All Forum Posts by: Shara Carlton

 The problem with that is, it was on the market for $24.5K. My first offer was for the asking price, but there were several offers, so I had to give the highest/best offer, so that's why I have it at $30k. I think wholesaling it for any higher than that may be pretty difficult. Even though it is in a highly valued area.

 I did not know that about HMLs. Thank you for that info Jon. I don't have any friends or family members who are able to loan the $30k so I am looking for an investor who would be willing to loan it. I am thinking about advertising it as: "loan me $30k and I will pay you back a lump sum of $45k (or $50k if that will be more enticing)" and the way I would pay them back would be to get a loan against the property immediately after purchase. I would get a $75k loan, pay the lender back a lump sum and use the rest for repairs. 

Is that scenario possible???

 The purchase price will be 30k, the value is $150k, the rent in the area averages about $1000/3b, and its in a very sought after neighborhood (South Shore area of Chicago). It needs about $10-20k in upgrades/repairs (depending on the grade of materials and appliances I use).

I found a possible lender who will loan on the value of the property and not my credit, so I am going to see how that goes.

I put a bid in for a property and my agent just told me it was accepted. My original plan was to "Hack" it: live in one unit and rent out the other. However, I am not sure if I will have enough money to complete the transaction. I don't have good credit so I am going through a HML, however, my lender found some things on my credit that I need to pay off before I can complete the approval. This is now going to cut into my down payment and closing costs. I'm thinking about paying off my debt and finding a partner to help with the closing and down payment. However, what would I offer to the partner to make them want to joint venture with me?? Should I get someone with better credit to get approved for the loan and I pay the down payment and closing costs?? What kind of incentive would make them want to put their credit on the line?? Maybe I can get an investor to pay the 30k cash to purchase the property, put the property in my name, and I get a loan on the property in order to pay the investor back?????

I put a bid in for a property and my agent just told me it was accepted. My original plan was to "Hack" it: live in one unit and rent out the other. However, I am not sure if I will have enough money to complete the transaction. I don't have good credit so I am going through a HML, however, my lender found some things on my credit that I need to pay off before I can complete the approval. This is now going to cut into my down payment and closing costs. I'm thinking about paying off my debt and finding a partner to help with the closing and down payment. However, what would I offer to the partner to make them want to joint venture with me?? Should I get someone with better credit to get approved for the loan and I pay the down payment and closing costs?? What kind of incentive would make them want to put their credit on the line?? Maybe I can get an investor to pay the 30k cash to purchase the property, put the property in my name, and I get a loan on the property in order to pay the investor back?????

I put a bid in for a property and my agent just told me it was accepted. My original plan was to "Hack" it: live in one unit and rent out the other. However, I am not sure if I will have enough money to complete the transaction. I don't have good credit so I am going through a HML, however, my lender found some things on my credit that I need to pay off before I can complete the approval. This is now going to cut into my down payment and closing costs. I'm thinking about paying off my debt and finding a partner to help with the closing and down payment. However, what would I offer to the partner to make them want to joint venture with me?? Should I get someone with better credit to get approved for the loan and I pay the down payment and closing costs?? What kind of incentive would make them want to put their credit on the line?? Maybe I can get an investor to pay the 30k cash to purchase the property, put the property in my name, and I get a loan on the property in order to pay the investor back?????

OK guys. Thank you so much for the quick response @Kyle J. and @Wayne Brooks. (don't know why my @ feature is not working)

Hello BP. I have been helping investors find properties to purchase for the last several months starting with my first profit made in June 2014. I have done about 5 more deals since. However, I have not been doing it the traditional "wholesaleing" way. I have been getting away with having my buyers verbally agree to pay my finder's fee or partnering with other wholesalers and splitting profits when I find them a buyer or find them a property. However, I would like to change or upgrade my method. 

I have a property under contract and a buyer ready to purchase. I have my "Assignment Agreement" ready to send to the end buyer. However, I am a tad bit nervous because I am wondering how the buyer will perform. If I send the buyer my Assignment Agreement with the Option Contract (the contract between the owner and I) attached to it, the buyer will see how much profit I am making from the sale and will see that they could have purchased the property for less if they could get around me. So, do I send the buyer the Assignment Agreement first and then the Option Contract after they send me back the Assignment Agreement? Or just send them both at the same time?

I usually compare like-properties as well as fixed-up properties to figure out how much to wholesale for. Once I settle on an ARV using the "fixed up" comps (as well as other resources), I do my 65%XARV-repairs (estimated) calculation, then, I compare that number to the other properties being sold in the same condition. You might as well use as-is comps as well as after repair comps to be on the safe side and double check your numbers.

I use Redfin also. When I first got into wholesaling, another wholesaler (who eventually became my mentor) introduced me to it. It is a pretty good way to run comps if you don't have access to MLS.