All Forum Posts by: Michael Perez

I have been getting a lot of hits from wholesalers and I know what you mean. I have passed on a lot. as for these properties. yes they are around the capital area. I have cautiously been looking into the area. been going on the advise from landlords down there and sec 8 owners. problem I have in the area near the capital are the value of homes. makes it hard to even get OPM funding that low with out bundling and even that's a challenge due to lenders allowing a certain amount of properties to bundle in a deal.... with these properties i have posted here. tenants are at lease already occupying them. now I should of added that as well, their are tenants already occupying these properties. but that shouldn't be a factor in raising the asking price would it?

I see this is a yr ago what ever came out from those properties. I live near that area and have been doing business in Harrisburg and surrounding areas.

Moved to Harrisburg from NY. working for the state. on the side building a portfolio in real estate . working on my first purchase.

-my background was construction, used to build show cars. built and entertainment group/company covering ny/nj and some surrounding states for 7 years (stepped down & sold it off).

-Now I have created a team of lenders and wholesalers in the area to provide me with deals and have a few contractors under my belt to perform work. still looking for a mentor. have been studying for 5 months and wholesaled a few properties. getting into flips and buy/holds.

-my first purchase is a 3 property buy/hold bundle from a wholesaler. the dilemma, I am having is my numbers to my spreadsheet calculators do not look good at all. asking price is way off. ran the numbers to be under the 70% rule to find an asking price and using the BRRRR method. what the wholesaler is asking this is no profit to me. numbers come to a negative. I will try to negotiate see how it turns out. here is what they are asking vs. my numbers to make a profit. could use help on determining a good deal or not.

Now the spreadsheets will be a combined $ amount for 3 properties.

ARV's -

$30,485- 5bed 1 bath

$30,033- 3 bed 1 bath 

$34,965- 5 bed 1 bath

tenants utilities & annual taxes are taken into account

loans are from private money and refi from bank

1 pic will show a purchase price of $79,000

&

2 pic will show a purchase price of $34,443. which I believe makes sense. (I could offer $40k which still within profit range)

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Hello to all moved out here from NY. Started into real estate on the learning path 4 months ago. attended many workshops, and virtual wholesaled property around PA. looking to start flipping and in the process buy/hold. have lots of property that I have seen and soon to make deals on. BUT struggling with the fact of not having the  Confidence on throwing cash down onto a property to start the stage of flipping. would like to network with you and others to help my and our decision making. I do this part time soon hopefully make it full time. out the 4 months i have wholesaled 5 properties. my main job is working for the State D.O.C.. have been looking for a Mentor but anyone already working real estate is better then no mentor.