All Forum Posts by: Brian Compton

@Adrien C. thanks so much for the response! And for the advice.  Truly appreciate it man.

--Brian

Where's this located in NC? I'm in Charlotte. I've been looking to do a similar strategy with MHs (as a wholesaler). I'll share this info with folks I know with more experience and see if they can provide some insight for you. Will get back to you.

--Brian

Thanks, @Account Closed

I am just planning on wholesaling. I don't really live near Pilot Mountain (where property is located) and have no interest in flipping in myself. I just want to find someone that is interested and do an "assignment of contract" with them.

I checked comps in that area and looked back to 2014 and 2015 and didn't really see anything. The property is out in the country so it wasn't as easy as finding a populated neighborhood in a larger town with tons of homes for sale. I didn't know how far back I should look or if there is any value in seeing what comps sold for many years ago? Again, that's part of me not really knowing what I'm doing so open to advice here as well, haha.

What would you suggest my next steps be?

1 -- make an offer at $90k? (with escape clause written in)

2 -- if accepted, find a contractor to estimate repair costs

3 -- if numbers add up, find an investor

Thanks again! Genuinely appreciate you taking the time to read / respond.

--Brian

Hi BP people,

This is my first post on the deal analysis and advice page so any and all advice is welcomed.

Totally new to REI so putting myself out there and making calls to FSBO to gain some experience. First strategy I am focusing on is wholesaling. Might have a decent first deal but hoping someone can help me fill in the gaps of additional information I need.

Owner listed property for $110k (Pilot Mountain, NC) 1300 sqft, 2 bed / 1 bath. Current estimated value is $123k

I asked him why he was selling and he said they bought a new place so currently have two mortgages until they can sell (motivated seller). He's been trying to sell for a couple months.

He said the only thing the home needs is the exterior needs to be painted. Inside has nice hardwood floors and roof is only a few years old.

Mortgage balance is ~$65k and monthly payments $600.

When I said we could pay in cash, he said he would consider taking $90k.

What other information do I need to take this to an investor to try and work on a wholesale deal?

Do I need to first get a contract in writing before seeking investors? (with an escape clause written in case I'm unable to find an investor in X amount of days)

Do I also find / hire a contractor to go give an estimate on repair values of the home before seeking investors?

Hope these questions aren't too novice. I look forward to some feedback and insights :)

--Brian

Haha, perfect! @Alex Franks I look forward to meeting you Monday evening.

Excellent. If i can get there by 830 or so I'll plan to at least stop in for a beer and meet a few folks in person.

Thanks!

@Dave Hurt how late do these typically run? I have another event at 630 so I most likely wouldn't be able to make it there until 8-830. Let me know!

Happy Easter weekend bud.

Be sure to setup your alerts for 'Raleigh' so you can get notified when people are talking about your area. Use this to help build your local team / network. Also be sure to find local meetups to go attend in person.

Welcome! I'm in Charlotte, sending you a message to connect.

Cheers!

Welcome, Derrick.

I'm in the exact same boat as you, just a week sooner. Lots of awesome folks to get connected with here in the Charlotte area. I'm attending a meetup tonight from 7-8 if you are interested in going? It'll be my first. I'm also starting with wholesaling.

I'll message you and we'll chat.

Looking forward to connecting and helping each other out!