All Forum Posts by: Michael Burdi

** Im sorry BP admins. I couldn't find the place to post this. Im a PRO member but I couldn't post to marketplace still. Anyways, I'm looking for investors who might be interested in partially funding and finding deals together and reaping shares of the profits, etc. I often find good deals that I don't want to finance alone. But I'm also looking for someone to bounce ideas off of and compare deal analyses with. Anybody interested, msg me.

Nice! I'm interested in some of your properties. Can I see the expense/income breakdown? Is it currently rented? Rental comps? 

Holding costs estimate is 4% of ARV? Or purchase? Wouldn't resale commission just be 6% with one agent?

I'm sorry to revisit this. I have a question. @Edward Rhoads, in your example, why would your holding costs be 12k? Is this a hard money rate over a few months, or...? And why is the agent fee 22.5k and not 18k?

The only thing is the seller is HUD. They are very difficult to work with. I could let it go and maybe on the next price drop bid again, perhaps.

I have an agent that would re-list this thing for 4% commission because I bring everything through her and she enjoys returning business, which saves roughly 6k. But I can see still that there are a lot more numbers factoring into this than I had anticipated. That's interesting @Mike Knowles; I got a lot of responses countering with 200k, which I couldn't do, of course. I actually think it was getting tougher because a lot of the buyers were coming from a bird dog, which meant I was actually asking 225 (high) 220,750 (low) to also pay him. @Keith Goodwine, I didn't tack much profit for myself on from the get-go just so I didn't waste time moving it. This was my first contract on a property. It's funny; I think I'm one of two Indianapolis RE FB page owners. I could only be out in Indy for a couple days if I had to fly there because I work a full-time job in SoCal. It's been over a month now. I scheduled my closing date at the end of the month and don't have a buyer. I might just get to close and default on contract. That's the worst that could happen now, I guess. 

Hi @Edward Rhoads. I originally estimated 300k, but another investor, who gave me a 35k repair cost that I thought was high, also gave me a 315k ARV. I understand the ARV to be 300k low end to 350k high end. I think it is possible ARV on this one was confusing. I'm selling it at 217,750.

Hello BP community! I have a property under contract at 8279 Ambleside Ct, Indianapolis, IN 46256. The property has been marketed--albeit, not so well--for about a month now. When I do have investors look at it, it seems they always need a lower number. However, I think the profit is always there after running closing costs, repairs, commissions, etc... I may have overlooked some aspects of this, and I'm looking to get some advice, or perhaps a more appropriate analysis on this. If I can get a more accurate model for analyzing properties, I might enjoy using it for future deal analysis. Cheers!

My name is Michael. I'm based out of Orange County, CA--who isn't haha. I'm trying my hand at wholesaling virtually. My success story is still ahead of me. Every day I have the opportunity to learn from others' and my experiences in order to secure my vision for financial freedom. I have put two properties under contract within the first two weeks of working deals off of HUD, and working with agents in Indiana, but I'm still looking for a lot of help to get where I need to be. I'm also still looking to sell these deals, so message me and let's make a connection. I have not yet honed my next move (after I've had my fill with wholesaling). I would like to learn flipping, or lease options (I could probably command a lease option if I could just control my Shiny Object Syndrome). Even if you're just a great person, with a passion, looking to meet a really cool, down to Earth guy, living with goals, MESSAGE ME!!! I love meeting new people. Let's devise a plan for world domination, if we find the time that is :P Cheers!

My real estate journey is relatively short-lived. But I'm moving fast. I'm 21, and would love it if someone could point me toward some true and tested methods for finding buyers who might be wanting to take a look at a deal I have in Indy. More generally, my question is about finding buyers in all markets. I've done CL posting, and have called into some lists from MyHouseDeals, but the leads seem to be a bit flaky, unresponsive, or uncooperative. It is tough being one fish in a pond of sharks. Nonetheless, I know opportunity is always present. I look forward to whatever advice I can get from anybody who has "been there, done that". 

Cheers!

- Michael