All Forum Posts by: Steven Mitchell

great thread guys.  The only thing I can add.

We use three sold comps, all rehabbed so theyre oranges to oranges. We then try to find the homes online so we can see what kind of rehab is done. Then we will base our ARV based on how our rehab is going to compare.

If i bought a place where the rents were 1600 for 80k i would be ecstatic, great job!!!  Rehab it and turn it over to a management company to deal with the headaches of landlording, then cash out refi.  Rinse and repeat.  

@Andrew LOL that happens to me as well, good to see im not alone.  

they can earn a higher return elsewhere.  Im selling my first RE project.  Triplex.  it cash flows x amount but I can now cash out the equity and put it towards much better opportunities.  I made so many mistakes with that one.  

@Mark Updegraff we just looked at your website, it looks like its for retail homebuyers?  Many of the properties dont have rents listed. 

Ive found it funny, as im new to this profession.  Wholesaling which arguably takes some of the most skill, judgement, and skillset, is seen as an easy way into the whole game.  Its baffling to me.  

@Jared Smith Wholesale at a cheaper price.  In my area there is a significant wholesale markup.  For example they source at 50k and sell to me at 65k.  In your shoes, I would sell these properties at 55k for a while and build your relationships, then you can slowly squeeze your margin up.  

A good wholesaler who provides healthy margin is a pot of gold.  We still havent found one we can use reliably.  

we have been putting up houses for sale here and getting offers within a week.  Also my realtor friends say january is good in SA.  

i did much the same for my first property.  my large piece of advice is - evaluate the property as if you werent living in it and you were using conventional financing and a management company.  base your purchase price off of that analysis and not living in it.  

wholesale the deal with more profit than other wholesalers who tend to mark it up into oblivion.  

id like to fifth the advice here.  my first RE venture was living in a triplex and managing it.  Buy something good enough where the deal works with paying a management company and let them take care of it.