All Forum Posts by: Ken Yu

It varies. Do some research into your state laws about whether or not you need a lawyer involved to transfer deed or if you just need a title company involved to do the deal.

If you do need a lawyer to coordinate closings, you might as well hire one now to build out that relationship.

Best of luck!

Your best system will be your phone, a spreadsheet, and a good note-taking app/ pad of paper. 

You can get bells and whistles for specific tasks as needed. As @Dennis Pressey Jr noted, all of those programs are all useful and will fit help you to a one-on-twenty response to sellers or buyers... Just don't rely on them as much as you rely on your ability to close deals.

Only concern is that the standard NC contract has a clause that forces the sellers to sign off on all assignments. Could run into trouble there. Might be more beneficial to use a different document or have the seller/seller attorney agree to strike that clause at the get go. 

But as others have said, assignments are viable in NC.

@Cody Evans

The only real book I've read on negotiations is Never Split the Difference by Christopher Voss. Awesome read, a bit extreme for wholesaling, but his outlook on why people make decisions gave me plenty of 'aha!' moments. This is all about appealing to emotions and helping people with their problems. 

But best way to get more comfortable is with practice. Make a hundred calls, have 99 fail miserably, but I guarantee you'll be left with one slam dunk lead and the experience to keep it going!

Having an equation makes sense — and @Jack Douglas' is spot on here. Having a quick equation is the best way to sort out your good leads and your bad ones. 

But if you're wholesaling to another investor, it really depends on their numbers, not yours. And here's the thing: everyone's going to come at you with different numbers. A landlord buyer and a rehabber are going to have completely different requirements for what they're buying. Every factor from closing costs, labor, material, minimum profit standards are going to differ. 

So there is no true and exact math equation unless you plan on taking down the property yourself. What matters the most is negotiating a good deal so that you have plenty of buyers that can work with your property. 

I have another turnkey available in Washington Heights. 

Price: $105,000

Rehab Needed: Little to None (<$3,000)

Currently rented, tenant pays $1,100 cash. Considering the fact that this is a six bedroom house, rent should be increased upon purchase. 

Call or text if interested. (773) 466-6724.

I have another rental available in the Auburn Gresham area. This property has been rehabbed and is tenanted out w/ section 8.

8606 S Elizabeth

• Home Type: Single Family
• Construction: Brick
• Bedrooms: 4
• Bathrooms: 1
• Living Space: 886 sqft
• Lot Size:  3,750 sqft
• Stories: 1.5
• Basement: Full. finished

• Real Estate Taxes (annual): $1,613.64
• Insurance (annual): $520
• Utilities: Owner Pays Water - ~$50/mo
• Tenant pays all other utilities.
• Gross annual rent: $13,116.00 ($1,093/mo)

Factoring in vacancy (8%), repairs and maintenance (5%), reserves (cap ex @ 5%), management (9%), and all other listed costs, we project a 7.84% ROI at a purchase price of $85,000.

Hi everyone. I've got a turnkey deal available in the Washington Heights neighborhood of Chicago, IL. This property was in demo court back in 2013 and was saved, rehabbed, stabilized, and rented out. It's been performing ever since and is currently leased up and ready to be sold at a deep, deep discount! 

9248. S Normal

This is a good neighborhood with low crime. Despite the fact this home is frame, it sits in an area where top market homes are trading at a median of $160,000 and is within fairly respectable school zones. Distressed homes have been bought for as high as $60,000 in this area. 

Home Type: Single Family

Construction: Frame

Bedrooms: 3

Bathrooms: 2

Living Space: 819 Sqft

Lot Size: 3,125 Sqft

Stories: 2

Basement: Full

Garage: 2 Car, detached

Nearest Elementary School: Kipling Elementary

Nearest High School: Harlan Community Academy High School

Real Estate Taxes (annual): $1,926.84

Insurance (annual): $520

Utilities: Owner Pays Water - ~$50/mo

Tenant pays all other utilities.

Gross annual rent: $15,180 ($1,265/mo)

Factoring in vacancy (8%), repairs and maintenance (5%), reserves (cap ex @ 5%), management (9%), and all other listed costs, we project a  9.21% ROI at a purchase price of $85,000. 

If interested, reach out! You can message me here on BP, or email me at [email protected]. My work phone is (773) 466-6724. 

I have a stable income producing property available that fulfills investors looking for passive income and appreciation. There is even room to add value and sell this property at the top of the market. This is property was acquired back in 2013 and rehabbed and rented. Today this is a great rental property that has been leased up and is providing stable income. No repairs needed! This property is primed and ready to go.

7717 S Ada

Home Type: Single Family

Construction: Brick

Bedrooms: 4

Bathrooms: 2.5

Living Space: 2,014 Sqft

Lot Size: 5,345 Sqft

Stories: 2

Basement: Full

Real Estate Taxes (annual): $2,391.72

Insurance (annual): $520

Utilities: Owner Pays Water - ~$50/mo

Tenant pays all other utilities.

Gross annual rent: $18,000 ($1,500/mo)

Factoring in vacancy (8%), repairs and maintenance (5%), reserves (cap ex @ 5%), management (9%), and all other listed costs, we project a 8.86% ROI at a purchase price of $106,000. 

A wide range of options

Any investor looking to acquire this home will have the option to rehab and turn this around for a great flip. 

In the last six months, we're seeing similar homes selling at retail for as high as $229,000 - which, frankly, are huge outliers. But a quick CMA shows that a 4 bed brick home with 2 basement bedrooms can push well over $160,000 in this market.

These are comps that are within walking distance of our property here at 7717 S. Ada:

• 7628 S Loomis Blvd closed on 02/08/2017 at $164,900
• 7731 S May St closed on 03/30/2017 at $169,900
• 7533 S Honore St closed on 12/30/2016 at $171,000
• 8326 S Ada St closed on 06/20/2017 at $183,000
• 8337 S Paulina St closed on 04/07/2017 at $195,000

If interested, reach out! You can message me here on BP, or email me at [email protected]. My work phone is (773) 466-6724. 

9207 S Greenwood

Purchase Price: $25,000
Scope of Work: Full rehab
ARV: $116,000

2/1 Brick home in dire need of repair. Has a two garage and full basement ready to boost the property's value well over $116,000

Give me a call at (773)-466-6724 if interested and I can relay all pertinent information including, but not limited to: a detailed CMA, more pictures, and the lockbox combination.