All Forum Posts by: Louise Whidby

Again James Vermillion you are the best!! No question is a dumb question and I appreciate taking the time to help me. Thanks so much!

I don't understand the term Equity. Can someone please break it down in RE wholesaling terms. I looked up the definition and this is what I got..... The difference between the current market value of the property and the amount the owner still owes on the mortgage. It is the amount the owner would receive after selling a property.

James Vermillion- Thanks a bunch! So much to learn. Mind bottling!

Whitney Weert- Thank you!

What does an Investor mean when he says "Good Comps?"

He also says, House needs a new roof, leaks on the side and sometimes when it rains in the basement. The going rate for a roof on 1200 sq ft property... I believe you have to handle people with care. Seems he has had interaction with a few wholesalers and at this point he should realize the property is not in tip top condition and he is not going to make top dollar.

Thanks guys!! John Thedford- Thanks for that tip.
Adjusted sale price comparables
Comp:1 $53,655, Comp 2: $65,989, Comp 3: $71,380...

I am still trying to learn what " The numbers need to make sense mean" I want to offer him $35k, but if someone were to ask me why, I don't know if I could come up with a logical answer. I'm just being honest.

Jon Holdman- All very good questions. I am just learning and I want to minimize mistakes. I don't know why he won't put it on the market. Seems to me he wants quick cash. He says he understands the difference between in how a Wholesaler & Real Estate Agent work, but it doesn't seem like it to me. The property needs a new roof and a few minor repairs. I can't seem to find on the report "Roof", but I see the other repairs. All I see on the report is $300 in repairs, but again I see nothing about the roof. The seller told me it needed a roof. I would like to make $7k-$10k. The buyer could fix & flip or rent

Welcome to BP Ryan! I am a newbie as well. I have learned a lot from BP already. Good people here

I have been reviewing an Appraisal Report sent to me by a Seller. Report was done in April 2013. House was left to gentleman by his late mother. His 89 year old aunt resides in the property, but they are trying to find an Senior home for her. I am studying this report. This is the 1st time I have seen a Appraisal report. Im looking at the comp's that in one section says Sale Price and at the bottom of sheet says Adjusted Sales Price. Which is the one that is most important? Based on a complete inspection of Interior and Exterior the opinion of the Certified Appraiser the market value of the property is $66k. I am struggling with what offer as a wholesaler would be a good offer. Seller says he has been offered 40k, but the wholesaler/ buyer backed out. He says, Wholesalers lowball and that is why the property has not sold. He reached out to me! How do I handle this and give him a fair number from all angles?