NEW: BP Podcast 66: Flips, Apartments, & Protecting Yourself From Professional Tenants with Michael Blank

Hide this

From the BiggerPockets Blog

 BiggerPockets Blog »

Jump to Forum View All

Click a category below to view different forum categories.

BiggerPockets

General Info

BiggerPockets Q&A, Site Questions, & Announcements

1509 topics, 14383 posts — Last Post 04/18/14, 07:04AM

BiggerPockets Exclusive PRO Area

117 topics, 839 posts — Last Post 04/18/14, 05:47AM

New Member Introductions

10874 topics, 85514 posts — Last Post 04/18/14, 08:51AM

Real Estate Success Stories

394 topics, 6128 posts — Last Post 04/18/14, 09:17AM

General Real Estate

General Real Estate

Buying & Selling Real Estate

5929 topics, 46728 posts — Last Post 04/18/14, 09:19AM

Renters

643 topics, 5820 posts — Last Post 04/18/14, 08:38AM

Get Foreclosure Help - Help Stop Foreclosure Forum

316 topics, 2557 posts — Last Post 04/16/14, 03:58AM

Home Owner Association (HOA) Issues & Problems Forum

237 topics, 1609 posts — Last Post 04/17/14, 08:53AM

Do it Yourself

654 topics, 6262 posts — Last Post 04/18/14, 09:08AM

Reviews & Feedback

Real Estate Deal Analysis and Advice

3668 topics, 29419 posts — Last Post 04/18/14, 08:36AM

Real Estate Guru, Book & Course Reviews and Discussions

1132 topics, 11549 posts — Last Post 04/18/14, 08:31AM

Ask About A Real Estate Company

740 topics, 7315 posts — Last Post 04/18/14, 08:56AM

Real Estate Investing

Real Estate Strategies

Wholesaling

5591 topics, 43687 posts — Last Post 04/18/14, 09:04AM

Rehabbing and House Flipping

3328 topics, 30954 posts — Last Post 04/18/14, 08:57AM

Real Estate Development & New Home Construction

552 topics, 4679 posts — Last Post 04/17/14, 10:10PM

Innovative Strategies

703 topics, 6027 posts — Last Post 04/18/14, 08:48AM

Tax Liens, Notes, Paper, & Cash Flows Discussion

865 topics, 6668 posts — Last Post 04/18/14, 08:43AM

Rent to Own a.k.a. Lease Purchase, Lease Options

692 topics, 4872 posts — Last Post 04/18/14, 08:57AM

1031 Exchanges

143 topics, 1054 posts — Last Post 04/18/14, 08:41AM

Foreclosure Investing

General Foreclosure & Pre-Foreclosure Forums

1686 topics, 11285 posts — Last Post 04/17/14, 06:41PM

HUD, VA, and Tax Sales

414 topics, 3088 posts — Last Post 04/17/14, 07:35AM

REOs

1214 topics, 10570 posts — Last Post 04/17/14, 02:28PM

Short Sales

1534 topics, 13120 posts — Last Post 04/17/14, 04:44PM

Landlord & Tenant Forums

Landlord & Rental Property Questions

7194 topics, 70670 posts — Last Post 04/18/14, 09:01AM

Mobile Homes & Mobile Home Park Investing

638 topics, 5139 posts — Last Post 04/18/14, 06:11AM

Investor Basics

Starting Out

7693 topics, 60397 posts — Last Post 04/18/14, 09:15AM

Investor Psychology

430 topics, 6097 posts — Last Post 04/18/14, 07:58AM

General Real Estate Investing

4712 topics, 37166 posts — Last Post 04/18/14, 08:52AM

Real Estate Investor Marketing

1730 topics, 14091 posts — Last Post 04/17/14, 06:21PM

Commercial Real Estate

Commercial Real Estate Investing Forum

1409 topics, 8983 posts — Last Post 04/17/14, 06:13PM

Multi-Family and Apartment Investing

1106 topics, 9196 posts — Last Post 04/18/14, 03:22AM

The Business of Real Estate

Real Estate Technology and the Internet

Real Estate Technology, Social Media & Blogging

638 topics, 4884 posts — Last Post 04/17/14, 02:08PM

Business Basics

Goals, Business Plans & Entities

830 topics, 7556 posts — Last Post 04/18/14, 09:13AM

Real Estate Finance & Legal

Financial, Tax, and Legal

Tax, Legal Issues, Contracts, Self-Directed IRA

2784 topics, 19998 posts — Last Post 04/18/14, 08:30AM

Property Insurance

309 topics, 2045 posts — Last Post 04/17/14, 07:41PM

Personal Finance Discussion

328 topics, 2730 posts — Last Post 04/17/14, 04:56PM

Loans, Mortgages, Credit Lines

Private & Conventional Lending Discussion

2830 topics, 19685 posts — Last Post 04/18/14, 08:41AM

Creative Real Estate Financing

1207 topics, 8762 posts — Last Post 04/17/14, 03:35PM

Crowdfunding Real Estate

35 topics, 459 posts — Last Post 04/18/14, 09:06AM

Real Estate Professionals

Real Estate Professionals

Real Estate Agents

1208 topics, 7966 posts — Last Post 04/18/14, 09:06AM

Bankers, Lenders, and Mortgage Brokers

441 topics, 1921 posts — Last Post 04/18/14, 07:22AM

Contractors

268 topics, 1684 posts — Last Post 04/18/14, 07:43AM

