All Forum Posts by: Brian Van Pelt

@Daisy Ferreiras It depends; If you are looking to lose money, then yes they are correct. 
I would recommend searching the forum and seen some of the other properties that have better numbers.

@Mike McCarthy not for the insured. I think I would rather use the money for a vacation while i'm alive.

I would think that the tax's on the additional income would make it a wash.

In addition you might (I'm not 100% sure) lose the 250K tax free deduction when you sell your primary residence, as it could be argued that it is ... well, a rental property and not your primary residence.

When you have multiple properties and travel between them, it makes sense, not so sure on a single residence or everyone would be doing it and it would be all over the news, internet.

A Realtor who can provide you a list of properties that fit your criteria. Then you can choose any mailing house to collate and mail your marketing piece. The realtor will eliminate home that have recently sold, on the market etc.

@Michael Johnson 

Zillow is awful as a source for property values. Most people don't understand that Zillow is a marketing company whose primary source of income is selling Buyer and Seller leads to realtors. Ak a realtor to run comps for you.

Why not just buy the property ? and if you can't assign the property, what are you planning on doing ?

Is this a a rehab and flip or a contract assignment ?

@Pankaj Kumar

You are pretty much SOL. You may want to speak to an accountant.

@Michael Henry

You are approaching this the wrong way.
. You are the landlord, You purchased the property with these issues already there. All of the responsibility is on you, Don't blame the inspector. 
. Don't blame the tenants for not speaking up during the due diligence, that was between you and the seller. Respect your tenants.
. Make a list of issues with the property and fix them. Treat the property like you live there.
. The three S's of Property Management are Safety, Security and Serenity . Fix problems in that order.
. If you don't know what items cost of items you need to start getting multiple bids on repair items
. If you have so many items that it will be a continual upkeep issue hire a part time or full time maintenance person.

@Trevon Randolph

@Russell Brazil is correct you cannot wholesale or assign a Bank Owned or REO property.

@Kaylin Williams

... and that is the issue. Your intent is to wholesale the property. Sellers are looking to sell their property. When you enter into a contract with the purpose of buying the property , you have your financing in place which includes proof of funds. By entering into a contract with the intent to consign the contract to a buyer, that's practicing real estate without a licence. Contracting without intending to purchase is also fraud.

any business its about your reputation , you build it one transaction at a time. I think you misunderstand what wholesaling is and is not in relationship to what is legal and what is illegal.