All Forum Posts by: Account Closed

K. Marie Poe, excellent advice. I plan on having at least 6 rehabbers take a look at the property. Would you recommend that I try to find more? I will look for their feedback and respect it. When it comes to the repairs it's definitely speculation. I try to pick a number based on minimal work, moderate, and major. I hope 80-90k will cover it but if after showing this to the best players I know, I get different feedback, I left myself room to adjust. Thanks so much for the advice.

J Scott, thank you brother. Thats the direction I'll take. Thanks a lot for the advice. God bless.

My man Ibrahim, you always come through in a big way brother. We definitely have to get together one of these days and break bread. So i will go with the double close and use transactional funding to make it happen. Ibrahim, do you know how many additional fees I'll pay in NJ to do a double close. I am thankful to everyone, including Jenkins, for the input. Don't know what I would do if it wasn't for bigger pockets, lol.

That's why I am spending so much time on the forums today. I'd like to try to get this and understand thoroughly also J Scott what about purchasing the property in the trust or LLC does the seller still see how much I'm making when the end buyer steps in after I sell him my interest. I'm also going to talk with my attorney Monday morning just so we can make sure all our ducks are in line thank God with this deal it looks like I'll have some room in case I need to do a double close.

Last question, (I hope) if I use an LLC or trust to purchase the property and then sell it, doesn't the seller still know how much I'm making on their house? Just trying to figure out the best way to do this, thanks.

Is $300 all it costs to do a double close? What about transactional funding fees, closing costs, etc? Please excuse my ignorance,I've never done one of these and may need to with the current deal I'm working on.

Thisismy great advice because I'm getting ready to put a deal under contract where I stand to make a significant wholesale profit and I'm not worried about my end buyer caring about how much money I'm making but I'm more concerned about the seller and mainly the sellers attorney since I do live in New Jersey. So you guys would suggest staying away from the assignment and paying whatever I need to pay to do a double close is that the only option to keep from disclosing how much I am making? Thanks a lot.

Thanks for the tip Keith, I knew about the attorney review, but I was going to start showing the property while it was in attorney review. I do suppose that the terms of the deal could change while in attorney review so I can see why it makes sense to wait and I will. I just want to do everything I can to make sure I secure the buyers contract as soon as it makes sense to do so. I would think if you have a hot deal a good network of serious buyers, it shouldnt take 4 and 5 days to get the deal done. Once again I'm still very new to this and I appreciate the wealth of wisdom from you guys. Keith I will talk with you next week.

Thanks Will, that answers my question. You really have a lot of wisdom brother. I really appreciate the advice everyone and I will certainly keep everyone posted with the results of this deal. God bless.

I do a lot of marketing, thats how i found this deal. I'm not too big on sharing my exact marketing strategies, not yet at least. I'm not trying to be selfish but I'm building right now and going after market share in the north jersey area. I know this is a business of friendly competition but I don't know any other business where people come into an environment and talk about the details of their marketing strategy in the presence of their direct competition IN THEIR AREA. As far as the person really owning the home and all that, not the case here. I have tried a lot of things that don't work for wholesalers in Nj and learned some expensive lessons. I've also been blessed to find out what is currently working.

I would also disagree with anyone who says it doesn't sound realistic, I think a more suitable word would be "typical". I know wholesalers who have made more on deals. I don't think $45,000 is too far fetched if you find a great deal. Is this an everyday or every month deal, maybe not, but will deals like this pass my way occasionally in a $350k market, i have to believe they will and if i dont believe they will I'll never see it and wont have the guts to even make the offer. I made my mind up when I started that if people in AZ and FL are making 5-10k per deal on 100k houses, then My minimum profit on ANY wholesale deal should be 10k in my area where the average home is $250k-$400k. If I can't find deals at 50-65% of ARV then I'm not a wholesaler, I'm a wannabe.