diego, California

All Forum Posts by: Ryan Succetti

Ryan Succetti has started 7 posts and replied 23 times.

Post: How do you valuate a lot/piece of land for wholesaling?

Post: Ads with Patch

Post: Does the seller matter?

Post: Does the seller matter?

Post: Does the seller matter?

Post: Does the seller matter?

Post: Does the seller matter?

Post: Does the seller matter?

Post: What do I do now?

Post: What do I do now?