All Forum Posts by: Roland Paicely

Balance of the mortgage to determine if there is enough equity.

Attend your local REIA. There are some great contacts there.

Awesome!  Not much more to say.

Most importantly just relax.  Try to have a 'conversation' with the seller.  Get as much info while building rapport.  After talking to the seller run some comps to get an idea of the value of the property.  I assume after talking to the seller you'll have an idea of how much he wants.  If it makes sense then go see the property.  Remember, just talk to the seller and find out how much they want, why & when.  One step at a time!

Sending out letters to everyone in a specific area 'can' be expensive.  Of course, it depends on the number of houses in that area.  However, I would try to streamline it.  Perhaps go for absentee owners, high equity owners or pre-foreclosure.  On a final note.  Be confident in your investor buyer.  You certainly don't want to spend valuable resources without a return.

Also, be 100% confident in your buyer.  You certainly don't want the seller to evict tenants and not have the buyer close..........oops!  That's a problem.

I have a suggestion.  If this is your first wholesale deal, Don't rehab it.  Wholesale it, take the money and have a good learning experience.  Regarding the repair estimate.  Take a contractor with you.  Many of them will give you an estimate for free or charge you a nominal amount for their time ($50).

The paperwork issue I can't help you with because I'm not familiar with NY law.  

Steven, While it is possible to get a deal that is on the MLS. The challenge that I think I'm hearing is that if you get a deal on the MLS then you plan to wholesale it. I may be wrong on this assumption. However, if that is your thinking. Then I'd definitely recommend to get off the MLS. It is possible to wholesale houses that are listed. But if you are just starting out. You don't want to deal with that at the beginning of your investing career.

You stated that you don't  have much capital.  With that in mind you should do driving for dollars.  Scour Craigslist and if you have available funds put out bandit signs.  Although, that can cost some bucks.  Maybe stick with Craigslist and driving for dollars..........good luck.

That would be me. My opinion is that it did not affect anything in the business. However, it was nice to have access to the MLS. But in reference to dealing with sellers or buyers there wasn't any affects either way.

Make it very clear to the seller that it is possible that something can happen so that this deal doesn't close.  Also, evaluate how strong your deal is with the end buyer.  Have they given you a non-refundable deposit?  Do they have a successful track record or is this their first rodeo?  If the seller understands the risks and everything else looks good I'd say move forward with a clear conscious.