All Forum Posts by: Denise Turnipseed

 Hi Kenya, I'm new at this as well and also working on the first deal. Since you are the wholesaler and will be assigning the contract, you should not have to pay out any fees. The closing cost will be handled by the buyer.  

 I hope this helps, and let me know how it goes. 

 Denise Turnipseed

I have a relative in NJ who is in a reverse mortgage, but because of unpaid taxes, has received a notice of impending foreclosure.  Prior to this happening, is it possible and legal for me to act as a wholesaler for this house? If so, what would be my process (bank approval first?) and is my timeline to have this done prior to tax sale - or sooner than that? Also, is the amount due the bank an amount that can be negotiated?

Any advice about reverse mortgages would be greatly appreciated.

Thanks, BP community.

I'll definitely keep you posted, @Account Closed  - I'll look into that market a bit more and will revisit my numbers. The seller tells me he does this often but is not a pro. Will appropriate clauses in the contract also protect against a cloud on the title?

Thanks, all. 

Thanks for the advice, @Account Closed. I especially appreciate the tip of allowing my buyers to make more of a profit, which is what I need to grow my business!

Thanks for making us aware.  It's important to take precautions.

I'm  talking to a seller about a possible deal. The seller just bought his house at an auction a week ago and is looking to sell it, which is what he does. Since he is the owner, and not the middleman,  this is still a wholesale opportunity, correct? 

Secondly, this is a two bedroom one bathroom house being sold for $45,000, square footage is 1,662 and it is sitting on a 2 acre lot. According to a few rehab calculators, the rehab price is approximately $20,000, but I feel safer of $25,000. Based on comparables, the ARV I'm coming up with is $135,000. Using the 70% rule, (60% really), I'm looking at offering 41,000.

 Given all of these variables, do I have a deal?  Any advice would be greatly appreciated, as I'm a newbie and this will be my first deal, hopefully. 

 Thanks. 

Hi @Account Closed. I'm also new to BP, and am looking to connect wholesalers & investors.  I'm in Gwinnett county near Atlanta, and am looking to get some deals done.  It's good to meet you.

Thanks for the welcome, @Dwayne B.. I'm sure i'll have lots of questions. I'm looking to join in on some networking events, and learn as much as I can from this site. 

Thanks for the welcome, @Account Closed, @Murray Cronia, and for the article link @Brett Snodgrass.  I'm looking forward to learning from and growing through & with the Bigger Pockets community @Jack Butala and @Taneka Nesbitt. I certainly will be contacting you for deals, @Sam Amad.

Congrats on your first flip! It sounds like it was a great learning experience.  I'm just outside of Atlanta, and am looking forward to nailing down my first rehab job.