All Forum Posts by: Kenny Lewis

Hey BP,

I am going through my mailing list and practicing how to analyze my offer price. When looking at comps, should I compare with the lower prices, in order to have the owner go lower on his asking price? Or should I use the median of the nearby comps? For example,

The property is 3 bd 3bth 2100 sq ft. 

A couple comps are in the 240s range, some are 270s, and some are 340s that have sold recently...which price range should i use for ARV?

Also, is the 70% rule not relevant in this case since its well over the 200s?

How would you come up with your wholesale offer price?

Thanks

Im looking up the history on the county website for the assessed value compared to how much the owner purchased the home...

Hello BP,

I am going through my direct mailing lists to determine what value i should make on the property in order to make an offer that benefits both the seller and myself and the end buyer. Would it be wrong to determine an offer price based a little bit on how much the seller bought the house for? Especially if the house if free and clear with 100% equity...would that be an ok start on determining how much to offer? thanks

Thanks Rick. But I wasnt looking online, I had them print out the files they have. Is there a way you can reword your explanation in beginner terms, ha. Or can you email me so i can send you a picture and have you explain? if you have the time. Thank you

I recently got the county's probate list for last month. As I sat to read them over I realized I don't understand how to read them. What means what. So I'm wondering if any of you probate wholesalers or investors know much about probate files and how to read the information to know 1. Who to mail to 2. If it's worth mailing to (if they have property to sell ).

One of the sections on each list is "bond amount". What does that mean? I can send pics of the list if you want to see what I'm looking at.

Hello BP,

I am educating myself to become a wholesaler. I know the basics of it but I would like to know a more step by step explanation on double closing. What all is needed from start to finish. I get the basic premise of A-B then B-C...but I want to know exact steps that actually happen with a double close. How much out of pocket costs? Do I need proof of funds in order to close with seller? Will I have to purchase title insurance even though ill have the title for 5 mins. Can I use the end buyers money to fund closing? Whats the process with escrow and deposits? I know the title company manages the escrow and paperwork but I want to ready myself for what actually happens step by step.

so,

How do I close with seller?

How do i then close with end buyer?

Can i close with end buyer first then use those funds to close with seller?

step by step process...thank you

 @Mindy Jensen, Im curious of how to re-word the "cash buyer" aspect when wholesaling...what should be said instead? Thank you

How would I go about wholetailing a property?  I know the basic process of finding a great deal under market value and selling it for 100% market value. But what finances are involved? Would I need to actually purchase the property and have proof of funds? Or does it have to be cash only? I have also been hearing alot about subject to "financing" or "contracts"....what does that entail? What's the best way to "subject to"?

@Kristina Inglis, I will be glad to help find you some investments in the Richmond area. Send me a message on what kind of homes you are looking for. Right now I am only working with cash buyers. And no, no more insight yet on paying back with rentals.

sounds good Amberle. You by chance going to the PREIA meeting this thurs? We can talk then if so?