All Forum Posts by: JR T.

If you are actually wholesaling the properties you could deduct it as a business expense of your wholesaling business. 

Its too small dollar for a flip, you won't net out 15k. The median income tells me it could take awhile to sell at 60. 

What would it rent for?

I do a gut check anytime I catch myself doing work to figure out how to make a deal work instead of my normal viewpoint which is to search out reasons to pass.

Dont try to become an investor in an area that you know nothing about. There are too many intricacies in local RE marlets any data you receive not tied to a specific property will be useless anyway

Nothing personal but if there's one for sure fact in your post it's that your projections are crap. Nothing in the world should make you suspect your projected cash flow will be more accurate than your first two guesses on price. 

Plenty of deals out there. Follow your wifes advice and dedicate 30 minures to an hour a day to study your market.

Budget 50% of your rents for those expenses in that sort of property. 

If you complete and sell the home in four months you will pay over 30% APR for this loan.

Another red flag on your deal is how you're calculating your  after repair value. You need to find comps that have everything you're putting in so you have a real idea what to expect in the market. How much you choose to spend on a rehab will be meaningless to potential buyers.

Don't forget to reevaluate your economics accounting for up to 9 months carrying costs loan fees etc. I don't think this is worth your time unless you can get by without the financing.

Wholesaling is totally dependant on finding a stupid sucker who can be tricked out of their home equity. Far fewer of those in commercial than residential and the few you might find will have access to professional advisors all of whom will tell the owner not to waste any time with a wholesaler.

If you want to wholesale commercial buy a vacant building lease it up and resell on your cap rate. Plenty of competition doing this everywhere.

The historical society people are concerned with the outside appearance of the home. Anything that you have to do to the outside is going to have to be done with the materials and in the manner it would have been for the historical district. The inside stuff is generally none of their business. Make sure you read the covenants completely before making any offer.

Around $1,000 to find a qualified tenant maybe $950

It doesn't sound like it's "your money." You did not close nor cancel your agreement within the specified review period. For failing to perform your duties under the contract the seller gets to keep your deposit.

What exactly are you having trouble understanding?