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All Forum Posts by: Tarrin Lilly

Tarrin Lilly has started 29 posts and replied 95 times.

Post: In search of buyers!! Baltimore Maryland

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
My intent with this post is to build a buyers lists in which will allow me to gain insight on each buyers preference in property, and most importantly build a rapport which will result in long term business transactions together!! Feel free to comment or contact me!!

Post: Specs expected by rehabber when purchasing from a wholesaler?? Baltimore Maryland

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
Originally posted by @Jennifer Talcott:

If you read the Ultimate Guide, it gives the 70% rule, which is a quick rule of thumb.  But it's pretty accurate.  I've calculated things out the long way on several properties, and they typically turn out to be 65% to 85%.

As far as estimating rehab costs, it probably wouldn't hurt to start talking to some people to get an idea of the costs.  I'm too new to have a lot of experience in this, but other investors in the area have told me to assume a minimum of $20,000 for rehab.

 Thanks for the advice I appreciate it!! I have read through the beginners guide and your absolutely right when it pertains to the rehabber himself but in this case I was referring to myself as the wholesaler, so It would just basically be an act out of good faith to provide numbers for a buyer to make his decision to buy much easier. Thank you for the feedback I appreciate it!!

Post: Specs expected by rehabber when purchasing from a wholesaler?? Baltimore Maryland

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
Originally posted by @Frank Woodin:

As an investor that buys from wholesalers I don't believe any of their numbers honestly.  Their job is to make it look like the deal of a lifetime and they are the only person in the area with a lot of them to sell.  I usually get the rehab cost and what the entails (very high level).  After rehab value and obviously their price.  If you are wholesaling just make sure to put "do your own due diligence" at the bottom of your listing.

 Ok, great explanation because I now understand because for a second I thought that I was obligated as the wholesaler to provide these specs for a potential buyer through true due diligence, but obviously it's just presumed on how well I market the property for its  potential and that I have a large inventory, easier then i thought honestly because I was willing to provide numbers as just a perk of doing business with me.

Post: Specs expected by rehabber when purchasing from a wholesaler?? Baltimore Maryland

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
Originally posted by @Matthew Paul:

If you are working with rehabbers  their est and the estimate you pay for will be  way different .  They are numbers that will be manipulated .  I would take pictures of everything , they are worth 1000 words.

 Pictures was a suggestion I will definitely take full advantage of, thanks for the feedback

Post: Specs expected by rehabber when purchasing from a wholesaler?? Baltimore Maryland

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
Originally posted by @Matthew Paul:

A very cheap price .  

 Lol, without a doubt but will I be responsible as the wholesaler, to hire a contractor to get a estimate of repairs needed to provide a accurate figure for my buyer??

Post: Specs expected by rehabber when purchasing from a wholesaler?? Baltimore Maryland

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
What are some common specs that rehabbers expect to be assessed by the wholesaler that their purchasing a property from?? I understand repairs and a property card detailing expenses and annual income are required but is there anything else expected??

Post: Cap rate!!

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
A cap rate basically signifies what will be your annual return on your initial investment? It illustrates a quick pic of how many years it would take to reach amount invested??Baltimore Maryland...

Post: Lease option strategy??

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
Originally posted by @Peter MacKercher:

use the search function there are plenty of post on this subject. 

Thanks peter

Post: Lease option strategy??

Tarrin LillyPosted
  • Real Estate Investor
  • Randallstown, MD
  • Posts 102
  • Votes 7
Hey guys, just wanted to know what where some of the pitfalls associated with utilizing a lease option strategy?? The cons definitely seem like there not that significant when compared to the pros but definitely would like to hear actually examples from other investors with experience in this niche!! Baltimore Maryland...
I am familiar with a few formulas as well as rules but what are formulas that are associated with a deeper analysis of a rental's potential profit yield, specifically for SFR's??