All Forum Posts by: Larmon Cummings Jr

@Kyle Simmons

Yeah, 1-2% is fair, but as mentioned previously, as the seller you can ask for whatever amount that you feel comfortable with so the buyer doesn't have the urge to just walk away from the deal without having anything to lose. Keep in mind though, the higher the EMD requirement, you may end up having buyers pass on the deal, so just make sure the amount is fair to both sides. Here in IL you can have the buyer or sellers attorney hold it, or you can have the title company hold it. NEVER give it directly to an individual or you may get burned. Hope this helps.

@Adam F.

Hey, welcome to the BP Community. My advise would be to continue browsing the forums, interact with the community asking questions and just learning as much as you can. This will help guide you into the direction you ultimately go in. There is a great meet up on the north side of the city, @Brie Schmidt is the host and a great person. She can give you more info on the meet up dates/times. Hope this helps. Let me know if I can help in anyway. Good luck

@Michael WIley

I would say the best place to start is right where you are-on this site. Read up on how to properly market to find motivated sellers, listen to the podcasts so you can learn how to wholesale properties the "legal" way (there are tons of people skating the thin line of a law suit  by doing things the wrong way and you just don't want to build a reputation of being on of those guys), and network with not only other wholesalers, but also serious buyers in the areas you plan to focus on. There are a lot of moving parts to wholesaling, and honestly its not as "easy" as some make it out to be. It does get easier as you develop systems and automate different aspects of your business, but in the beginning you have to be willing to put in a lot of work for you to be successful. If you ever need any advice or have any questions feel free to reach out. Even though I do a few different things in my real estate business, wholesaling is a major focus in my business because I actually like that the most compared to being an agent, rehabbing, and being a landlord. Good luck, and look forward to seeing you around the site. 

Email me for more pics. Dropbox link not working on here for some reason. Thanks. 

Dropbox link to view more pics: 

https://www.dropbox.com/sh/vzmica7c6pjgjoq/AAAZZgm92M_En6HnI3Ha5wAHa?dl=0

Address: 10721 & 10723 S. Wentworth Ave. Chicago, IL. 60628 **Roseland Area**

Property #1: 10721 S. Wentworth Ave:

• 3bd 2ba
• Frame SFR
• Newer windows, roof, siding, new furnace and hot water tank purchased already just need to be installed
• Can bring in $1,150/mo
• Needs about $25k rehab (Needs drywall, painting,flooring, plumbing, fixtures, etc.)

Property #2: 10723 S. Wentworth Ave:

• 2bd 1ba
• Frame SFR
• Newer windows, roof, siding, furnace, hot water tank, plumbing, and updated electrical
• Can bring in $850/mo **Already have tenants inquiring, will only need to screen and place in unit. Can offset carrying costs while renovating front property.
• Current tenant just moved out, so will need a good cleaning/minor repairs and its ready to occupy.
• Needs about $5k rehab (Needs deep cleaning, paint, minor repairs)

Asking: $35k + Buyer pays closing costs (i.e. title insurance, transfer stamps, title company fees) for both properties together.

Avg Rent: $2,000/mo Gross For Both Properties *(www.rentometer.com)

Repairs: $30k Est. For Both Properties

ACT FAST, THIS WILL NOT LAST LONG!!! THE FIRST ONE WITH A SIGNED CONTRACT AND EARNEST MONEY GETS THE DEAL!!!!

We have equitable interest in the property and we are selling our contract.

Cash or private/ hard money only. We have lender referrals ready to lend- contact us.

Buyer pays ALL closing costs which include transfer taxes, title insurance, and title company fees.

Buyer will receive taxes prorated at 100% with a free and clear title. Property being sold "As-Is" with no warranties by Seller.

Please do all of your inspections and due diligence up front before contracting.

**Proof of funds required for viewing**

Do you know someone that would buy this deal?? Please forward this email as we do compensate for referrals.

If you have a property you want to get rid of, want a quick sale, or need a buyer-contact us today.

For showings email: [email protected] or text (708) 304-3129

**WE HAVE A CONSTRUCTION TEAM THAT IS LICENSED, BONDED, AND INSURED READY TO GIVE YOU A FREE ESTIMATE TODAY**

"Our Goal Is To Create Win-Win Solutions For Everyone"

www.sunshynerealtygroup.com

#southsidechicago #chicagorental #60628,60620,60643,60617,60619 #chicagorehabs #roseland #chicagooffmarketdeals #chicagowholesaledeals

@Bamboo Tran

No problem, feel free to reach out if I can help in any way. Good luck

PRICE REDUCTION!!! 

Asking $53k........

@Obdia Whitmore

I may have a brick 4-Unit in the Bronzeville Area that may interest you. Shoot me an email and I'll send over the details. You can find it in my profile. Look forward to speaking with you. 

@Brandon Rodriguez

Are you looking for a sheet to help guide your own rehab that you're going to perform, or something to put together a itemized rehab budget for a buyer that you will be selling a wholesale deal to? I ask because when you wholesale, you will never hit the rehab numbers right on the head in comparison with someone else-there are just too many variables. There could be a difference in labor costs as well as materials, so you just want to be able to give an accurate rehab estimate on what it should cost to get the property up to standards. You don't want to take a "guess" and say something like $10k, then 2-3 other experienced rehabbers look at the same deal and are in the range of $35-40k. I'd say start talking with experienced rehabbers in your target areas, and ask them what do they usually spend on renovations for a particular size property in a particular condition. This way you will have a good idea of what price range a buyer would need to be in for their rehab budget when you put together your ad for your wholesale deals. If I can help in any way feel free to reach out. I am by no means an expert rehabber, but I have about 6 rehabs under my belt so far, and countless deals I have analyzed the rehab budgets on. Hope this helps. Good luck