All Forum Posts by: Philip Williams

@Jay Jonez Ok so finding your ARV is a bit of an art, the easiest way I can think to explain it is try to find as many exact copies of the house you are looking at. For example if the house you are looking to buy is a 3bd 1ba 1 car garage built in 1970, try and find the 3 closest properties that has sold in the last 6 months as close to your property as possible. Pay attention to the level of rehab on these properties a comp that sold that was a total dump is not going to be a good indicator. If two have granite counter tops and tiled showers and one does not you should see that reflected in the sales prices. Then base your ARV on what you plan on doing to the property, for example if your not planning on doing granite and tile don't base your ARV off properties that have that. Also remember the higher the finishes are the more the rehab is going to cost, I could go on and on because finding an ARV is truly an art but the only way you are going to get better is to first learn the basics then analyze as many deals as possible till you get the hang of it good luck!

I would have to say the biggest problem has been financing, not just for me but for people in general. If you look at BP Forums you will see some variety of how to buy multi family with low or no money down.  This seems to be a daily occurrence from what I have seen.  

It is definitely very odd, the problem is there is no recourse if you choose not to provide it. The bank can use that as a reason to deny the loan as crazy as that is. Banks can and will ask for everything including your unborn child's name, whether you choose to provide it is up to you but there are consequences. If you are truly concerned about the legitimacy of this "bank" you could look them up see the size of there portfolio on the fdic website. 

It is something that you could do yourself but why would you want to? The seller pays your agent costs so you won't be saving anything by offering on it without an agent. 

You don't know how feasible that is to contractually and morally do exactly what you told the seller you were going to do? This is exactly why a lot of people don't trust real estate investors, because people will sit down at some grandma's table and try to get her property under contract with a sheet full of lies. At a very discounted price to put it very mildly. Then having made there sheet full of lies not even fulfill the one part they legally signed and said they were going to? Move to a different market where you can afford to then, don't try and build a business around deceit and taking advantage of people. Your seller may have had only 30 days before they lost the house they were desperate and needed help, if you back out last minute they might lose what little they had left. 

Come on guys don't feed the trolls lol 

I don't know about everyone else but I generally only put 1k down for earnest money on anything I am trying to wholesale. If i'm unable to find a buyer within the 30 days period I go to the title company and purchase the property like I told the seller I was going to. If you say you are going to close within 30 days then close within 30 days! Tell the seller you are going to sell to a 3rd party they might be open to you helping market for a lower fee and faster closing than with a realtor. If your asking how to weasel your way out of the deal I don't have any experience with that sorry.......

Yep that's exactly what i'm talking about @Jay Hinrichs at least they had the courtesy to let you know they weren't even going to do it. I got a lot of oh it's gonna take me a while to sort through this and then they disappear lol. 

@Jay Hinrichs Man your telling the truth about those self employment loans.....In the process of getting a home loan took 3 months to get preapproved and I think 57 letters of explanation along with countless documents. Closing statements etc.....they certainly aren't giving out home loans like candy that's for sure. 

Well I'm assuming your referring to real estate, otherwise I have lots of strong words about dating and choices in relationships for my younger self........In regards to real estate GO BIGGER SOONER. Sorry didn't mean to yell but seriously GO BIGGER SOONER lol. Playing around with duplexes when I could have just jumped to quads or bigger would have changed EVERYTHING. The bigger units are so much easier to manage cash flow better and have economies of scale built in not like the huge units but still better than the smaller apartments.