Contractor · Sterling Heights, MI · Member since 2020 · 43 posts · 8 votes
Ok so here’s the deal. I’m a total noob, and got lucky! I live in Florida, my land lord lives in Canada, and he owns a house in Michigan. Tonight, I got it bought for $1. It’s not a great house, but for a $1? Why not? Here’s my issue. I didn’t expect to end up doing this, I’m not not really 100% on the ins and outs. How do I get this under contract and sold? Somebody, anybody, help lol
Real Estate Consultant · Marietta, GA · Member since 2016 · 118 posts · 20 votes
6y
@Charlotte Dunford, you are too kind and you know you’re only as good as the people you work with. It’s been awesome working with you. @Gary Bimbo, happy to chat anytime. Feel free to send me a PM. Cheers!
Wholesaler · Sacramento, CA · Member since 2020 · 30 posts · 1 vote
6y
@Gary Bimbo
Do your comps. See what the numbers are for your ARV minus repairs. Ball park the repairs through pictures and whatever detail the owner gave you. If the numbers make sense, find a simple template contract through BP and send it over. After signed, open escrow and schedule a contractor to go through the property and give you a quote. Make sure your numbers match. Then look for your buyer and make sure your numbers are accurate. Once buyer agrees , send him contract to sign and send signed contract to escrow. Once escrow closes you get paid. Hope that helps. As basic as I can explain it
Contractor · Sterling Heights, MI · Member since 2020 · 43 posts · 8 votes
6y
@Siale Havili actually you explained it like your talking to a child, so thank you lol it sounds easy enough. There’s many ways to get comps, but which way would you use. On Redfin is listed sold for $41,000 and all houses in the area sold for $38,000- $44,000 and the highest number was $50,000. I know the pluming was missing in the kitchen. I know that gets pricy.
Wholesaler · Sacramento, CA · Member since 2020 · 30 posts · 1 vote
6y
@Gary Bimbo
1. Bedroom / Bathroom
2. Sq footage
3. Year built( I don’t go over ten years newer) if it was built in 1920, 1930 is as new as it gets.
4. Similar type of house( Just think “apples to apples”)
5. Use your 3-6 top comps and add what the dollar per sq ft was. Divide that total number from how many houses you used and use the average of that to see what yours will sale once rehabbed. Hope that helps.
Investor · Johns Creek, GA · Member since 2017 · 463 posts · 488 votes
6y
@Gary Bimbo I don't do wholesaler but I know an amazing wholesaler who I bought a mobile home from to fill my park. He lives in Australia and the home I closed with him was in GA. He is awesome at what he does. His name is Avrom Smith @avr
Real Estate Consultant · Marietta, GA · Member since 2016 · 118 posts · 20 votes
6y
@Charlotte Dunford, you are too kind and you know you’re only as good as the people you work with. It’s been awesome working with you. @Gary Bimbo, happy to chat anytime. Feel free to send me a PM. Cheers!
Contractor · Sterling Heights, MI · Member since 2020 · 43 posts · 8 votes
6y
@Jingwen Dunford I just found him and and now I’m just waiting. If he’s in Australia, I wonder if he’s up right now. He’s an far From Florida, and the house in Michigan, lmfao this is nuts.
Real Estate Agent · Kalamazoo, MI · Member since 2016 · 223 posts · 26 votes
6y
@Gary Bimbo you need to find someone local to help you with this. Specially being new there are so many factors to consider. I would highly recommend connecting with someone local. If you want to PM me location of house I might have someone that buys in that area.