All Forum Posts by: Chanel Realegeno

I have found a fourplex with fire damage. I looked at the property yesterday and it has good bones. Only two units were effected during the blaze. I saw the fire damage renovation report and it will cost $335,000 to repair it.

The woman is trying to sell it for $275,000 but made an offer of $230,000.

The loan is paid off and she has about $275,000 of untouched equity in the property.

It needs a new roof, new wires, and drywall. It could sell easily for $610,000+ after it is repaired.

Its my first deal and I just want to know if it would be worth it to persue it.

Thats what I thought. I had a few people tell me that wholesaling was illegal without a license. I did do research but all that came up was loan fruad. Thats horrible that people would do that. It makes us investors look bad. Just because one person made a mistake, we all have to pay the price because of that one stupid person. Thanks for the advice!

Do you need a license to wholesale? Even if I'm double closing and not commiting any loan fraud.

Hey everyone!

Alright so I have been building my list of buyers for awhile and the other day while driving through my neighborhood I spot a fire damaged home with a for sale by owner sign in the yard. I call the guy ask a few questions and check out the house. I make a call to an investor who buys fire damaged homes and asks if he is interested. Of course he says yes.

Now the problem is, I don't know how to "tie up" the property. I haven't told the investor the address or phone number of the guy just so I don't get scammed. I

I want to wholesale this house but I'm not sure what contracts I need to have.

Do I sign a contract with my name on it but with clauses that are in my favor?

How do I prepare the purchase agreements?

I'm totally lost!

I have found a nice preforclosure but my plan was just to put the property under contract and then assignment to one of my fellow investors. My question is should I still have a attorney look over the paper work? Even through I'll only assign the contract?

This will be my first deal so everything is new to me. Can I use a title company? What to they do?

Thanks

Hey, I'm also in the bay area. I know a man who is going through foreclousure on a duplex and wants to get rid of it totally. Its a fixer upper in Oakland. I believe he wants 245k but the seller is willing to sell very cheap. Once you fix it up a bit, it will be at least 600k. Email me for more info:
[email protected]

Chanel

I already told him that I am unable to help him. There is no way I was going to let this guy rent the house.

I did a bit of research on the house and the owner has owned this house for less than a year. It seems he has a history of not paying.

Found a house in preforeclosure. Owner wants to rent back because he just got a new job.

Info on house
Suggeted Retail Price $375,000 but bank will look at any offer

Zestimate:$ 403,895

I don't have any money to buy the house. What should I do? I would like to buy the house.

selling wholesale houses in my area?