All Forum Posts by: Account Closed

I wholesaled preforeclosures when I was in Missouri. But I negotiated with the banks to do a short sale and once it was approved I then scheduled the closing to either sell it to another investor or end buyer, depending on the condition of the house. 

No from the time to buy, fix up and sell house is expected to be 8-12 months. Thanks for the additional info.

From as little as $37,900 to $1.9 mill for a portfolio of 14 properties with 39 rentable units. SFR, duplexes, triplexes and quads and some small portfolios including the one just mentioned all over Central FL. Some of these need rehab and some don't and are rented.

I posted that and is NOT a bad example of integrity. I have several partners that finance deals and they have to have the final say in the purchase. That is why I always put 'Subject to Partners Approval' and I don't have any problem with the sellers. 

Hi Joshua, I am an investor/wholesaler/commercial agent and mentor in Orlando FL. We have great off market deals all over Florida for any type of buyers tastes. We have SFR and small MF. What is your buying critieria?

The amount of profits that you feel is a minimum is based on your current financial situation. Sometimes a lower % of ARV might be OK if it generates a minimum of a certain amount of Dollars. Each investor is different.

I use beenverified.com to get emails, phone numbers, current address, relatives and other personal info on owners. It costs about $30 a month but it is very well worth it. I get unlimited searches.

Hi BP members. I have info on a house that has been fire damaged and the numbers look great, but I've not done this extensive of a project before and I wanted to get advice from BP Members that have done a fire damaged house.

Here is the specifics: ARV $424,900 Purchase price $149,900. Anticipated Rehab $125,000.

Here are the specific numbers on this house:

Purchase $149,900

Estimated Purchase Closing Cost: $6,000

Rehab cost: $125,000

Selling Closing cost: $6,000

Selling Commission (6%) $25,494

TOTAL COST $312,394

Sell for $424,900 - $312,394 = $112,506 = 36% 

Estimated length of time to close on sale 8 - 12 months. 

What are your thoughts? Is this a deal worth going after or not? I currently don't have all the cash to buy this and fix it up. What options do I have?

It all depends on the wording in the contract. You always need to have some way to be able to back out, such as inspections, financing, etc. But my favorite I use in all my contracts is 'Subject to my partners approval.' If you back out of the contract you need to resend the 'Affidavit of Memorandum' by filing a 'Dismissal of Affidavit of Memorandum'

Hi Oziah ,Welcome to BP.

My advice to new investors is to start wholesaling properties. This is the quickest and best way to get started with the least cost.

First pick a neighborhood that you are either in or close to. Driver around all the streets and look for vacant houses. There should be some. Then look in the county assessors website to find the owners. it should give their name and mailing address. Send them a letter telling them you found their house to be apparently vacant. But if it is obviously abandoned, say so in the letter. Tell them you will pay them cash for a quick close.

Many times the owners don’t update their mailing address with the county so you may get the letters returned. I use beenverified.com to get the most updated info. It costs me $24.95 a month but it is well worth it because it also gives me email addresses and phone numbers.

If you are going to buy the property, fix it up and then either sell it or rent it then you are through.

But if you want to wholesale the property to another investor, then contact a local RE Agent to give you a list of all the houses in that neighborhood that have sold in the last 5 years with all cash. This typically is investors. Then again go to the assessors website and find their name and mailing address. And again use beenverified.com to get the best and latest contact info.

Once you get a response from the seller of the vacant house, negotiate a deal to buy it for all cash. Then immediately contact all the cash buyers you just found that buy properties in that neighborhood and tell them about the house and would they be interested in buying it.

Once you have done all that with that neighborhood, go to the next one and 'rinse and repeat.'

I hope this helps.