All Forum Posts by: Darvin Ezell

I have a potential deal that I may want to do, I wanted to get some insight from the members here. The property is bank owned in foreclosure and is a 4br 2ba with 1880 sq ft for $14,900. It needs about $25-30k in repairs. The comps in the area aren't good. 2 or 3 similar sized properties sold for $90,000 to $165,000 back in April, but most of the others went for around 40 and 50k(possibly because they needed rehab too) I can send over pictures and comps if anyone wants to help me analyze this deal, it would be my first? What questions should I ask the listing agent about the property? It's been on the market for a while.

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Originally posted by @Brandon M.:

Darvin,

Craigslist seems to be inundated with investors/brokers posting all of their properties on there, mainly because it is easiest and cheapest (Free!). I did locate one deal on there, you could tell it was a homeowner because it was POORLY written. As in it was hard to even make out from the post what she was even talking about. After meeting the seller she likely posted while on some illegal substance. We jumped on it as soon as we saw it and were lucky to be the first ones to contact her.

That being said i think GOOD deals on CL are few and far between. Too many people looking and posting. CL seems to be one of the easy/lazy ways to find a deal, the best luck with deals seem to be found by the people who are out hustling. Mailing letters, postcards, driving for dollars, knocking on doors, getting out and talking to people.

I have generally found CL has not been the best return for my time searching on there.

yea thats what it seems like. Even the wholesale deals i see on there dont arent priced good enough to make any money on a rehab. CL is looking like a waste of time unless some luck is involved with a one off situation like what you found.

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I have been looking on craigslist to try and find motivated sellers, but most of the ads I see on there are from other wholesalers trying to market their deals and arent motivated to negotiate. And most of the properties I see that could possibly be a deal have terrible comps and dont leave any room to make a profit from wholesaling or flipping it. Any one have luck with craigslist?

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I live in jacksonville and I am looking for a good title company to do business with, any suggestions?

Also if anyone knows any good general contractors that they use that would be appreciated also.

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I am new to investing and trying to get as much knowledge about wholesaling and investing. How do online tax and foreclosure auctions work and do people use private investors or hard money to pay for those auctions or do they already have the money available before placing their bid? Thanks in advance for the help.

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Originally posted by @Dev Horn:

You need to know a few things to make an offer:
1) The "comps" - what did similar houses sell for recently (need a real estate agent partner to get these from MLS)
2) The repairs needed on the subject property

To make it an apples-to-apples comparison, you need to understand the comp values in "$ per square foot" so you can apply that to your subject property. If comparable houses sold for an avg of $85 per sq ft, you multiply that times the sq footage of your subject property to determine the ARV (After Repaired Value).

The basic formula most investors use is:

ARV x 70% - Repairs

So if your subject house is 2000 sq ft and the comps are at $85 per sq ft, your ARV is $170,000. Let's say the repair estimate is $15,000. Your formula looks like:

170,000 x .7 - 15,000 = $104,000

That's what we'd typically offer for this example property.

Thanks for your answer!

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Ok say for example, the marketing that I have done has paid off and I generate some leads and get some calls coming in. I get a motivated seller that needs to sell their house and wants my help. How do I know what amount to offer them for their property? Is there a certain percentage of the Market Value that I offer them so i dont make my offer toooo low?

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I was dojng a public records search in my county to find absentee owners. What property market value do you typically search for less than $100k, more than $100k? I'm trying to filter out properties that may be too high in value.

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I've learned alot the past few months from this forum alone about real estate investing and wholesaling. I would love to work directly with some one thats experienced in this area. I could bring alot to the table as far as work ethic and attitude.

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I am looking for a private money lender in the jacksonville area to fund a deal that I have my eye on. Any contacts would be appreciated.

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All Forum Posts by: Darvin Ezell

Darvin Ezell has started 37 posts and replied 75 times.

Post: Doing a deal with bank owned property?

Post: Anyone have look getting leads on Craigslist?

Post: Anyone have look getting leads on Craigslist?

Post: Can anyone in Jacksonville, Fl suggest an investor friendly title company?

Post: Question about foreclosure and tax lien auctions???

Post: What % of the Market Value do you offer to motivated sellers to make a deal?

Post: What % of the Market Value do you offer to motivated sellers to make a deal?

Post: Market Value When Searching Absentee Owners?

Post: Anyone Looking For An Apprentice In The Jax, FL Area?

Post: Anybody know any Private Money Lenders/Investors in Jacksonville, Fl?