All Forum Posts by: Karli Mullen
Karli Mullen has started 1 posts and replied 2 times.
Thank you so much for your detailed reply! I really appreciate it and you are probably right that a house on MLS wouldn't be best to wholesale. Would you mind if I share this deal with you and you can tell me if I'm way off. This 3/2 house is in an extremely desirable Winston-Salem, North Carolina subdivision! North Carolina houses are very popular now with out of state investors and for good reason! North Carolina real-estate, I believe, will continue to rise as more and more people are escaping extremely convoluted cities. This house is PERFECT for an out of state investor looking to BUY AND HOLD. I know buy and hold investors are not nessacarily looking for a large profit off the top but rather steady cash flow and great appreciation. The remodel looks simple (esp for an out of state investor) and could cost as low as 15k. This house is rent ready! Its in a medium to upperclass part of town and is guaranteed to be able to rent to a blue collar family for ~1300 and bring in cash flow. Appreciation on this house will most certainly go up! An investor could buy this house now and do a light remodel to rent it out and possibly a heavy remodel in the future when they are ready to sell. Houses in this same neighborhood have sold in the past few months for 170k-250k. The owner is asking 150k on this house. The ARV on this house is ~210k with ~20k rehab. The 70% rule says an investor would be satisfied at about 136k and I wanted to low ball this house for 130k cash. (Yes its way below asking but you never know if you don't try). That leaves just enough room for my 5k finders fee! My intention was more or less to get my feet wet in making an offer even if nothing came of it. You are absolutely right that I am inexperienced on the contract/logistics side of real-estate but we all start somewhere! Im jumping in and learning all I can to be a successful investor! Thank you for all your help! Any and all advice is welcome!
I have included the listing on this house for more reference.
Whats up, BP?? My name is Karli and I am BRAND NEW to real estate investing and trying to learn as much as I can! I have decided to start by wholesaling houses in order to gain capital to purchase my own BRRRR or fixNflip in the NEAR future.
I just started a few days ago but have already acquired a list from driving for dollars that I will send letters to this week. I have also been scouring the MLS for possible wholesale deals on there. I have come across a great deal on the MLS that would be awesome for an invester and enough room to profit off of wholesaling! I decided to pull the trigger and I contacted (by text) the real estate agent on this property and explained I was a cash buyer and ready to make an offer. He quickly got back to me and is willing to look over my offer!!! EEEK!
I have calculated the ARV, repair cost, wholesale cost and know the offer I want to make. Is there a standard form or template that I could use to submit an offer via email? What should be included in making an offer? Also, if my offer is accepted, what would I do if the seller asks for proof of funds?
Thank you in advance! I love the BP community and you will be seeing more of me in the future!