Local Real Estate

Local Real Estate

Local Real Estate Networking & Recommendations

1984 topics, 11590 posts — Last Post 04/18/14, 08:46AM

Americans & International Real Estate

161 topics, 566 posts — Last Post 04/14/14, 11:19AM

Foreigners Buying in the USA

62 topics, 409 posts — Last Post 04/10/14, 06:27AM

Canadian Real Estate

64 topics, 428 posts — Last Post 04/18/14, 04:22AM

Marketplace

Real Estate Marketplace

Real Estate Marketplace

15006 topics, 53921 posts — Last Post 04/18/14, 09:14AM

Real Estate Events and Happenings

163 topics, 2490 posts — Last Post 04/18/14, 08:49AM

Off-Topic

Off Topic

Off-Topic

2903 topics, 32402 posts — Last Post 04/18/14, 07:21AM

Housing News & Real Estate Market

914 topics, 8351 posts — Last Post 04/17/14, 08:41AM

BiggerPockets Real Estate Investing Summit

97 topics, 1751 posts — Last Post 04/10/14, 02:27PM

BiggerPockets Resources

Forums » Starting Out » 3 family possible wholesale

3 family possible wholesale

7 posts by 5 users

Signup

· springfield, Massachusetts


I met an investor who is selling a three family house in an ok area, i asked him about seller financing and terms/conditions, he seemed to have no clue what i was talking about, so im assuming he doesn't have much experience, he told me he just bought the house. At the end of the conversation he is not willing to do owner financing. He offered to finance 20% if i come up with the other 80%. He lives outside of the area and wants to sell asap.
I am interested in the property which is being sold for 80k, but I don't have that 80% he's asking for. I have heard that banks are not doing those kind of deals anymore, even though I have good credit and steady income from my full time job. I was wondering if it would be a good idea to try to find an investor to wholesale the property to and make few bucks. I have no clue how to go about it though. Any thoughts?! Thanks



SFR Investor · Wheat Ridge, Colorado


If you have good credit, good income, and 20-25% down, you should be able to get a bank loan for this property. Now, you probably cannot get a 80% loan from a bank plus 20% from the seller and buy it with none of your own money. The bank won't allow that.

First question for a possible wholesale deal would be what's it really worth? Second question is how much rehab is needed?


Jon Holdman, Flying Phoenix LLC


Residential Landlord · Lima, Ohio


Indra,

There are certain steps that need to be observed in all that we do in life if we are to achieve results! If you want to buy property, please secure financing prior to going out and looking for deals. If you want to wholesale, make the contacts first. Whenever you put the cart before the horse, you will end up just like the “investor” who needs to sell ASAP.


Small_logo_03Ben Leybovich, JustAskBenWhy.com
E-Mail: [email protected]
Telephone: 1.888.508.9643
Website: http://www.JustAskBenWhy.com
Ben Leybovich, Syndicator / Creator of Cash Flow Freedom University http://www.JustAskBenWhy.com


· springfield, Massachusetts


Thanks for your reply. 1 out of the three units is vacant, the other two are occupied with long term tenants. the vacant unit needs paint and minimal cosmetic work. I found two comps within a mile one going for 140k and the other one for 145k. Now those are for sale, so i don't know if they could be used as a comp since they're not sold yet



· springfield, Massachusetts


Hello Ben thanks for you reply. I completely agree with you. Im just starting and i didn't look for the deal, a friend of mind got me in contact with the property owner, and because I don't have financing in place my first question to the owner was if he did owner financing.



Real Estate Investor · Los Angeles, California


Hi Indra,

I am wondering why he would be selling if he just bought it. Is he a flipper/wholesaler himself?

Also you mentioned other homes for sale, but those can't be used as comps. Asking prices don't mean much at all and are never used for comps. Comps are recent sales of comparable properties in the same area.

As that is a good suggestion to secure financing prior to purchasing then you can prove that you have the ability to purchase.



SFR Investor · Atglen, Pennsylvania


@Indra H. you are right in questioning if these would be considered comps. Find sold properties for comps.





Sign up