All Forum Posts by: Melody Kushi

@Tom S. What can a new wholesaler do in this case? Should I stay away from MLS listings?

Hi BP team!!

I placed my very first cash offer on a SFR yesterday. I read and signed all contracts, included my Addendum stating I have the right to wholesale and forwarded a Proof of Funds letter received by a lender.

Today, I received an answer from seller that there is another offer very close to mine and seller will like a final offer. The good news is I left some wiggle room for this.

Unfortunately, they are also requesting for a Bank Statement stating I have $xxx,xxx amount cash.

If my intention was to wholesale this deal, why do I need to show I have the funds? How can I get around this?

FYI: I haven’t presented this property to any cash buyers because my offer has not been accepted yet.

Your help is much appreciated!

@Andrew Brewer if you read through the complete contract, there's a maybe 2 line item that states if the contract is "assignable" or not. What I've done is I usually send an addendum to the broker/realtor stating that I have the right to assign this contract (this includes a line for seller's signature). Once the seller accepts my terms, I can assign it without a problem.

Let me know how it goes.

@Michelle Cernansky check out google voice. It lets you create an extra number which can be directed to your existing cell. It’s simple and fast.

You can even text.

@Charlie Hampton appreciate your help on this!

@Charlie Hampton @Stephen Kappre thank you guys for your guidance. The home is a 3 bedroom with 1.5 bathrooms. I'm debating if I want to do some due diligence on my side, although I am wholesaling it. It may be a learning experience personally and hope to not get taken advantage by a buyer who may assume I know nothing about septic system (which he or she may be right).

Who do I contact in the city to find out any information regarding this home's system? 

Good morning BP Mates!

My business partner and I looked at a potential property in South Jersey over the weekend. The home has great bones, beautiful original floors but needs major repairs. Potential repair costs will be $40k plus this Septic System. It is in a great city, low crime and great school system which houses do not sell less than $400k.

The downside is that it has a septic system. I know nothing about this and was wondering if anyone can give me some feedback on this system...is it possible to update to city water? How much are inspections for this kind of system?

Realtor already stated that the system might need to be replaced as the home has been vacant for more than a year.

If my exit strategy is to wholesale this property, how much should I anticipate for repair cost for my potential buyer?

FYI: home is listed at a very good price as seller is an older lady and can no longer take care of this property from where she currently lives. Listed less than $100k.

Any feedback is appreciated.

Hi BP Mates!!

So, I've been education myself for quite some time, and I've put together a list of properties I will like to target to get my REI career started! I've been trying to put myself in a struggling homeowner's shoes in order to understand their logic (or non thereof) and maybe I can have an educated conversation with them (since we call ourselves problem solvers, right?)

For example: If I'm struggling to pay my HOA and they file a lien against me, yet I have 20-30 % equity...why wouldn't I take out that equity to pay the balance?

I'm assuming, the bank won't give me the positive equity to pay late mortgage payments, but would they do so in order to pay the lien against me?

I just want to understand when does a cash offer make sense to a homeowner who has positive equity?

Hope this is not a silly question but I do not want to start a conversation that I am not completely un-educated on. 

Any feedback is appreciated.

Hi guys.

Hoping to get some feedback on my potential first wholesale deal.

I found a property through Redfin. After digging around, the last transaction goes from one Business to another and states - Quit Claim Deed. I have an appointment with the seller's agent to walk the property to see if in fact, it is a good deal and to confirm the condition of the house...which is in pretty rough shape.

I'm looking to hopefully wholesale this deal to a flipper. Property is in South Jersey, below are my numbers:

Listed: $55,000 ($40/sqft)

3 bd, 1.5 bth - Potential Rehab: $30k (will confirm tomorrow)

Comp: ARV $120,000 ($86/sqft)

4 bd, 1.5 bth - pre-flip price unknown

Exit Strategy: wholesale to a flipper (assignment $10k)

Offer: $30k. Highest if counter is $35k.

I'm worried about this Quit Claim Deed as I've read the definition on Google and still do not understand if this will jeopardize my deal.

Any feedback will be appreciated.

@Wayne Brooks I'm not trying to take the easiest way out. But, when I look for distress properties/vacant/divorce, etc. 99% of them are under pre-foreclosure. And I probably will never understand how home owners have even twice the balance of what their home is worth now.

I will keep digging for a better opportunity and something that makes sense for all parties.