All Forum Posts by: Tamara Sankey

Thank you everybody. All your comments and concerns have been well received.

I know a rehabber that lets me come on his projects to shadow him, so I will reach out to him and see if he can evaluate the deal from a rehabbers point of view.

I am definitely not trying to play with anyone's money (that will get you shot in Atlanta lol) but I honestly have the desire to rehab and have been looking for the right deal and this seems like it's the "one". But I will take a step back, consider everyone's feedback and market the property to my buyers list.

@ Jon. Thank you for your input. The ARV estimate has been verified. I am a licensed real estate agent. So I pull my comps from MLS and I do not go beyond 3 months. I also researched the average days on the market which is 61.

The repair estimate could be off but I am getting a second quote. This property is in a very good neighborhood and has been maintained very well.

As far as the numbers being unrealistic, I don't understand what you mean. This property is being bought at 60% ARV. Which is the norm when flipping houses. I think you are being thrown off by the potential profit margin.

I do agree that it is a risk for a money partner because I don't have any skin in the game so I do agree on that point.

My experience has been that so called HML's that will lend 100% want a personal guarantee and you have to jump through alot of hoops. I chose this HML because they require no documentation and the loan is strictly based on the asset which is the essence of a HML.

Also this property is being sold by a private seller. The wholesaler that I work with finds the properties and sends them to me to source the buyer. I only market to a small group of priority cash buyers that I have. I have not marketed the property because I want to buy it. That is why it is available.

No I don't have experience as a rehabber. However I have partnered with a contractor with over 30 years experience and has worked on residential and commercial projects. The work is all cosmetic. Counter tops, cabinets, appliances.

As far as seasoning did not think of that but know that you mention it. I could transfer title to a land trust. If the retail buyer is using FHA there will be no breaks in title.

I do think that this is a very bad deal, however alot of wholesalers do not have the intent to misrepresent their numbers when offering deals to other investors. Knowledge is the basis of this type of investing strategy and unfortunately some "wholesalers" have not been exposed to the right education. Gurus are on tv all day everyday telling well meaning people that they don't have to know anything or do anything to be involved in this business and they will still get rich.

We have all made mistakes in this business and will make more. We were all newbies at one time. And we all had dreams of being a successful real estate investor. The ones that have not made it to that point yet need coaching and assistance. Im not saying you should hold anybody's hand but at the same time be of some assistance.

When you meet these so called "wholesalers" and their deals are not up to par. Give them your investment criteria and the formula you use to evaluate your deals. That might take 5 minutes of your time. You may not get any deals from them but what you did was give a fellow investor a small blueprint on how to be successful. Soon they will be able to build off of that and be able to provide a valuable service.

Don't get me wrong I agree with Will on the ingredients of being a true wholesaler. This subject just hits home for me because wholesaling is my main investment strategy. I made alot of mistakes. And it was never my intention to deceive anyone. Fortunately for me I met some great people who took me under their wing and some what showed me the ropes. I still had to educate myself but they made the road of success visible to me so I could follow the path. I just wish more of us "seasoned" investors would do that.

Thank God we have BP :)

Hey Everybody,

I was emailed today by another wholesaler that has a property under contract. He is selling the property for $140,000 needs $10,000 in cosmetic repairs. The comps in the area are between $240,000-$250,000. Originally he contacted me to bring him a buyer. But I been looking at the numbers and I am thinking of taking this one on myself.

I found a hard money lender willing to lend me the money for the purchase and repairs. The lender does not require any documentation so they require a 35% down payment which is roughly about $45,000 give or take.

I would like to bring in a money partner to put up the $45,000. If I were presenting this deal to you. How could I make it attractive enough for you to want be involve (ie interest rate, terms etc.)? The rehab will take bout two weeks. The average days on the market in that area is about 61. I plan to market the property during the renovation phase to gain interest. I believe it will be a quick sale. If it is not I have built in cushion to compensate for the additional holding cost.

Any thoughts would be appreciated.

@Jonathan Andrews. I agree with Steve read those threads he mentioned. Also another great wholesaler that I follow is Steph Davis from flipthiswholesaler.net. She gives out alot of good info and she is active on BP forum. If you go to her website she has videos, interviews, and blogs you can read, as well as contracts you can actually use for your deals. Send me your email address to [REMOVED] and I will send you the contract I use.

Another book I recommend is secrets of the millionaire mind by T. Harv Eker if you haven't already read it. It will put you in the mind set you need to be in to do this business and succeed. Half the battle is won when you believe you will be successful and you put the actions behind it to make it a reality. Utilize youtube, there are so many videos there about wholesaling. Google wholesaling properties and you will find lots of info.

Like I told Matthieu, don't get overwhelmed. Get the basics down so you know how to find, evaluate, and sell a good deal to your end buyer. The rest will come as you do more deals, and gain more confidence.

Soon you will be off and running, spending more time with your kids, and making the money you want to make. Good luck:)

Hey Everybody,

Im looking for an Attorney that can close creative deals and keep me out of trouble. Also need an Attorney who responds to emails and calls and keeps me in the loop of whats going with my closings.

Thanks for the help.

@Ibrahim S. You busted my chops a little but I appreciated that :) Sometimes when deals start to take a turn for the worst it's easy to look for someone to place the blame on. I should have done more work in the beginning to make sure a clear title was transferable.

Ive found out some more about the lien. The seller (son) co-signed a loan for his father 6 or 7 years ago. The father didn't pay so now they are coming after the son. The property was originally bought by the sellers mom as an investment. She moved to NY and gave him the property to fix so he could live in but he never did. I spoke to her today and she is very upset. She said she gave him the property so he could make money off it and not to pay of someone else's debt.

I have a background as a debt collector, so I know how to approach them. It's the end of the month and the representative on the phone wants to meet their quota so I might have a good chance. Its probably with a 3rd party collection agency now and that would be even better.

@Dick. I think that's a good idea but if Im wholesaling the property to my end buyer how will he legally own the property. Quit claim deed possibly? He is going to hold it as a rental property.

At any rate I will keep you guys posted on the outcome. Thanks for all the suggestions an feedback.

Thanks for the advice guys. I may have to let this one go. Im contacting the seller now to ask them to sign the authorization to release. The son is not living in the property so he won't have to move but he does want to make a profit.

I think my closing attorney dropped the ball on this one too because I should have known about this sooner. Im finding all this out 2 days before closing.