All Forum Posts by: Craig Hunt

I'd fire him.... for unsat performance and bad attitude. You're the client, not some distant second cousin that has six toes and lives in the cellar. Don't like your property managers - Reward them - if they are good. If not, find another. I would recommend trying new ones on trial basis... Maybe two with a couple of properties for a while and pick the best. Don't sign a long term contract initially. 

Maybe your places are real dumps with nightly shootings or the PM not doing service calls, or something else. I don't know. But even in those towns, that performance for rentals is not the norm for properties in NWI. At least what I've heard from other landlords locally. They may have occasional evictions, but not as many as you've had. Screening is critical. Property refreshes are not cheap so spend time & money on finding the right people. Or sell them on a long-term contract instead of renting. I'll send you a couple of recommendations in next couple of days via email.   

Cath, I'm in Valparaiso. If you still need assistance or a referral for commercial RE let me know. Contact me offline.  - Craig

I'd use existing public records and GIS and other area graphics until you have an offer then you can split the cost or offer the survey as incentive. Can't see how this would be enough of a carrot. Sounds like you have not found the right buyer yet. Usually when I've selecting commercial / light industrial sites, I or my buyers want the land because the location fits their intended purposes then we do the due diligence for encumbrances, environmental issues, etc. Land can be slow to move on the marketplace. But when it does come time, Dave is right the value added for a complete ALTA survey is very beneficial for planning and due diligence for developer. 

Three bedrooms sell better but depends on what part of town and variables about the house like layout, how nice the renovations, style, etc. for example, Generally, most things in Chesterton sell well unless they're overpriced. In the past 6 months, the average days on market for 2 bedroom SFR in Chesterton was 60-99 days. Higher priced ones on the market over 140 days. If you can hold it for over 90 days before putting on the market, you'll be able to get FHA homebuyers without worrying about their 90 day exclusion period. Not sure where the house is but if it's local, I can send you a CMA to get a feel for prices. just shoot me a message or email. hope that helps.

Jennifer, I recommend you do more research of the law in your state and the definition of wholesaling before you do anything and be wary of advice on this thread. A REALTOR / licensed broker can help you get reliable data, like true sold comps, market trends, potential buyers, etc. They may have off market or pocket listings not on the MLS as well. But most do not understand or are not familiar with wholesaling or owner financing. Real estate comes with a bundle of rights. When you wholesale a property you are buying a property (you're NOT selling property for another for some type of consideration, which requires a license in most states). As a buyer with an agreement to purchase property, you have certain marketable rights depending on your contract. If you have another interested party that may pay more than your agreed price, then you may assign the contract or agree to sell later the property. Most investors that I work with will not (and should not) buy a "wholesale" property off the MLS. It essentially is retail by then. Hope this helps!

Doesn't look like enough profit for a Rehabber. Depending on your payments vs rent rate, you could do land contract or contract for deed with equity for repairs to the property, or "work for equity" - they provide repairs and get discount off back of full price property. You likely won't get a cash payoff but may be able to get repairs done plus a monthly spread. They get to live in and buy property. This is an option I look at when carrying two mortgage. Otherwise you might get equity loan fix it and sell it on it meets FHA criteria for inspections.

Hi, any other meet ups planned in NWI?

Kim, Great comments from Mike and Larry. There are different ways to doing co-wholesaling, definitely. A word of caution though: if you co-wholesale and plan to market the property or advertise the property for sale (especially if you do it on your own separately) you should have something in writing that gives you equitable/marketable title to the property, unless you have a real estate license (to sell on behalf of another for consideration); it doesn't have be anything complicated but a written agreement with the other wholesaler as a joint venture or use a purchase contract that has contingencies to give you an flexible easy out. This is to protect you so you have an owner's interest. I would check the definition of laws in your state.

Luis, I missed the podcast but I would recommend doing research in your area and attending a local real estate investment group. Networking and marketing will be key factors to helping find both properties and fellow buyers. Generally the REIAs are mixture of buy&hold, buy&fix, wholesalers (some people do all three depending on situation) and vendors. If wholesaling, bringing legitimate deals to the table will yield serious buyers. But it's good to know what buyers are looking for. Commonly a formula for wholesaling is After Repair Value(ARV) x 0.70 - needed repairs/ updates = sales price - wholesale fee = purchase price. Although the percentage depends on your area and the specific deal. For equity/profit margin, it depends on after use intent (rental or retail sale) of the property; a common guideline for flipping rehab is a minimum profit of 20% or $20,000 that I've seen. Otherwise it may not worth the effort but that is why it is good to assess what your market is like and what cash buyers are looking for. Hope that helps! You'll find much info here on BP. The key to success is taking ACTION!!! Don't over analyze. Just do it!

Mike, Lovin' it!!! Thanks for posting!