All Forum Posts by: Mike Carr

Yeah, I graduated in the spring. Great school. The rehabs are all in New Castle County. I am getting my leads through my own marketing i.e., yellow letters, classifieds, bandit signs, etc. DELREIA is fantastic. A lot of learning and networking goes on at the meetings. A lot of great people there.

Jake, although the area is dangerous the rent is high and the prices of homes are very low. Buy and hold investors in my area eat these up. Furthermore I wouldn't contract a house without first having buyers for the area. I currently have 3 that want this property already. I prefer the reverse wholesaling method.

Josh, very good point. I just confirmed that he is the actual owner. The problem is the property is going to sheriff sale in a few weeks so we are trying to act fast.

Thanks everyone for the helpful feedback.

This might be a stupid question but I am having some trouble with this. If total investment for the end buyer is more than the ARV is it still worth going after?

Here is the situation.

I am about to contract a house for 6k. Owner owes 2.8k in back taxes. The ARV is around 30k. The property needs roughly 30k-32k worth of work. (this might be overestimating because it is for a rental not full rehab). So, roughly, the total investment is 41k for the end buyer. The property rents out for $800 which makes a good cap rate. I know a few investors who want rental properties in the area. So the to question is...will a buy and hold investor be willing to put up more money than the house is worth in order to capitalize on the rent income?

This is also an all cash investment so mtg fees won't come into play.

Ben, I too live in Newark. Small world. I am working on verifying that he is the actual owner as we speak. I will make sure I have all of the information on me when I go to view the property.

The property is on E 22nd st. From what people keep telling me it is a pretty rough area. I have done work on a few properties in the same area so I am not too worried but it is still a little unsettling.

I am currently working with a few members of DELREIA. I actually found my mentor from DELREIA.

Currently I am working on building my wholesale business. My business partner and I are working on a few properties that would be great for a rehab.

Joel, I am targeting buy and hold investors. I know a few that want properties in the area that the house is located in.

I calculated the ARV already with the help of an appraisal friend. I have 8 comps for the property.

Good point. I will make sure I get that information before I view the property. I'm hoping a window is open or something close to that. He got it from a sheriff sale and it sounds like he never actually stepped foot in the house. David, thank you for the help.

So I got a call from an out of state owner who wants to sell a house where I live. Its a great deal that I plan on wholesaling. I found the ARV and we have roughly agreed on a price range. I am going to view the house today but the owner just told me the lock box is broken so I have to break into the house to view it. The main problem is that this house is located on one of the most dangerous streets on the east coast!

How should I go about doing this? I don't want the cops called on me or any other confrontations.

Thanks for any help.

I got mine right around 19 during college. It's really not that hard at all. Once you get the license you will most likely get calls from multiple brokerages asking for interviews. Make sure you go to all of them and not pick the first one right away. It can be tempting but you really want to weigh your options and focus on what you overall goal is.

Best of luck.

I heard the Mike Quarles' voicemail and opened a P.O. Box the next day. I highly recommend doing the same. I believe it was only about $40-$50 for a small box for six months.

Kenneth and Dale... absolute gold lists right there. Thanks for sharing such valuable info.