All Forum Posts by: Stephen Beaudoin

@Luc Boiron 

@Steve Bracero is right on the mark with it. I just state that we're looking to buy houses as is, in any condition and that we can move fast. It's similar to any Yellow Letters that you can look up. Then I just repost about once a week.

@Michael Hines Thanks. It's actually looking like a win for me.

So as I mentioned, I followed up with a 'thank you/sorry it didn't work' note and I guess we called his bluff. Now the numbers work better for us, so we can move forward on it. It's looking like a win in Worcester for us.

Thanks @Khaled Helmi, but I'm just happy to have a story... it's been a long time coming. 

Also, as a follow-up note... I sent a thank you and sorry it didn't work out note and it sort of started the conversation again. It's not there yet, but that quick thank you got him to start throwing out a counter offer. 

If anyone has advice on how to approach or experience in the Worcester market, I'm all ears!

@Ramar Price, if nothing else, posting on Craigslist weekly is the easiest way. Once you have your ad, just re-post weekly. Mostly you'll hear from buyers, but (like this lead) you do hear from really interested sellers as well.

Thanks @Ramar Price, I'm not giving up... just readjusting.

Unfortunately, my first 'Deal Diary' post is a failure, but still better than a loss.

Having received a lead from Craigslist, I followed-up and made an offer which was accepted. The deal was for 120k with an ARV pushing 170k. I saw the property, it was in great shape, and already rented at $950 (low). I figured I'd be able to find an investor if I couldn't do the deal.

After working with a partner, and our back and forth conversations, we get back out there yesterday and two new houses have come on the market throwing off my comps. It's now pushing an ARV of 159k. Not terrible, but there are two of us in the deal, and after tying up all our cash, we wouldn't make enough to be worth it, especially if we had to accept less for a quick sale.

We discussed it for a decent length, and since it isn't close enough for us to rent conveniently, we couldn't do the deal as a team (and neither could do the deal on our own). 

That's fine, we still have the option to assign.

I had tried to get the property with little earnest money since I planned on doing the deal and he had approached me, I didn't think it'd be a hang-up. The seller originally came back asking for 5K, which I lowered to 2k.

Since there was just a few weeks until we figured we'd close, and there is meat on the bone, but only for a single flipper, I couldn't take the risk.

I had to let it go.

I'm actually very satisfied that we let it go and was glad that we didn't get tied up into anything not worth it... it just sucks a little.

Back to the drawing board.

Hi @Robert Verdi I'm a newer investor and just passed my salesperson test. Lets connect, I'd love to hear what you had in mind.

Hey @Andrew Beaver good luck! I just passed the test for all the same reason and I'd love to hear some of your experiences going into this. 

I've got my first wholesaling agreement and now need to get a contract signed and find a title company.

Should I go for a title company near me or the deal?

I have a simple one page Contract and it's pretty straight forward, should I send it to the seller to review before we both sign?

What are the overall general next steps.

When we get the contact signed I'll walk the property and take photos, should investors have access? (There's a tenant and I done want to parade people through the house)

Thanks everyone. I appreciate the great feedback I always get from BP.

I just got my first real bite from the start of my direct marketing efforts and as always, all advice is welcome.

The info I have is:

It's a studio condo unit that is paid off and has an estimated ARV at about max of 163K and the unit is currently rented at $1000 (which is low for the area).

Unit has city view, not ocean view, but building has pool, gym, sauna and the beach is across the street. HOA is about $255 and taxes & insurance are about another $260 a month.

Not aware of any repairs needed, assuming general updates, at a few thousand  for paint & fixtures.

All tips on negotiation and what to look into for due diligence is welcome... I wasn't expecting a condo as a part of wholesaling and while he is motivated, his starting price was the tax estimate, which would be roughly 145K.

Thanks for any and all feedback.

@Tom Mole, thanks for this. 

It's a great guideline for me to start this conversation. I'm pretty happy with my numbers, but like i said, the spread is significant so now i know I'll have to feel the seller or a bit more and be ready to shock them no matter what it sounds. At least with the other option i have more ways to make the deal work.