All Forum Posts by: Marc Bracy

I have more!  Looking to expand my buyers list for investors interested in rental properties In the Jacksonville, FL and Southern GA area! I have two occupied houses ready to buy and takeover and one that needs work, but price is right!

Hey guys,

        Ive been doing a lot of walking for dollars in neighborhoods near mine and I have a lot of addresses that I would like to send letters to, but I have a couple of questions:

1.  Should I mail a letter or would it make sense to maybe tape something to their door or slip the letter striaght into thier mailbox?

2.  I have seen so many ways to word a driving/walking for dollars letter, but I would really like to hear from someone who has actually had success doing it and know what their letters actually said. 

As always, any help is appreciated!  

@Steve G. I have had "believe in the process" pounded in my head like a drum! I am excited - tonight I'm buying my first house on a joint venture.  I have several good things coming down the pipeline and I am grateful for everyones advice!  I look forward to being able to GIVE advice in the future!

Hey guys I am wholesaling in Jacksonville, FL And had a guy call me about a house in Valdosta, GA.  I have the house under contract and I now have a cash buyer as well.  I haven't done a deal in Georgia yet and i need to know pretty much everything to do!  Do i have to have a real estate attorney there? Its a small purchase of 15K - everything on the title and land is free and clear - seems simple, but I need to know step by step what needs to be done so when the buyer makes a trip from Atlanta I dont look like an idiot not having my Is dotted and my Ts crossed.  Any help is appreciated!

 Jeff, my buyers list is not very broad right now.  I am working to find more buyers and target their interests, but it's been a challenge for me.  I appreciate your input and it makes perfect sense as I have called the few people I think would be interested in my deals to get their opinion.  I just do not want to create a bad habit of always coming in way too low in comparison to other wholesalers.  I assume that these people are occasionally shopping around and I want deals, but also don't want a seller to hear my number and just dismiss me completely because someone else is able to tighten up their numbers you know?  

@Steve G. - Thanks again, I just want to make sure I'm getting it right.  I don't want to make a habit of buyers dismissing me because there is never enough meat on the bone as well, so yeah - its a fine line and a numbers game.  Just gotta keep learning and keep making offers! 

You guys are great!

 Yes, sure I can - 

I've got a house in the Arlington area that I'm currently working and heres what I've got:

basic ARV after carpet, paint and minor fixes 140k, somewhere between 160-170 with a full rehab, but I'm basing my price off the 140k number because I'm not getting enough value out of a full rehab - basically spending 30k to increase the price 30k doesn't make sense to me.

140k 

-30%(10k for my fee, 32k profit for flipper) = 42k

-10%(closing costs including realtor 6% ) = 14.3k

$2500(original closing costs approximation)

$8500 (flooring, paint and minor fix rehab cost)

140k - 67.3k = max offer of 72.7k

most of the formulas I have seen have me around 85k, but not sure how they get there.

My seller is at 105k right now, but I feel that they are motivated enough to drop some more, but not sure how to get there.

Hey Guys!  

      I'm generating a decent amount of wholesale leads in my area of Jacksonville, FL.  I've looked up these formulas and all and I don't find them particularly reliable because I've been on the project management side of investing for so long that I really have my rehab numbers down pat.  So, my question is generally, when I'm figuring my max offer to the seller what makes a buyer REALLY take a look?  I've been running my numbers at 25-30% profit for the end buyer assuming they rehab and sell.  I feel like my offers end up being ridiculously low, but I don't want to have a bunch of people under contract where my buyer will stand to make 15-20% with nobody being interested.  

That's interesting - does the loan have stipulations on reselling the home after reno or are you keeping this as a rental?  I'm interested to see how this contractor works out for you as well.  Every time I've had a contractor OVER communicate it means that they are way UNDER educated and end up screwing up.  I HOPE this one is a shining excepting to my experience!! lol  Keep us posted!

Great little house already with a few interior upgrades!  This house was moved onto this lot and will need to have city electric and well hooked up.  For approx $5-6k it would be in livable condition and ready to rent or sell!  comps in the area are between 50-60k.  

I'm signed up for the webinar, thanks!