20+ properties for sale by owner

7 Replies

I think I need some insight on this

Okay so this is my first post here on bigger pockets and I pretty much have been reading forum after forum here at this site to get a better understanding of investing. Which has definitely opened my eyes as to how much goes into real estate. I’ve had a desire to get into wholesaling and eventually fix and flip but I have a full time job, two young boys and a stay at home mother to provide for so it’s kind of hard to find time.

Long story short...
I started to reach out and try to find deals, investors and motivated sellers. Today I inquired about one property and I came across somebody that had a loved one pass away and is moving across state. They own 20 rental properties and wants to sell all of them as soon as they can. He emailed me a spreadsheet of the properties, they’re addresses and the monthly cash flow of each including deductions for taxes and insurance.

How would an experienced wholesaler go about perusing this seller? All the properties are Fsbo. I believe and have a feeling there’s opportunity here.

Do I need to research comps and arv on each property and visit each on individually? try to find an investor to take on every property? Co-wholesale with a more experienced wholesaler???

I believe all the rentals are occupied besides 3.

Any insight or advice would be greatly appreciated!

I am sorry to hear about about that person... If you know some investors, this is a great opportunity to set an appointment to meet with them to discuss that you may have 20 investment properties that may be going out fast due to a family issue. If you have some down time, you should see the property yourself to determine its value. You don't have to let the investors know that you are doing a wholesale, though the seller would need to know that fact. If you can't find much investors, I recommend attending a local auction to seek out some investors to speak with and let them know that you have some upcoming investment properties that may interest investors and have coffee over business.

Uh are these in Olathe and duplex's by chance... Because if they are they're on MLS. If this isn't then uh check MLS as theres a ton on there huge influx of inventory.

I don't have access to the MLS and no they're not in Olathe.

Thanks for the reply Duke, I was afraid I would get negative responses. I plan on going to the next auction I can attend. I only reached out to this person to ask about the property they actually live in and he responded he had 20 more that he needs to sell. 

Originally posted by @Greg Phillips :

I don't have access to the MLS and no they're not in Olathe.

Thanks for the reply Duke, I was afraid I would get negative responses. I plan on going to the next auction I can attend. I only reached out to this person to ask about the property they actually live in and he responded he had 20 more that he needs to sell. 

 https://www.redfin.com/city/13544/KS/Olathe/filter...

there's like 30+ duplexs that all came on at once.

Try and get an idea where they are at with their numbers...like get a sample of a few properties and do the comps and see if the seller is reasonable. Otherwise you can do a lot of work and spend a lot of time with a seller that wants unrealistic prices. 

If you see some great deals, get them under contract, with a contract that allows you to assign, and then find some buyers. 

If I can get some of these properties under contract for 7 cents on the dollar it shouldn’t be to incredibly hard to find rental investors to purchase at 8 cents on the dollar If the rental already have cash flow? Right? Most of the properties are already rented out and under lease for up to 3 years.

Originally posted by @John W. :

Try and get an idea where they are at with their numbers...like get a sample of a few properties and do the comps and see if the seller is reasonable. Otherwise you can do a lot of work and spend a lot of time with a seller that wants unrealistic prices. 

If you see some great deals, get them under contract, with a contract that allows you to assign, and then find some buyers. 

Thanks! I talked to the seller today on the phone and he stated most ppl that have contacted him have made offers as low as 30 cents on the dollar. He’s looking more mid to upper range on his properties. He informed me if I could bring him offers in his range he would work with me. As far as I know rental property investors will buy deals as high as 80 or even 90/100 because if your not buying real estate you’re not increasing your net worth (read that somewhere lol)

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