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All Forum Posts by: Michael Algarin

Michael Algarin has started 1 posts and replied 3 times.

Post: Is this a good deal.

Michael AlgarinPosted
  • Hicksville, NY
  • Posts 3
  • Votes 0
Originally posted by @Toyin Dawodu:

@Michael Algarin  This is a terrible deal. First of all, the most you should pay for this property is $279,000 before any repairs. If you subtract repairs of $40,000 your purchase price should be no more than $257,000 if you pay more than that, only a stupid investor will give you a dime more than $257K. There are a lot of noise out there about wholesaling, but I always tell my students that only losers wholesale properties. If you know what you are doing, why would you leave money on the table. for example, if you were to acquire this property for $257,000, you might be lucky to whole sell it for $5000 or even $10,000. But if you take the whole deal down yourself, you stand a chance to make, at least $60-$80,000. My question is why not learn the process of taking down deals instead of killing it half way. If lions only make half kills, they will never have the strength to get a full belly and they will always be hungry. I flipped only three houses in 2014 and made $248,000. If I whole ssale my deals I would have made less than $30,000. But it takes some skill. So learn the skill or get someone to hold your hand who has done it.

 Is there any books you can recommend on learning this process? Theres so much information out there it gets overwhelming. Thank you for your help.

Post: Is this a good deal.

Michael AlgarinPosted
  • Hicksville, NY
  • Posts 3
  • Votes 0

Thank you all for the quick responses. I see where you are coming from Mr.Dawodu and I definitely will look more into that. Much respect to all of you and thanks again.

Post: Is this a good deal.

Michael AlgarinPosted
  • Hicksville, NY
  • Posts 3
  • Votes 0

Hi everyone I am very new to wholesaling and might be coming across my first deal. Im so nervous on how to move forward with this. I found a home for sell and the homeowner is willing to sign the contract, I just need reassurance that this is a good deal and that I would be able to sell it. Here are the details.

3 Bed, 3 Bath 1,100 square fee selling for 350,000.

No structural damage, needs about $40,000 of work.

ARV is $425,000 which a couple homes on the same street last year sold for around that.

Please help me I have no idea what to do. Will a buyer even spend that much money on a home? Every book I read or podcast I listened to never discussed wholesaling homes in this price range. Can it even be done? Thank you for your time.