All Forum Posts by: Vincent Gamboa

@Nick Feliciano Yes, I was ideally thinking that I would have a private funder fund my deal and I would do all of the work, then we split the profit 50/50 once the flip is rehabbed.

Thank you both for the help!

Hello BP,

If I am looking at deals and am ready to put in offers but cant afford them alone and wish to form a partnership, how and when do I go about doing this? I have met a person who I have exchanged contact information with, but I never asked what exactly what kind of business relationship that he was looking for. He simply said call me when you get your first deal and in a seemingly joking manner "You can add me to your buyers list".

It is apparent that he is a true investor with money based on the conversation we had. But, as I am looking for deals, is it appropriate to talk to him about a potential deal that I wish to put an offer in on, or do I first put an offer in first and wait for it to be accepted? Then, I seek out a request for a partnership in a rehab for the property? 

A fairly basic breakdown of how a partnership is formed would be greatly appreciated, thanks!

@Natalie Kolodij Thank you for the input!

@Jay Hinrichs So would it make sense to use hard money or private funding to actually buy the property, only to directly wholesale the deal (If it is a great deal based on the numbers and such)? Or would this make more sense to rehab and flip if i'm going to go out and get such funding? 

Thanks!

Hello BP,

I am fairly new to REI and was wondering if you can wholesale a deal that you win at the courthouse steps? If so, how would I go about doing this?

So if I place the highest bid at an auction and they have said yes, you have won, then do I directly go to pay for this deal in all cash? Where then would my buyer fall in?

Thank you all in advance for the help!

@Eli Molloy No, the mailbox was not overflowing. But, grass and weeds are growing through the cracks of the driveway cement. Plus, a tree has fallen on the roof and you can see in the front window that some of the rafters have caved in. I don't believe that it is actually livable.

Hello BP,

I have been driving around and found a house that has been clearly vacant for some time now and I've been trying to find more information about the person, so I can contact them. I proceeded to look them up on the recorder's office and see that the most recent document was in August 2015, with the document is titled "Notice of Trustees Sale". Does this mean that the house is foreclosed? When I looked up the property on the county tax assessor, it says the property is still in his name and the tax payer is still at the address of the vacant home.

Thank you all in advance for the help!

-Vincent

@Jeremy Pakalka, so before the homeowner and I talk price, I ask to have a contractor walk through the house with me? Then, I do the calculations with the comps to find a proper price? Thank you for the help!

@Ruth Bayang, so it better to underestimate an ARV verses overestimate right? The 70% would be of the comps that i get from the agent? Also, do you have any recommendations on how to find a good agent verses an agent fresh on the block? Thank you again for the assistance!

Hello BP,

To estimate ARV in a property that I would intend to wholesale, it is necessary to have a good idea of renovation costs correct? Recently, when I was driving for dollars I came across a house that I plan to send a message to, asking if they would consider selling their home (Not owner occupied). If they said yes, do I then have contractors come by to give me bids on the repair cost to better assist me in assuring that it is a good deal? Or how would I know that it is a fair price that I will turn a profit on? All I have done so far is look up the recently sold houses on the same street and used the county tax assessor to price out the surrounding similar houses. Thank you all.

Vincent 

@Ruth Bayang I plan to start off flipping at first to build up some capitol to then later jump into the buy and hold side.

I have not heard of REAPS until now, thanks! I will definitely look into it, as it seems like a good way network and find more guidance. Thank you for your time!