All Forum Posts by: Priscilla Z.

That's exactly what I said to him, that I would not recommend the zestimate given by zillow.  But it is a source to find nearby sales.....

Zillow and your county's property appraiser website.

I am not recommending you use the "zestimate" given by zillow.  On the right hand side there is a "nearby similar sales" area.  Click on that.  You will see a list of the properties sold around the area.  You can find comps this way.  

And on my county's property appraiser site we have access to sales information.  We can look at a map or search by zip code or subdivision.  Check to see if your county's website has this feature.

@Haider Zaman - Each market is different, you need to test yours to see what works and what doesn't.  I've bought quite a few HUDs and the best deal I ever got was at 57% of their list price.  I've never been that lucky again.  Lately I'm in the 90% range.  As @Alex Craig said, bid based on the deal....even if you are planning to wholesale it.  If you know you can get it at a good price and still do something with it forget about the percentage. 

HUD used to be more predictable a few years ago, now they are only predictable if you are in the 90% range. After that, I think it depends on the mood the computer or asset manager is in :)

@Nichole Wall - I agree with what the other ladies have said.  Also add that the county assessment does not take into consideration the condition of the house, or the updates that have been done.  I've sold houses for twice the amount of what the county assessed them for....and also, don't bother with zillow's numbers either.  You can however, use zillow as a source for "nearby houses sold", and find some comps that way.  Your best bet is a Realtor pulling comps for you so you can have pictures and know condition of the house, etc.

Sorry for the headache, even though they come with being a landlord.  We were just dealing with a clogged toilet yesterday that was clogged by the tenant flushing things down.  He is being held accountable for the bill.

With that said, fix the issue that has merit as soon as possible and wait for the tenant to mess up again, which they will.  When they do, don't wait.  Begin the eviction process as soon as you are legally able to (I don't know how your state works).  Collect late fees, and collect eviction costs if it gets that far.  They will learn.

We have tenants who like to push it as far as they can, but we keep it simple.  On day 6 they get a three day notice....they know we aren't playing games.

If you are a good landlord and hold up your end of the lease they should do the same.

See if you can get a copy of the state contract used by Realtors, that's worked best for me.  That way if your seller has issues and wants a Realtor friend or lawyer to review it, the Realtor or lawyer will understand it.

We've used other contracts in the past, one page contracts, and have had our deal fall through because of it.

People are going to find things to be difficult about.  Don't worry about the problems, find the solution to the problem and move on to to the next one!

Simple.  Were you within your inspection period?  If you were then that's your out.  He has to give you your money back.  Also, did you put contingent upon partner's approval, of course, if you have a partner.  If you did then that's your out.

If not then.....earnest money is his.  Unless someone has some advice for you that I may not know about?

Put a cheap for sale by owner house on craigslist and they will all answer the ad....trust me.  I've had a ton of them answering my ads this week :)

You may also pick up some cash buyers while you are at it.

Yes, you can put up an ad for a house you don't have, often referred to as a ghost ad, which I am not saying you should nor shouldn't do, that's completely up to you.  I'm just telling you what works for me (my ads are for my houses - not ghost ads - just to clarify :).

You can also place an ad on craigslist saying you are looking to network with other wholesalers, or an ad here on BP, make sure you are specific to your area.

I'm with @Heather Faires , as an investor I don't care what the wholesaler paid as long as the numbers make sense....

And on the flip side, I have successfully wholesaled houses above asking price on the MLS....why? Because the numbers still made sense for him/her. Sometimes its a matter of how fast you get your offer accepted. I may get an offer accepted at full price but the numbers still work for another investor if I add my fee and wholesale it to them.

I think successful wholesalers are the ones who know their numbers and know what deals will work for their buyer's list.  You really don't need a big buyer's list to be a successful wholesaler.

And those who are bashing wholesalers...stop.  They are necessary for us investors who have better things to be doing with our time than looking for deals.  They feed them to us and make their split.  Start having an abundant mentality and realize there is enough out there for all, so if the numbers make sense for you, let the wholesaler make his/her split.

Just my two cents....

@Haider Zaman I stick to the formula.  Wholesale fee, like @Russell Ponce 

 said, I usually stick to 10K.  There have been times where you have to go lower and other times you get to go higher.  You will know the more you do.

@Damon Armstrong Don't overthink things. I'm also a rehabber so I know this formula works. Yes, we go over estimated expenses all the time when rehabbing a house, it's the name of the game, but sometimes we can sell it for more too. Now, if you use the 70% formula and ALL of your buyers come in and tell you that you are underestimating repairs and no one is interested, then go back and renegotiate on the price, or come down on your wholesale fee.

It really is as simple as it sounds.  Find a deal that fits the formula, pitch it to your buyers, sell it.  Know your numbers, that's what it's all about.