All Forum Posts by: Nicole Starnes

@Brent Coombs, I would buy it but I don't have the cash or credit so I feel like starting out wholesaling would be the best way. If  you have an idea of how I can with as little risk as possible, definitely let me know because that's what I eventually want to do. 

I have a colleague that's happened to a few times. A seller won't get motivated until they explore other options and see that their way isn't working. This particular seller has done that before, actually. She walked away from me and then came back about 2 months later saying she was happy with my original offer. Which was too high I see. 

@Lou Castillo Thanks a bunch. I'll shoot you an email

@Ronnie Wilson Makes total sense. Thanks!

@Collin Goodwin I thought the same thing and even got a mortgage statement from her. She's very behind on her mortgage and I'm very surprised she hasn't been foreclosed on already. But she says that 65k is the very lowest that she can go.

@Jerron Horn My assignment fee is 5k with this one. I tried to renegotiate but she said that 65k is the lowest she can go. I never changed the contract because I don't think dropping the price 5k (I'd market it for 70k instead of 75k) is going to make a difference. 

I don't think she's motivated enough, really. It does take her at least 4 days to get back to me every time I try to communicate with her. I think she's just trying to get as much money as possible. Seeing the state of her mortgage statement, though, she needs to cut that crap out. 

So when I do analysis, I should automatically add in kitchen and bath since most rehabbers do that? Unless everything is already brand new, that is. 

I have a property under contract. I thought it was a good deal and the numbers were decent, however it's not selling. Here's the specs

4 bedroom / 3 bath. The seller added another room on the back so it's got a bonus room. 

1774 sq ft. 

Built in 1963

Asking 75k

ARV: Between 120k and 130k

Repairs: Furnace needs checked. Seller got a $1500. estimate on it. The electric panel needs updated and some outlets fixed, and the hardwoods throughout need redone. 

She owes 50k on her mortgage and wants some moving money so we don't have much room to play around but I was almost sure that the 75k pp was a decent deal. 

Can someone let me know what it seems like I'm missing? The pics are good. They show a normal good looking house. No major repairs. I can provide additional info if I've left anything out.

@Jon Holdman What would you recommend for someone brand new who has very little cash?

lol, I like that

Thanks a bunch all! Getting some conflicting info on hard money lenders and their criteria. Some say that they rely heavily on FICO and some say that doesn't matter because the loan would be secured by the property itself. Would this be more of a matter of it depending on which lender I'm dealing with? Do they do pre-approvals? 

I think I'm going to wait until I can either find a JV or I have some funding set aside for "oh crap" purposes. I literally could not afford a huge mistake right now and there's bound to be at least some small ones on a 1st flip.

Thanks a bunch! I'm just starting out but I'm toying with some ideas and seeing what options are available.  I want to start out wholesaling but I know not every investor starts out with that strategy. 

One of my colleagues buys property with seller financing,  uses a private lender for the rehab and then cashes everyone out when he sells it a few months later.  Anyone have experience with this in particular?