All Forum Posts by: David M.
David M. has started 2 posts and replied 21 times.
Post: Re: Partner Opportunities by SummitCapital Partners

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
This is a great conversation. I am also interested in wholesaling some multifamily properties. I am very curious to understand how to handle the earnest money. In my area, sellers typically expect a significant (>$10,000) EMD once the purchase and sale agreement is signed. How does the wholesaler protect this? Do you normally collect a deposit from the buyer that is greater than the earnest money deposit? Also, people seem to rarely buy multifamily in cash around here. Financing takes time so deals usually take at least 60 days to close. Does anyone have experience with wholesaling in these conditions? Does that complicate the wholesaling process? Thanks!
Post: Hudson and Marshall counter offer.

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
Hi @Maurice George. That's right. I won the auction but since I was the only bidder, I won it at the starting price. Then the bank (who owned the house), rejected the offer. Bottom line was they had a price in mind that they would not go below. Finally in a later auction I believe the bank bidded against me until their price was reached. It was a very awkward and difficulty process. However, I ultimately got the house for $175K and it needed almost no repairs. It's now worth $280K and is rented for $1800 per month. So it was a good deal in my opinion. I recommend this route but be patient and keep working it. And always use your own trusted title and escrow company!
Post: Need referrals on inspector/lender/property manager/CPA/attorney

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
Hi. I know this is an old post, but I am looking for referrals for some of the same professionals in the Seattle-Tacoma area. Any leads are appreciated.
Post: Anyone have experience with Elite Funding Group LLC

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
Post: Anyone have experience with Elite Funding Group LLC

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
Post: Anyone have experience with Elite Funding Group LLC

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
Post: How to value commercial land

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
Post: How to value commercial land

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10
Thanks, @James C. I think we figured it out. We estimated it by determining highest and best use of the land (1-3 bedroom apartments) and estimating the income that would generate. From that we used the cap rate to estimate the value of the hypothetical apartment building. We then estimated construction costs and subtracted them (along with developer profit) to estimate the value of the land. I think we got pretty close and a local commercial appraiser has concurred with the estimate. Still negotiating with potential sellers.
Post: How to value commercial land

- Investor
- Ravensdale, WA
- Posts 21
- Votes 10