All Forum Posts by: Dwaun Elam

I just closed on my first deal today!!! I can't believe I did it. I would like to thank all of investors on biggerpockets that helped me when I had questions. Picking up the check in the morning and then picking up my bandit signs. Gotta Keep it going. :D

Welcome to BP,

Good luck in all your endeavors from a fellow wholesaler.

Jon,

I was thinking the same thing as far as value of the house and the loan amount this is what I was debating over. As far as the insurance the owner lost the insurance on the home, he had it and let it go because he lost his job. I think it would be possible for the mortgage company to take less than the mortgage on the home. In it's present condition there is virtually no value.

Jon another question would i negotiate with the mortgage company to take less than the value of the home or should I just make my offer and leave it to the owner to take it to the mortgage company?111

I received a lead about a property that sustained major damage. The property has two mortgages a 1st valued at 81000 and a 2nd at 14000. The property now is no longer worth the 95,000 that is owed on it due to the damage. The owner is 3 months behind on payments and does not plan on making them up. The mortgage companies are assisting the owner giving him options to walk from the property because of the sustained damage.

My question and I hope someone can help is how would I wholesale this? Would it be a standard subject to or would I need to negotiate with the mortgage company, or would I leave the latter option to my end buyer. It's a nice home in a nice neighborhood great schools would make a great rehab project. Any help that you guys could provide would be greatly appreciated.

My exit strategy is to wholesale the property to an end buyer. 15 acres of land has been cleared and it is has been zoned for Single Family Homes. It can be subdivided into 4 10 acre subdivisions and has access to public utilities so it sounds like a good. As far as the worth the surrounding areas are going for anywhere from 8-10 per acre. I think this would make a good deal. Just need some help structuring it. Any suggestions would be appreciated.

I have a seller that is looking to unload about 40 acres. He is asking about 6K an acre but is willing to take less. My question is how do I structure this deal? Do I use the standard purchase and sale agreement? Or is there a different contract I use? Any help that you guys can pass on is greatly appreciated.

@ Mitch I was cruzin for cash and I found them sitting empty so I took down the address, sent the seller a simple typed up letter and now I have them under contract.

@Jon I couldn't believe I got these properties at these numbers either it kinda feels like a dream. How would you market these?

@Curt I think I will consider that.

I just locked up my first deal yesterday. I am so excited yet nervous at the same time, but I guess that goes without saying.

I contracted two properties from the same seller. He is in a bad situation and needs the money.

Now I don't really have any solid buyers to market to. So what I was looking for was some advice from the BP community. Put yourself in my shoes.

I will list some details on the properties so you guys know what I am working with.

Property #1

SFH

2605 SQFT

4 Bed 2 Bath

ARV 90K
Asking 28K
Repairs 12K(est)
Potential Profit 50K

Property #2

2541 SQFT

4bed 2 bath

ARV 120
Asking 50K OBO
Repairs 5-10K(est)
Potential Profit
60-65K

I am having some contractors come out today and take a look at them to confirm my estimates. I will be taking pics as well. I am unsure how to market these properties. They are in a historic district of the town. The state offers tax incentives to investors as well as a federal.

What would you guys do.

Derek,

I am a newbie as well I attempted my first direct mail campaign last week myself. I sent out about 9 letters just to see what would happen and I had one hit. It actually turned into a deal. I know this might be the exception to the rule. I say go for it do what you can and when you get that deal reinvest in your marketing budget.

Dwaun

Stinson,

He mentioned that he has been trying to get rid of them for some time. It seems he is trying to focus directly on his new projects he may or may not need the cash. But I suspect that he will be willing to get rid of these pretty cheap.