All Forum Posts by: Gabrielle E.

Welcome @Jonathan Gonzalez! Great job for reaching out in the forums here on BP. I also suggest you go out to your local REIA (real estate investors association) meetings and offer your help on people's projects. Face to face contact is always really helpful with building connections. Search on meetup.com to find real estate meet ups in your area. Congrats again! You're getting started at a great time in your life :)

Hi Brandon, welcome to engaging in the forums!

You should go to Craigslist and contact local wholesalers in your area who have access to off-market real estate deals. These properties will typically be priced below market value. Respond to all of the "We Buy Houses" ads and say you're a cash buyer who's interested in buying off-market deals. They'll collect your email and phone number and send you deals directly.

If you want to take a direct approach to getting deals on your own, you could get in direct contact with homeowners who are interested in selling their home but haven't listed the house for sale yet. This allows you to make an offer directly to the home owner and buy the house before it ever hits the market. There are several ways to get in contact with these owners - I suggest mailing or calling owners to start out. Do some research on skip tracing or direct mail to determine how to get started. I think these are the best ways to get deals at a discount and avoid the competition on the market.

@John Thedford your partner is the investor you're assigning the deal to. This person is your financial partner aka the end buyer who will buy the property/fund the deal

Put $100k on the Purchase and Sale Agreement as the total purchase price between you and the seller. The agreement should say the seller will pay any outstanding taxes, liens, and fees from this amount. Make sure you Purchase and Sale Agreement has contingencies for inspection and partner's approval.

When you have an end buyer, they will sign an Assignment Agreement for $110k. The Assignment Agreement should say the buyer pays all closing costs.

@Colin Charles Typically $1100 per month for a 3/1 in those zip codes. Zip codes like 23225 and 23227 can pull around $1300 per month for similar types of properties. Search gosection.com in Richmond, VA and they'll have a ton of examples for you :)

Time is of the essence with this deal. Buyer must act quickly!
Purchase the property AND the vacant lot for one contract sale price:
$99,999

1911 Boston Ave, Richmond, VA 23224 (House)

Purchase Price $85k (must also buy lot)
Repairs $25k
ARV $164.9k
Single family home
3 bed, 2 bath
2,177 sq ft

1915 Boston Ave, Richmond, VA 23224 (Lot)

Purchase Price $15k (must also buy house)
Build a 1200 sq ft house on this lot
Lot: 4,800 sqft
Lot width: 40 ft
Lot depth: 120 ft
Property Class: 101-R Single Family Vacant (R1-R7)
Zoning District: R-7 - Residential (Single & 2 Family Urban)
The lot previously contained a single family house

Buyer much purchase both house and lot for the purchase price above!

Link to pictures

https://www.dropbox.com/sh/ghoi88al0f1zgx3/AAAANNEhVD19yq7QmJj9B3vba?dl=0

Time is of the essence with this deal. Buyer must act quickly!

Contract sale price:
$135,000

Buy, rehab, rent, and refinance this property for maximum return on investment!

• Upstairs Unit 1: Framed for a 2 bedroom/1 bathroom unit

• Upstairs Unit 2: Framed for a 2 bedroom/1 bathroom unit

• Downstairs: Restaurant with bar, full kitchen, two restrooms, stage, and dance floor
  
  Zoning District: B-2 - Business (Community Business)
  Property Class: 450 - B Mixed Use
  3,322 sqft

Must close on or before August 14th!

Link to pictures:

https://www.dropbox.com/sh/rdnjuw4xizt97r0/AADNm8_bHB0WFwEAvSgt-YV6a?dl=0

Time is of the essence with this deal. Buyer must act quickly!

@Colin Charles I agree with @John Pierce. He gave you the perfect zip codes to look at. Renting to Section 8 tenants will bring you the most cash flow here as long as you get the right tenants in place. I'm a local wholesaler in Richmond and I send out deals that may interest you. You can also search Craigslist for other local wholesalers here who can bring you cash flowing properties below market value.

Please send details to [email protected]

@John Underwood I agree. I can see the point in not wasting a lot of time and money investing in a property where I can't have much control or ownership