Originally posted by @Dwayne Gilbert:
thanks for the advice tom. I greatly appreciate everyone taking the time to help. I just saw your post, but it was to late. I found an REO in my area for $5,500. A house that is right across the street is said to be worth 51,000. Zillow gives a zestimate of $39,843. I have scheduled an appointment for Saturday morning with the Realtor.
Should I cancel based on Tom's advice. Pictures of the property show it to be in fairly good condition. It may need some paint here and there, but of course I won't know for sure what shape it is in until I see it. The house was built in 1928. Is that a negative or doesn't that matter?
Hi Dwayne. I was just reading through some threads and came across your post. It intrigued me because your story sounds ALOT like my own. Broke and tired of being it. I have a long story, so I'm not going to get into it. But I will say that I commend you for your honesty. Like someone else said, it Will get you far.
My first wholesale deal, I made $500. It is an incredible feeling when you make something out of nothing. I got the property from another wholesaler who got it from a non-profit company. After investigating further, I got hooked up with the broker who the Non-P exclusively deals with. I was able to market the properties, but I couldn't put them under contract. It was a risky way of doing it because it left the door open for other investors to go behind me. But, I didn't have to put Any earnest money out. My biggest profit was from wholesaling a move-ready fsbo property to a BP member 😊
To cut to the chase, I am posting this in hopes that you still check BP and you will see this and update us on how you are doing now. How did the REO vent turn out??
