All Forum Posts by: Bill Plymouth

@Idan Narotzki 10 days isn’t an awfully long time.  What’s the average DOM for rentals in that market?  

I second the opinion that FB market place is a solid place to put your property.  

@Account Closed agents usually put a contingency in the contract that says if the property is sold x amount of time after the contract they still get compensated.  

Honor contracts or else no one is going to wanna work with you. 

@Derrick Alexis is there enough meat on the bone for the buyer to pay the taxes?  If the property is currently valued at 100k (just using an easy number) add the taxes and your fee.  Does it still constitute a good deal for an investor?  If not, then move on to the next one. 

@Jeffrey M. go to your local REI association meet up. You'll run into a bunch. Make sure you find an experienced and reputable wholesaler. Inexperienced wholesalers who cannot property analyze a deal can be detrimental to your career.

24 is when I started learning.  By the time I’m 27 I’ll have my first rental.  I’m buying at the end of next year.  I wish I started sooner 

@Alex T. it sure makes the process more difficult.  I wonder if this is a bigger plan enacted to help slow down gentrification.  

@Alex T. from what I understand, this is being enacted to make it more difficult for shady developers/flippers to hide behind their LLCs.  As far as my source tell source tells me, all non occupied rehabs will require plans.  When it comes to people moving in after rehab, I assume they will have a separate process. 

@Andrew Marzec you’ve gotten some great advice up above.  You are completely within your rights to have her keep paying, but if this “serious medical problem” is real the girl won’t be able to work to pay that 500/month and your putting stress on a family that may be going through a rough time.  They could also be lying through their teeth.  I think you’re on with a fine idea of just keeping their deposit.  If they can somehow prove serious medical issues arose, I would even refund a portion of the deposit and keep the rest for repairs or lost rent.  I would tell mom to kick rocks, if she isn’t on the lease, and speak directly with the daughter though.  

@Stacy Griffith I agree with @Wayne Brooks.  See what the builders paid for them.  

How many square feet are the new construction homes.  Some of the developers in my market that I know, pay 150-200 a square foot to build from the ground up.  For example a 1500 sqft property could cost about 300k to build.  Depending on his costs, it could cost more or less to build the same property.  considering your new builds are going for 1-2 million, I would assume they are going to be bigger.  These are also luxury properties.  The cost could be way higher due to the use of higher end material.  If you’re looking to wholesale to that specific builder, Dig a little deeper into his number so that you can better filter deals you want to send him. 

@Jessica Barnes as @Philip Ganz suggested look into the FHA 203k. You can purchase a property that a typical fha loan wouldn't finance. On top of that, the bank will finance the rehab costs. If you do it right, You can move in with some serious equity, refi a year down the line, and then purchase a new property. It's like the poor man's BRRRR. The only issue with it is that you have to use a HUD approved contractor. You can't do the work yourself.

Also keep in mind, as mentioned by @Federico Gutierrez the market is pretty hot. Going on with an FHA may make it difficult if. I would suggest targeting off market Properties. It's a higher chance that the seller won't be getting competing offers.