All Forum Posts by: Fredy F.

Also let him know that you are trying to save a foreclosure from showing on his credit report, also let him know that you will do your best to put money in his pocket for moving expenses so he can start fresh.

how much does he owe on mortgage? how much are the repairs? when did he get the notice of default? since he's in the preforclosure stage he doesn't have time say no to an offer like that imo

thanks to everyone who contributed to this thread, helped a ton! thank you!

James Vermillion got it, thank you!

I read somewhere on here that it's possible, thanks

Im sorry i forgot to mention that this seller is in the preforeclosure stage just received the notice of default so they are more than willing to give up their $120,000 equity, otherwise lose the house right?

What if there is light repairs needed? Paint+ needs new carpet? Would that mean i can raise my assishnment fee?

Was i correct to add $15,000 to the original price to seller (for repairs) or am i supposed to minus the $15,000 from the $83,000 in possible repairs?

So, when making a sales contract with the seller, the sell price should already have our assignment fee included?

Hey guys I wanted to share an example with everyone if its a "good deal" to wholesale to rehabbers.

3 bedroom 2.5 bath 1800 sq. ft 8800 sqft lot
Current Value: $200,000
LTV: about 72%
Homeowners owe about $80,000 on mortgage

Am I correct to say that this is a good deal for me (wholesaler) and a potential buyer?
If my math is correct, If I negotiate a deal with distressed homeowner for $83,000 ($3,000 moving expenses+$80,000 to pay off their mortgage), put it under a contract now? or should I calculate how much repairs will cost? ok... let's say $15,000 in repairs needed.. Is selling the home to a rehabber for ($98,000 ($83,000+$15,000 in repairs) + my assignment fee of $15,000=) $113,000 a good deal for "everyone"?

FYI 70% of the current value ($200,000) is $140,000, would it be smarter to wholesale it for more and get higher assignment fee? $140,000-$113,000=$27,000 leftover. thanks all

since this topic is about wholesaling.. would this example be a "deal" (knock on homeowners door asap), a 3 bedroom 3 bath 1800sq.ft / 8700 sq ft. lot estimated value around $183,000 and equity/ltv $47,000 / 74%