All Forum Posts by: Na Miller

@Karen Margrave Thank you Karen. I have taken your advice (again!) and I have reached out to my seller and will try to secure the finder's fee through that side of the transaction, if possible. You wouldn't happen to have, or know where I could locate, a "Notice of Showing?"

@Karen Margrave Thank you as always Karen! So what should I, trying to be the good 'bird-dog, wholesaler, flipper', do to provide my potential developer with enough information and yet not spend the remaining 13 'contingency' days or 25 escrow days, spinning my wheels AND IF it closes at some point, generate some revenue from it? Should I perform a basic rent analysis and multi-family appraisal (very basic - I was an appraiser in a former career) to get a better understanding of what I'm offering the potential developer ... or is this just a waste time as the developer still has to do all this footwork eventually anyway?

And, for fear of seeming crass, how do I even begin to determine a 'birddog fee' just to give this over to a developer? Do I tell them I want $500 to put them together with my buyer ... IF they're interested ... or do I say $5,000!? I mean I really have no idea what, if any, numbers are available (so much for being an accountant)!

Thanks again Karen!

I have a deal that is a sfr to multi-family development deal in So Cal. I am dealing with the wholesaler who has the deal in escrow. I am trying to flip it to a developer ... but I have no idea of the true value of the overall deal (but I am working diligently to figure this out)!

How can I possibly determine how much to price putting a buyer with my seller/wholesaler!? The sales price of the property is approx. $800k.

Thanks!

Thanks for the input Will. Here's what I currently have:

Located near Van Nuys, CA

4+1.5 sfr, 2,049 sq. ft., 7,200 sq. ft. lot

It is currently in escrow and has been owned for 50 years by seller. My Assignor wants $790k and values the land alone $850k. It is currently zoned R-3 and will accomodate approximately 9 units.

And Yes, Will ... this is definitely too large for me to start with. I would like to just go through the motions, make a little off of it and see how it all works out!

I have requested a copy of the contract and can work on any additional information you might need.

Thanks again!

Thank you Karen! I have actually just started a rather complicated marketing program to get started as a bird dog/wholesaler/buy & hold to get started. I would love to develop but that's just far too much to bite off at this time! I do have a couple of rather 'substantial' commercial RE owners as friends that have done a lot of development as well ... I just haven't really figured out how to 'plug them in' to my starting plan!

With that said, I am very handy with a hammer, wrench and paint brush and look forward to getting a little dirty on my first 'fixer'!!!

Thank you guys! This helps me focus on the other 'coals in the fire'!

Awesome! Thank you, thank you Karen!!

There's Karen! When I first found BP (just last week), you were the first person that I read! I really liked how you addressed each issue!

I am NOT prepared for a transaction of this magnitude! I would like to tie it up and just assign it off to someone and take a 'little tiny piece' and move on!

I have confirmed that the property IS already zoned R3, is able to have up to 9 units built on it immediately and is surrounded by similar units. Most likely it would be rentals and not condos.

Please advise or let me know if this is something that you or someone else you know of may be interested in this...

Thank you so much Karen!

Thank you Ellis!

So I could put this property under contract even though it is currently in escrow? But shouldn't I have a developer take a look at it to see if the deal truly has a big enough up-side in converting from a sfr to a multi-unit property before considering 'locking it up'?

btw - I did take a look at the property today. It is one of few homes with large lots surrounded by two and three level apartments and condos. It's 'itching' for re-development

I've been approached by an investor group in San Diego that has a property in escrow they want to assign. The particulars are as follows:

Located near Van Nuys, CA

4+1.5 sfr, 2,049 sq. ft., 7,200 sq. ft. lot

It is in escrow for $790k and they believe the land alone is worth $850k and can be developed into 8-10 units. But I have not confirmed zoning nor do I actually know if this would be a realistic plan for this lot.

I am going to look at it this afternoon, so any So Cal developers who might have an interest (...Karen???), please let me know (or let me know if I should just move on...).

Thanks BP for so much great help in just my first week!