All Forum Posts by: Glenn Espinosa

I'm with J Scott in that I would almost be immediately turned off if I had to bid against other investors on a wholesaler's property.

Find out how much profit you as a wholesaler want to make on a property and price it accordingly. A bidding process might net you a few thousand while also alienating a portion of your buyers list.

The realtor that I have worked with the past year and a half has expressed reluctance in submitting a few of my offers. He thinks some of my offers are just too low and that they're a waste of time.

My question is, do some of you non realtors seek out the listing agent or broker directly and if so, what type of reception have you received. Could I possibly submit offers without a realtor and intice them with double commission by having them represent me also?

Does anyone do this?

Your options really depend on a lot of factors such as how much cash you have, your risk tolerance, how much the house is worth, how much the rehab will be, etc.

My gut says to start advertising for an end buyer such as a rehabber and see if anyone jumps on it. If it is truly a deal and both parties can walk away with profit then you shouldn't have a hard time wholesaling it. In the mean time get some contractors in there and get some hard rehab numbers that you can showcase to your potential buyers.

Hey Uwe,

Thanks for your time on this weird floorplan. Yes that upstairs bathroom is in a weird spot. And yes that back bathroom is just dumped in there in the middle of the room, lol. We're no longer looking to purchase this house as a flip, however. The floor plan is just too weird to me. Also, the numbers look good as a 2/1.5 rental. It would require 13k to get it into rental shape. So for 41k total investment it would rent for $925 - $950 easily in this area. Problem is that owner occupants have first look until December on this one.. We're gonna keep an eye out for it until then.

Haha yes and I knew I was going to be called out on that when I put up the pic. It was one of the items I had my electrician fix during the final, final walk through.

I've always received good feedback from perspective buyers from glass block windows in shower. They really do make all the difference in lighting.

The option you came up with David is very intriguing, however. What was the cost breakdown for the entire thing?

Heres a tile block window we did on my last rehab.

Congrats Joel! I will be the first to say that more than a handful of his posts have helped me tremendously in the past as I know they will in the future!

Thanks a lot for the reminder Andy. We are definitely looking for ways to increase our profit margin on this particular house. We are getting 3 bids from GC's today and from there we will be moving forward with the purchase offer if the numbers still work. What percentage of the GC bids could I conservatively save if we went with the subcontractor route. 10% on the safe side?

Glenn

Now if this isn't an innovative strategy (albeit fraud) then I don't know what is. Has anyone come across this in their local markets?

http://money.cnn.com/2012/10/23/real_estate/mortgage-fraud-flopping/index.html

What would you do to this floorplan in order to make it a 3/1.5 or better yet a 3/2?

The house is going for 28k and would need 35k to fix up in order to sell in the 110k range. Keeping it a 2 bedroom would net an ARV in 95k range.

Ideally I can find a cheap way to turn it into a 3/2 without doing a dormer.

Oh and that weird space in the front next to the living room... yeah that's gonna be opened up.

Thanks for any suggestions.

http://i.imgur.com/7ESQZ.jpg