All Forum Posts by: Jenna Gainey

We are brand new and are in the process of putting an offer in on a property we plan to flip. Before we present our plan and the all the numbers to our "coach", I want to be sure I understand one thing. The flip calculator allows me to arrive at my "maximum allowable offer ". Let's say my max offer is $85,000. So, then how much should my total finance amount me?? Here's the calculation I used: AVR minus 20% for profit margin, minus 10% misc costs, minus cost of repairs= max allowable offer. Help!

thanks @Mike Webb! We will definitely be at the next Hub City REIA meeting . We are checking out 3 properties over the weekend for potential wholesale. We will definitely keep in touch! I'll send out contact info!

Thanks so much @Andrew Kwiatkowski! Your inbox has two messages from me awaiting ! 

I do understand that wholesaling is frowned upon by many. However, it is indeed a way for those who are just getting started and needing to build a capital gain to do so in order to pursue other types of REI . A person of good integrity should make sure everyone profits; the seller, you as the buyer and then your end-buyer. I'm cheering you on Riley Hinshaw as long as your integrity remains of your purpose of the transaction (with or without disclosing your profit). If I stepped on any toes here, that wasn't my intention.

Are you trying to make a wholesale transaction? If so, rest assured that nothing your doing is disingenuous ! My advice just from education I have received (and not actual experience...YET) is to reach out to your cash buyer once you have all your calculations done and know the least amount you want to sell property to your cash buyer for . If cash buyer gives you green light and you secure your earnest money from he/she then go ahead and write up contract with current owner of home. Double close if you'd rather the owner not know how much you made off the transaction (my mentor double closes all of her wholesales because she doesn't want the original seller to know how much she made off the transaction either). Maintain your integrity, only say as much as you need.... To my knowledge , nowhere in the rule book does it say that your profit needs to be made available to seller .

Is anyone in WV familiar with the laws of paying a third party a finders fee for finding me a property? What about vise versa ; paying me the finders fee when I find a property for a buyer?

Great advice! Thank you!

Hi all! We live in Martinsburg, WV and are within 20 minutes of Northern Va, MD and 45 minutes from DC. We are interested in learning the ins and outs of real estate investing with more focus on wholesaling, flipping, buy & holds and maybe even house hacking. We have ZERO experience and are very eager to learn how others got started- on your own or with help from others? 

Much Thanks,

-Matthew and Jenna Gainey