All Forum Posts by: Derrick Sisney

Thank you guys for all the help. I am still learning the "equations" side of things, but this definitely gives me something to go off of when wholesaling a property.

Again thanks!!

The only question I asked was how to know if a "wholesale" house would be a good one to purchase.

I do not know if you can use the same equations for them all, so I thought I need to venture out and find out.

After seeing JON's "PK property analysis" I figured there was more than one way to do things.

So, I was browsing on this WONDERFUL WEBSITE and noticed alot of the same questions from newbies (including myself), and from a couple of people who are almost "vets".
I decided to make this post because if it is at all possible could some of you vets post your "equation" for seeing if a property could possibly be a good deal.
Please post for "renting a property", "flipping (rehabbing) a property", "wholesaling", "sub2"...whatever you can think of. I understand there is more to it than this, but I believe this could help some newbies, and people that could possibly just give up. Thanks in advance and look forward to seeing some posts from you veterans.

Derrick

I am curious. I have read about "How do you know if a deal is a good deal". My questions is is there a particular EQUATION that you use to ensure that you WILL make a profit of some sort.
I am not wanting to rent out a home as I am just getting started. But I am wanting to wholesale.

EXAMPLE: I found a property that is an REO and is estimated $15K worth of rehabbing. It is selling for $20K but when Rehabbed COULD be worth around $60K (which is what similar houses in the area sell for).

Any help with this would be great. I want to ensure that this MAY be a good one to start with. Thanks in advance.

I am just curious as to when I go to the courthouse to get names of people who have filed for foreclosure, etc. (to find homes to "wholesale"). Where do I need to go and who do I need to talk to? And will they just give me the information?

Lastly, can you tell me how to spot the best spots to purchase a home to wholesale? If online, what website?

Thank all of you so much for your help...it is greatly appreciated.

Hello, I am new here to this website and must say it is the best. But I have a question before I run out and buy a "wholesale property". It is my understanding that I need to have some type of "Corp." before I do this because of the whole "taxes" thing. Can someone tell me what they think is the best (LLC, Corp, etc) to fall under? Lastly I also understand that you need to get an Attorney. What type of Attorney? And what questions should I ask when "interviewing" an attorney to ensure that I get someone who WILL look out for me. Thank you for all the help.

Very respectfully,

Derrick