All Forum Posts by: Stephen Menches

Heres the deal. I got a 3 family that already has condo docs in place. All 3 units are immaculate! All the buyer has to do is close and relist right away. No rehab! The multi is going for 649,000.00 to him. He will then turn around and sell 2 units for 289k conservative and one unit for 259k. Total profit after holding costs would be 130,000.00 and I believe he can turn this around in 2-3 months.

Do you think 20,000.00 for my fee is reasonable? Or is that too much?

Thanks for any advice.

If you dont feel bad for asking or guilty for trying, then I wouldnt worry about it. The worst they can say is "no" and then the negotiations begin. No one cares about your money more than you do!

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Originally posted by @Darren Nichols:

I just got off the phone with a Seller and asked him basic questions about the property. The property is a 2 bed 1 bath and the value is 71k and he said the only things that need repair is new carpet and linoluem, the property is 960 sq ft. He said the debt on the property is 51k and they need to sell by the end of May as he has already moved to another state for a new job but wife is staying behind until property sells. I did the 70% ARV but i am not sure if I should just say about $7/sq ft in repairs and not sure what kind of offer to make since the debt is 51k. I told him I would get back to him soon with an offer. Can anyone provide some insight/advice PLEASE! Also comps in the area are between 70k and 74k

Hi Darren,

Have you actually been to the property and taken a look inside? From everything I've read the sellers definition of "just needs a little TLC" can vary dramatically from what your buyer would considered "a little bit". Doing the quick math (ARV*0.70-Repairs($7*960)) Your offer would need to be 42,730. Maybe you look at doing a Lease Option?

I hope this helps

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@Misty W.

@Greg Behan

@Christopher Hunter

@James Wise

@Jacob Cannon

Thank you all, and sounds like a plan!

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@Eleena de Lisser

Thanks!

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Hello Hello,

My Name is Stephen and I am a newbie in the Real Estate Investor arena and my 1/5/10 year goal looks something like this.

I'm starting out in the Wholesale arena to build practical knowledge and network. After learning to generate capital I plan on moving into the Buy & Hold market to generate cash flow (either Single Family, Dup-Quadplex, and Small Apartments or a mix of the three). Finally I plan on becoming a lendor/investor to not only give back and help others but keep my money working for me.

After lots of research else where and looking into other communities I believe the BP community is the place to be, and I look forward to learning from some, working with others, and hopefully giving something back to everyone.

I'm excited to be here and looking forward to the future!

2 Votes

All Forum Posts by: Stephen Menches

Stephen Menches has started 5 posts and replied 35 times.

Post: Am I being greedy on my wholesale fee?

Post: PLEASE HELP??!!!???

Post: Newbie in North Wales, PA (N. Philly Burb.)

Post: Newbie in North Wales, PA (N. Philly Burb.)

Post: Newbie in North Wales, PA (N. Philly Burb.)