All Forum Posts by: Joseph Arellano
Joseph Arellano has started 9 posts and replied 18 times.
Originally posted by @Cody Neumann:
@Joseph Arellano
What sort of work does it need? It is very tough to fix and flip a house if there are tenants there.
If you factor in a few thousand dollars to your budget you could offer the tenants that money to move out early.
very light rehab just cosmetics, paint job, bathroom tiles, wood floor. I am legally allowed to reach out to the tenants?
Originally posted by @Lorie Corica:
Hey Joseph, where is the property located? What state?
It is located in California
I currently have a great lead for a fix and flip with the owner willing to sell at a great price. the only problem is there is a tenant there with a lease for a year and a half. What should I do?
Originally posted by @Jim Pellerin:
Originally posted by @Joseph Arellano:
Yes on market leads are more competitive but it is not impossible to get one under contract well below market value, it is all that matters at the end of the day right?
Some wholesalers just focus on doing on-market deals. They find a potential deal and negotiate it down to where it's attractive to their cash buyer. Very active cash buyers don't want to spend the time doing this.
thank you this is what I was looking for! but my only concern is would I need proof of funds to get the home under contract or can I get the home under contract then look for the cash buyer.
Originally posted by @Brent Coombs:
Originally posted by @Joseph Arellano:
Thank you Jim, what if I wanna wholesale an on market deal with an all cash buyer which makes my offer much stronger.
If you have "an all cash buyer" (ie. not a HML), then why the question?
On the other hand, if your "all cash buyer" is just a "maybe" buyer, then yes, you need to be able to close regardless, because, you're not a "wannabe", right? Welcome to BP...
Sorry it was a little misleading what I meant was would I need proof of funds for the contract before my pursuit of an all cash buyer.
Yes on market leads are more competitive but it is not impossible to get one under contract well below market value, it is all that matters at the end of the day right?
Thank you Jim, what if I wanna wholesale an on market deal with an all cash buyer which makes my offer much stronger.
I have been doing my due diligence and I feel like I am ready to do my first wholesale deal, one thing that is not clear to me is whether I need a hard money lender for proof of funds on my end to complete a single closing assignment.