All Forum Posts by: Philip Bashaw

Lenny, 

You can also call around and talk to some commercial agents or brokers in the area. They will give some ideas as well; some more than others. 

You can also get a commercial appraisal which is a lot more than a SFH. I got a quote for one a smaller building and it was $3500.

Does anyone have a good strategy or recommendations to get the seller to say yes to your price? I'm interesting in acquiring properties to wholesale and possibly fix and flip. I have 2 semi-motivated sellers sitting on vacant properties and 2 properties that are in a high end flip area (buildable lots go for $350K) that have been vacant for years, but the owners refuse to sell and keep up the maintenance (at bare minimums) to not alert code enforcement or piss off the neighbors. However, they remain vacant and slowly deteriorating. 

Has anyone ever broken through on stubborn sellers? 

Also, what are some motivating questions to ask the semi-motivated sellers? or any seller?  

Bilal,

I'm looking for the same thing, only not in FL. Try providing a lot more information than just saying you need money. I'm close to finding a JV partnership with a private lender, however, I gave details about my background, what I want to do, the terms and so on...

Phil

Hey Everybody,

Thanks again for your advice, input and encouragement! I'm making progress on finding a JV partner and finding a good deals as well...that is definitely key to any successful flip.

Eric,

Thanks for your input. For now, I plan on using my skill set for a few flips. That will make me a better project manager once I'm managing multiple projects at once. I like being hands on and don't need to be paid during the rehab process, just after it sells.

As far as a dollar amount, my skills, labor, management + finding the deal are roughly 25% of the project (or 10k with a 40k gross profit margin)

Phil

He could check with his local Reia in Colorado. There could be a commercial group attached to it...

Hey Everybody!

Thanks for the fantastic input so far! I was actually meeting with a potential JV investor this afternoon from Toronto. It went pretty well.

We are going to crunch some numbers and make an offer on a house that needs a total gut rehab with a 120k ARV+/- I'm getting comps from a broker tonight and firm numbers from a contractor tomorrow. Its a go with if we are at 80k+/- for the purchase & rehab.

I will try to respond to each of you individually later today or tomorrow.

Phil

Thanks Nick!

I just really started looking for this type of partnership. I know Will Barnard puts deals together all the time, but he also puts his money in too. 

Hello BP!

I am curious to know if anyone has successfully gone into a Joint Venture deal with no money. I have time, project management experience, contractors, an architect, closing attorney, a realtor, a broker, construction skills, my labor, tools, etc...everything needed to do a successful flip. I even have a group of experienced investors to give me feedback, my local Reia. I'm a member.

Furthermore, I can dedicate full time to this and be on the job working and directly supervising all the crews. Please give me your feedback and advice. 

Thanks!

William,

If this is your first investment home and you can get an FHA loan for only 3.5% down, its a great way to start. Get approved and ready to make offers when you find a good deal. Quicken Loans is a good place to start for an FHA loan. Good luck!