All Forum Posts by: Paul Winka

Why would good tenants care that the landlord is selling the building, especially a 4-plex in which the new owner probably wouldn't displace them? 

I came across this text in a RedFin listing's description. Is the seller delusional about not allowing inspections? What rational investor would make anything other than a lowball offer on a 90-year-old property without an inspection? The savvy BPer would just next this listing and leave it for the suckers?

@Russell Brazil

Thanks, but I am not a real estate agent. At least not yet I am not. So would a layman like me be privy to that information? 

How can I find out the agents involved with particular transaction? The grantor and grantee are in the public record, but what about the agents? Is that data recorded somewhere other than with the broker? 

Is there a way to see real estate agent metrics in a given area? Say I wanted to find out which agents had the most properties sold in zip 63033 for the 1Q of 2016---how would I do that? Would the local MLS keeper have that data?

If a seller sells his rental property, then the buyer discovers after closing that there is an outstanding water bill from the property in the seller’s name (only one meter on a multifamily), what can/should the seller do?

I suppose the buyer would be SOL because he didn’t perform proper due diligence and verify the utilities were current. The buyer would have to pay the bill, similar to what might happen if there are title issues? The right thing to do would be for the seller to pay it, but other than guilt over being unethical, is there any reason the seller should pay the debt? 

@Account Closed

Good question, but I would advise against having the seller do the repairs. Typically, the best deals are the best deals because the value is created when YOU do the repairs. 

@Annie L.

Considering your experience level (almost none) and that you bit off more than you could chew, my first instinct says to demolish that place and put in new construction if local laws allow for it. Sit back and learn something from the process and keep your sanity for this first go. 

I would expect fewer nasty surprises from doing new construction. If you go the gut-and-rehab route you might get dinged for change orders for things found as the project progresses and you'll feel like you're in that '80s movie, Money Pit. 

Another reason for the new construction, and this is just my humble opinion: I am looking at the dropbox photos and TBH, even when putting on my rose-colored glasses and envisioning the finished rehab job, I don't find the house appealing. 

@Juliana Limones

Welcome to BP! Watch some of Seth Williams videos on YouTube for how to use listsource. I think that will build your confidence. Before you know it, you'll be in the middle of a direct mail campaign. Feel free to PM me. 

@Corey Drexler

I just read the BP "No Money Down Book" so what I am sharing here is not coming from wholesaling experience but merely my take from what I read. I recommend reading that book. You'll gain more knowledge about investing techniques by reading it than by spending an equivalent amount of time seeking out the knowledge piecemeal on the forums. 

From the numbers you put up with market value, it doesn't sound like a good deal. If all your friend wanted was $45K then I'd say you have a decent wholesale opportunity that will get some bites on Craigslist. 

A wholesaler has to get a super low price--even better than the investor himself acting alone--to get a finder's fee that's worthwhile AND leave enough meat on the bone for an investor to use the property as a profitable rental or rehab.