All Forum Posts by: Alex Huegle

Hello all!

Newbie wholesaler here and I've utilized this site for lots of advice so I'm hoping to this will work again.

I just looked at a property with my contractor and the potential for a great deal is there with very motivated sellers, but I was wondering people's experiences in offering home owners a sale price of less than the land value of the property?

The house we viewed sits on just a shade under 1/2 an acre with a land value of 36k, but sticking with the wholesale formula in order to get this property I would need it at 20k max.

If anyone could offer any advice or tips from past experiences on how to frame up this conversation I would greatly appreciate it. To me it's basic math. While the land may be valued a certain number, given the condition of the house the repair costs will simply eat into that number in order to turn a profit.

Thanks!

Thanks so much for the great input Aaron! Truly helpful!

I agree with you, my lack of understanding of all this definitely sets me back, but I'm pretty much brand new to this so I'm still learning the ins and outs.

There isn't a mortgage on the property, she only owes the taxes. She originally bought it to make an investment property but then was not able to afford the repairs and essentially stopped paying attention to it all together.

The $500 is just her wanting to be done with the headache.

So I have an extremely motivated seller wanting to get rid of a 3-family property for 500 dollars. It's in extremely rough condition, but could be a decent cash-flow property if done correctly.

The problem as I see it that the property currently has 4300 in back taxes.

The lady selling the property now is listed as the owner on the auditor's website, but says she never transfered the deed into her name and didn't knwo there was back taxes when she bought it, and didn't pay taxes on the property while she attempted to repair it.

I'm not sure how this situation goes forward. I would've guessed taxes would've been settled at her closing but apparently not. So if I were to get this under contract and flip the dead, the owner now would have to pay all taxes correct?

Any advice would be super helpful!

Thanks for your insights, Alex. (great name btw)

Perhaps I wasn't clear enough in my explanation. Locked up meant we negotiated a price and he has accepted my offer, verbally at least. Now it's just a matter of getting the paperwork signed so I can market it.

I like your point about establishing myself as professional and how that will help me in the future. I think you're totally right in that point. I'm just excited to figure out and master this whole process given this is my first deal. It's definitely harder than how the gurus market it as, but to me it's exciting!

Hey all!

I'm a newbie to wholesaling and have just locked in my first deal! I've done all the leg work, found good comps, the whole nine yards and am starting to market the property once equitable rights have been established.

My main question is, how as wholesalers do we define ourselves to the seller? I've negotiated the lowest possible price from the seller who obviously wants the most out of his property, so I can't just tell him I'm marketing his property to other investors to make a profit can I? I'm just confused on how to make this as safe a transaction as possible in the off chance I can't sell this property to an investor.

Any advice would be amazing! I'm just having trouble framing up what exactly I'm doing to the seller to put him at ease, even though I'm not guaranteeing I'm selling his house.

Thanks!

Hello all! Newbie here from Cincinnati, excited to get started wholesaling here in the Queen City!

To give some background on me, I'm a young person eager to get into the game and make a life working for myself and not for a company for ever. I've been reading books and articles, listening to podcasts and webinars, and am excited to just get off my butt and get to it!

I know it will be tough considering I'm so green and working a full-time job, but I think the best way to learn is to do, so that's what I'm going to do!

If anyone is interested in networking, or has any tips to share I'd love any words of wisdom.

Thanks!