All Forum Posts by: Phommala Songkhors

Investment Info:

Single-family residence wholesale investment in Dennis.

Purchase price: $425,000
Sale price: $455,000

This was a driving for dollars deal, contacted the owner in March, when I first started taking action, got on the phone with him and asked him if he was the owner of 123 main st, he said no, I said okay thank you so much, have a good day, and then I got off the phone and realized I didnt ask him if he has any houses for sale, so I TEXTED him, and he said YES actually ! he was a realtor who purchased three properties, fix and flipped two of them and ran out of money on this one. He put it on the market, and was able to sell it, I kept following up, following up. Then my partner got on the phone with him, extracted some pain, and realized he owed the private money lender money, and he didnt pay him off right away .. ( to our knowledge ) was listed at 525K fully gutted inside ( to the studs ), and we got him down to 450K, we told him we would find him a buyer, and MY buyer came in at 455K, everyone and their moms wanted it for the high three's. So my partner said, PARTNER we can't find you a buyer at 450K, you need to come down, and brought him down to 425K and sold it for 455K to my buyer, and lost 8,500k, due to an extension that needed to happen. Overall it took months of following up and consistency, for us to get this done. We used an Option contract, which is like wholesaling but the seller is aware that we are finding him a buyer at his price. Marked it up and was suppose to make 30k but made 21,500k On my first deal :D

What made you interested in investing in this type of deal?

I kind of just landed upon this one, Came across an owner of another house who was looking to sell.

How did you find this deal and how did you negotiate it?

I found this deal by driving for dollars and got lucky.

How did you finance this deal?

I had no money in.

How did you add value to the deal?

I brought this deal to one of my buyers, that I have built a relationship with.

What was the outcome?

I get to watch the project from start to finish, and thats pretty exciting.
it hasn't started yet.

Lessons learned? Challenges?

I need to follow up with my buyer through out the process to make sure they are on board with everything, closing date, moneys.
I learned to hire a transaction coordinator, cause what I did was too much and a headache, could've handed it over to someone to handle. Changed lawyers throughout the process cause the lawyer I picked was not it.

Hey Adam ! totally interested !

hey Karla, what do you got ?

GUYS I got two subto deals, one is in Watertown, NY 

here's the address for this one 

https://www.zillow.com/.../713-Gilbert-St.../60559276_zpid/

10K down, take over the mortgage of 962 PITI w. 86k left on the loan 22 years. its on market with my best broker buddy trying to help out the seller. fix and fix and rent out per room or per house !


Another one is 414 W Superior St Osceola, Indiana

Subto w/ a 20k entry fee and take over the mortgage of 379 PITI with 30k left on the loan. DM for more info

hello I am a creative investor , how can I help you ?

 if you can find a motivated seller in that area, acquire it subto, or seller financing ! 

Red - landlord friendly states, not to get political, but its in our best interest. 

100+ units. The more units the better, you can use your 1.6 M as a downpayment, Creative is the way to go ! 

I would deff focus on finding a deal, learning how to analyze it, get really really good @ the numbers and knowing what a good deal is, and then go to a lender, when you are absolutely ready for funding. 

i would learn how to comp, figure out the area you want to invest in, what niche you are going for, and then execute. Skip tract, call, text, email, direct mail. Learn, take action, learn and take action. Keep moving and dont get stuck in the " consuming too much info " period. 

Took me 6 years of analysis paralysis for me to finally take control of my life and figure out my path.