All Forum Posts by: Jason Cummins

Gotta be honest. That is such a broad question. To answer that would take hours upon hours.

I would look up in the REI marketing forum on here, and browse to see what other people do to market their properties.

Sure you can. If you can find a buyer for it.

contingent on approval of partner

contingent on inspection

If you are asking if the realtors already have the deals in place if they have a sign, I am sure, yes that they do.

It is possible to wholesale these deals, but VERY hard. Most of the time it will not happen.

Leave these alone for the most part.

I've seen plenty of wholesalers ask for $2,000.

I usually ask for $1,000. To me $1,000 is plenty that an investor would not just want to throw away and would close the deal.

But again, I have seen people ask for $2,000 and people do pay it.

Here is how I see this deal according to the numbers provided.

If you were to wholesale this property. Knowing that end buyers want properties that are 70% or lower of the ARV, let's do some math.

According to these numbers, the ARV is $111,000. So 70% of $111,000 is $77,000.

We then subtract from $77,000 the repair costs. Acorrding to this deal that number is $0.00. Just for show, $77,000 - $0.00 = $77,000.

From this number we would subtract what we want to make on this deal.

What we know though is the people want $75,000 for it. That would leave room for a $2,000 assignment fee on this deal. Which is why I mentioned maybe trying to offer lower than the $75,000, maybe $69,000. You would then have a $7,000 spread you can work with and possibly make.

As far as choosing between rehabbing and wholesaleing it all depends on your risk factor. There is MUCH less risk with wholesaling as you never really own the property. But you can make much more as a rehabber if you have the stomach and the know how to do so.

In comparison, if the offer stays at $75,000. You would only make $2,000 on this deal as a wholesaler. Not bad for not much work. But if you want to make more risk and you are a rehabber and want to buy and sell retail, then you can make around 27,000 if it sells for the $111,000.00 (111,000 minus $75,000 is actually $36,000, but then I figured closing costs and realtor fee's of around $9,000, so that makes $27,000)

I rarely attent REI clubs to be completely honest. I do most of my networking through the deals that I get. If you have a good deal and market it correctly you will have all sorts of people calling you and networking opportunities.

Look in your paper or local penny saver and look up the ads that say WE BUY HOUSES and just start talking to everyone. Ask them if they are wholesalers or direct buyers. Just talk with em.

You would definitely make more money retailing it. So if you can swing it, then do it. The deal is VERY close to 70% of ARV. You will not make much wholesaling this deal, but you should do pretty good if you buy it and flip it retail.

Obviously depending on if the ARV you mentioned is accurate.

I would also try to offer lower to see if that is possible at all. Maybe $69,000?

Dan hit the nail on the head. What I was trying to say with too many words!

:)

My advice is to continue to try and make that buyers list. You will create a good buyers list once you have a good property to sell as well.

Focus your efforts, it seems as if you are a bit scattered. Figure out what kind of properties you want to try and wholesale. Find out what the bread and butter houses are where you live. Find out what all of the other wholesalers in your town are selling in general, then target those houses.

Do some driving around looking for abandoned run down houses. Try to recruit some birddogs, and last but not least make sure everyone knows that you buy houses cash.