All Forum Posts by: Gold Akabuaku

found a property with lots of potential in it and i cant for the life of me find the owner of the LLC. They bought the thing 20+ years ago. I see they have a registered agent. Am I allowed to call him to tell the owner to contact me or are they going to shield them? forgive me I dont know how this goes lol..

Hi all,

Im a bit conflicted here.. I have a deal in my hands and don't know how to go about it.

Seller lives in Connecticut. owns a vacant home in Ohio. willing to take 255k for it, ARV is 430k. confirmed comp. 30k in estimate repairs

Theres a caveat. Guy wants me to carry out a construction project/plan thing.. his house sits on 8 parcels of land (he owns). he did a lot of architectural/ construction imperative work all around the country when he worked- so he had constructed a plan he'd like for me to submit to the city to have them make a roadway connecting his high end neighborhood ( like already stated, arv is 430k) to an even higher end neighborhood that will be developing over the next year or two (already has a 1.2M house to start it off).  The roadway will be going through his 8 parcels of land in his backyard to complete the junction.The man is terminally ill and wants to make sure he sells his house to someone he knows won't just flip it and cashout, but to someone who will try to get his plan implemented before he passes. Fortunately for me, I've built lots and lots of rapport with this man, he has chosen me. He believes this roadway will make the neighborhood more profitable.

Unfortunately for me, i am brand new to the real estate world and do not have the funding to purchase the house.My intent when i initially called him was to wholesale the thing, but i may have struck gold. what would be my best next step moving forward? i don't want to run into a investor i do not trust, and assign the contract and them just cashout on flipping the house and ignoring the plan. i want to take matters into my own hands, so what would be the quickest, easiest, or perhaps smartest way to fund my deal? HML, PML or transaction funding?

Things to consider before a reply is submitted: I told him about my lack of experience, but our relationship has grown so much he doesn't care. We've been communicating for 4 months. He's an expert and he's willing to walk me step by step on how to get this thing carried out. he just wants this property off of his hands already. He's sick and old and lives states away.

we spoke on the phone, he wants to demolish the house and have the roadway connect to the two neighborhoods through hi's 8 parcels of land ( approximately 5 acres) and the new space the missing house will make.. a man had just bought a parcel next to his for 300k. so id be selling all 8 of his parcels that i will be owning if i get the funding to the city/ who will be constructing. so really i have a potential to make a lot off this deal if I'm thinking right

a very similar project had just took place 2 miles away. that same man is trying to get my seller to sell him the house instead so he can do this very plan, but he does not trust him, he knows the man well. he has sent me a map/ blueprint of that  already completed project as the comp to submit to the city.

Im 23, " GOOD" rating for my credit score, and in the military.

Anything helps. and i mean anything.

been wholesaling but my ultimate goal is to get into rehabbing/flips. I see BRRRR is the most "favored" method.. how much would be a good amount saved before I start my path? 10k? 20k? 50k?

Thanks for your responses!

@Lee Hampton Hey Lee, Thanks for the response. I'm aware that repairs aren't anything to take lightly, as the cost can be a difference between what's a deal and what's not. and Yes, I took all of that info down over our phone call. plumbing, HVAC, foundation, and roof all were good, so I was told. I'm taking info over the ear with a grain of salt, we both know we can't put 100% trust in what we are told about a property from the homeowner which is where the uncertainty in my post about the repair cost stems from.

My comp is solid. in the very same neighborhood, no new schools, tax rates, no major roadways, and no major anything in between, it's literally a couple of houses down. The tax assessor website in my area is where I got the Market Total Value from, but I'm just stating that's where he got his price from, I know comps are how we do our numbers. Can't wait to get eyes on the thing and hopefully lock it up 

Thank again.

@Caleb Brown I don't know anything about flips or I would. I thought id get my feet wet with real estate by starting out wholesaling. flips are hopefully my next journey once I build more knowledge/experience.

@Evan Polaski Hey, thanks for the response! The comp is surely a comp, very same neighborhood, no major roadways or anything major in between, but My suspicions match yours - the repair cost will probably be higher. 

selling myself short just came with my "first deal jitters". My thought process 1.) if my repair estimates are far off, I could make it up with a lower assignment fee. If I'm underselling and the deal happens to be way better than I thought, many cash buyers will hold interest anyways, giving the opportunity for me to take the highest offer which will add to my assignment fee in the end. 2.) Since I lack knowledge being that I'm a "newbie", I didn't know how much of a profit investors consider to be a decent profit. of course, money is money and most people would happily take 10k+ home, I didn't know how high I would put my assignment fee because I didn't want to make the mistake of making it too big, and then that ruining my being able to find a cash buyer because it made the overall pricing for the contract cost too much.. possible newbie overthinking of course.

With that being said, your last 2 sentences help a ton!! Thank you for that information. That's where A LOT of my confusion/ overthinking comes from. I don't want to be out here offering ridiculous "deals". 

You're great, thanks again.

@Remington Lyman Hey. If you want to, message me with your contact info and the types of properties you're looking for and I would be happy to send any deals I lock up your way!

@Sandra Morrison will definitely look into those, Thanks for the recommendations! any help is plenty.

youtube university did the trick for me... recommend watching Jerry Norton, Max Maxwell, and brent daniels. also join wholesaling/real estate investor groups on facebook Best of luck!

hey guys, I'm set up for a walkthrough for this property but I want to I kind of want to pitch an offer now. so maybe more info after the walkthrough but can I get some advice on how good of a deal this has the potential to be??

It's a Vacant Single family Home. 3 bedrooms/ 2.5 baths. 2502 sqft. ( owner doesn't want to let his friend live in it anymore, he moved to another state and is down being a "landlord."

ARV- Just one property that's .5 miles away for $355,000 - Also a SFH 3 beds/ 2.5 baths. 2226 sqft.

the market value is $255,000. The homeowner knows this, therefore told me he will sell his home no lower than 2$25,000 because he knows a little about real estate and decided he'll only go 10% under the market price of his home. hasn't been updated since 2014 and it's been vacant for about a year and a half now. so its not a wreck but needs updating but the kitchen has stainless steel appliances but can't paint a good picture until I get eyes on the property, this is info is all by ear..

my question is if I were to lock it under 225,000 rn, just so I can kind of get a visual, would I have the potential to reel in some cash buyers you think? I'm planning on starting negotiating pitch at 200,000 and then offering 215000 or 220000 as my final offer but if I were to lock it up at 225 would you guys think id still get a chance of getting It assigned if I were to list it at 235,000 with cash buyers? Given that this neighborhood is averaging $350k in newly bought homes, that'd be a good deal for investors right? just seeing if I have the right idea with numbers here. I'm new at this wholesaling thing.

I'm estimating the repairs @ 30,000-45,0000 based off what I've been told but who knows.. just hypothetically trying to paint a picture.

Thank you