All Forum Posts by: Norman Romero

Hello BP Community,

I've been stumped on a question asked to me by my friend. "When a seller still owes money to the bank, What kind of seller is more likely to sell their house? Seller A-someone who owns 75% of the equity and is behind on their payments and really wants to move. Seller B- someone who owns 50% equity, isn't behind on their payments but really wants to move. Seller C- Someone who owns 25% of their equity, is behind on payments but doesn't want to move."  

I know it sounds like a classroom question but I just dont know how to answer that haha. 

any thoughts?

Hi BP community,

A great investment opportunity just fell on my lap the other day and I am in a situation in which I have all of the control but none at all. A few days ago an acquaintance of mine (who just started wholesaling) tells me about a property in west Hollywood he got the contract for. I Verified with my own eyes he actually came up big!! As-is value $1.9mil, got the contract for $1.5mil and selling it for $1.65mil. Home has not  been renovated since it was purchased in the 70s. needs about $500k to add to it and make it nice. Recent comps in the area selling from $2.8-$3.7mil. He is giving me first dibs on it but I don't know what to do. I don't have the money to rehab it myself, that is way outside my budget. any advice? 

@Joe Homs I'm lining my ducks up now. My friend wants 50% of the net profit. Personally with the kind of numbers that are coming up that is a bit outrageous for the work he is doing. Which is the reason I'm trying to see what is a fair number.

Hi biggerpockets family,

 I'm in the final stage of acquiring a house in Huntington Beach. It is a few blocks from the westminster mall and 2 miles from the beach and in a nice neighborhood.

Asking is $530k and is being sold by family that acquired the home from another member. So they dont want to deal with it. My first impressions of the house is it needs some TLC $45k- $60k. The comps in the area range from $650k- $720k. With 2 homes within a few blocks that sold for $710k within the last month. I am 80% sure I will be able to get the house for $450k and have the funds to get that.

Asking- $530k
Rehab- $60k
ARV-$690k
Purchase price- $450k

My questions:

How does the deal look?

I want to use a private lender/friend to fund the rehab, how much of the profit do they deserve? 

@Michael Williams I just signed up for the direct mail program. Lets keep each other posted on how it goes. 

@Nabil Suleiman The deals are MLS and non listed deals. Finding homes is one struggle, the next struggle is funding the deals. I have some capital for downs on smaller deals, but those small deals get taken before I can act. The bigger deals require a whole bunch more capital. I have been researching creative ways to fund deals, but they all seem to want every penny plus a whole lot more down.

Have you jumped on the band wagon? And is the wagon worth the trip?

Thank you all for the willingness to reply and lend your knowledge. 

@Nabil Suleiman So far I see deals open and close the same day, even before I get a chance to do any research. 

@Kiersten Vance So far this seems like the best place for all my RE needs. 

Hey BiggerPockets world! I hope everyone is having a wonderful day and making strides for a better tomorrow. I joined in the beginning of the year but am finally ready to give it my all. In all honesty I have no idea where to start and what to do. I heard a million things about starting the wholesaling route, then to buying and flipping. Being a year out of college and crap credit doesn't exactly scream lend me money to fund a new venture. So any advice where to get started and anyone in the Los Angeles area want to grow together lets do it.