All Forum Posts by: Shvonne C.

I'm in Connecticut. 

I purchased a 2 family and the 1br had a tenant. They pay $1000/mo now. Rents in the area for a 1br can go up to $1150.

I couldn't find any law that capped increases at lease renewal, if I go to $1100 that's a 10% increase... is that bad? She's a good tenant, don't want to run her off.

Congrats @Jonathan Makovsky ! Much continued success to you and your partner @George Paiva 

@Account Closed this is great info, thanks. I've been looking at ways to expand my leads. We have several rental neighborhoods in my area that I've seen for rent signs out for. While I'm not a realtor, I feel I can still make the call...

@Matt Dabek welcome! You must of did a hell of a job on that flip you ended up living there LOL.

@Blake Williams welcome to the site! 

I would encourage you to read and network. Maybe you can join us for the next Meetup hosted by @Jonathan Makovsky .

Anyone have recommendations for a good GC in the Bridgeport, Stratford Connecticut area? 

@Timothy J. Who are you speaking with as your buyer's (the one you will assign the contract to)?  Are you dealing with agents, investors or regular retail buyers?  

As @Roland Paicely mentioned, I doubt an investor would turn down a deal or frown on it just becuase it's coming from a wholesaler (unless the numbers don't work).  

I've come across real estate agents that aren't familiar with wholesaling.  When they ask if I am the owner and I tell them I have the property under contract they usually ask what that means.  I take a minute to explain to them what that means and then they either keep talking to me or they say they aren't interested.  I've even had real estate agents contact me because they wanted to become my "seller agent".  When I explain to them that i'm wholesaling the property, they understand.

Now I can see an average person having an issue because it might be an extra layer that they just don't understand and unlike an agent that has real estate knowledge, they have none so explaining in a minute or less may be hard. 

@Frantzces Lys regarding your fee, I'd say at a minimum what do you think your time and effort is worth?  When you decided to do wholesaling, did you determine what your minimum fee would be on deals you get under contract?  While you have a deal at hand and I'm sure need to act quickly - once this one is done (and hopefully you get a nice check) you may want to sit back and think about your wholesaling goals.  I think many wholesalers try to net a minimum of $5k for each deal but that can fluctuate up or down depending on the deal.  I would never do a deal that might net me less than $2k.  

From the looks of this deal, you may be able to pull off a nice pay day.  Get your comps #'s straight, determine your max allowable offer, and get it under contract quickly.  Not sure how well you know your potential end buyer but if they are already talking about purchase price they may circumvent you.  I would hope most investors aren't like that but as a newbie myself I just don't know.

@Joseph Ball nice post.  I hope to automate much of my RE business one day as well.  

@Derek Carroll I tend to find the opposite for other jobs I use VA's for. I find better quality on Odesk and cheap and quick on Elance. I've also used guru.com for a few technical jobs I had.

Your question about "determining the value for an as-is condition" is a little confusing. As a wholesaler you usually would always be buying in as-is condition. I can't think of a scenario when you'd be negotiating contingencies, seller fixing things and such (maybe a more experienced wholesaler can think of instances). The ARV (after repair value) is just that - figuring out the value of the property after it is repaired or fixed up. As wholesalers we are usually drawn to the properties with motivated sellers and more than likely issues with the property. That's what allows us to get it under contract for a good deal.

I don't use the 70% rule - I use 65% of ARV but that's just me. MAO= 65% of ARV-repairs-my fee. I will say that you have to be cognizant of your area and what are true comps. Some of the areas I work in have a decent amount of investor activity going on so recent sales are all pretty low - those wouldn't be decent comps since those properties are being purchased "pre-ARV". That's why it's good to have your feet on the ground locally as a wholesaler.