All Forum Posts by: Brian Pulaski

Is the property from the MLS? If so and you are trying to wholesale it, I'm almost sure if you put it on FB someone will see it who you wouldn't want seeing it. Does the realtor/seller know you are wholesaling it?

Let’s see the listing. This has been done multiple times on the forum and once the poster shows the listing they get feedback on why the house isn’t selling.

What info are you looking for?

You will need a real ARV. It's possible with a $180k max of some other house, this one may only be worth low $100k's. If it truly has the elements getting in and needs a complete gut rehab, the cost to renovate will exceed the ARV. That's the biggest issue with low priced property.

Every flipper is different, however unless the deal was great on paper not allowing an interior inspections will probably keep a good amount of them away. Unless they calculate an entire interior gut and redo of every single system, all interior finishes etc, which would mean the “asking” price will have to be low enough to make the risk worth it.

Running practice numbers is a good plan but at some point you won’t really know how solid they are until you push forward and get a deal going.

Just make sure to discuss with your attorney before you add liquidated damages into your contract. You need to make sure it is enforceable and if so what you need to do/provide on your end in case it comes to that point (you may need to keep track of their work through the project course, including delays beyond their control).

That doesn’t look good to me at face value. 90 days, I imagine with a $100,000 renovation your actual holding timeframe will be double that or more (most sales take a month anyway). This also assumes cash, unless I missed the financing in the calculations (although there are a LOT of values not included). If you are buying this, I would pass. If you are the wholesaler, there’s a lot more info you need in there, and for me at least and exterior only Inspection would have me questioning things.

Leads as in names and addresses or leads as in sellers with actual properties at good values? I would handle both very differently.

If someone asks you for a proof of funds, they probably know what you intend to do and don't want to be involved (the POF requirement is their way of calling your bluff, if I were selling I 100% would require it also). Just be careful, if you provide your own POF from your account or a HML and default on your contract (can't find a buyer and try to back out), the seller may very well go after you to force the contract.

How many flips have you done to date? If you haven’t done many/any I would highly recommend against jumping into trying to oversee a few at a time. You will be hiring contractors and often things won’t go smooth. I can’t imagine being new to this and having that many opportunities for projects to go off the rails without the knowledge to get them back on track.