All Forum Posts by: Jeff Filali

I've used both Auction.com and Xome.com.  You should know the prices they list are the starting bids, and there's typically hidden minimum reserve prices way above the listed starting bid.  They do that to get more people bidding and the company can bid against you until it reaches the reserve.  Also, you typically have to pay a $2500 deposit on credit card to even be able to bid that week.  You can find some deals once in a while, but many go for close to retail, especially in the best markets.  If you do decide to try, read all the fine print as some do not offer title insurance, or only offer quit-claim deeds, etc.  There's also almost always a buyer premium above the purchase price, and almost all are CASH ONLY, no financing contingencies allowed.

You'd probably be better off at first watching the for sale by owner ads for "fixer uppers", or hook up with some realtors and wholesalers in your market letting them know what your criteria is and they will let you know as they get new inventory.

Good luck!!

If you can cash out that much profit selling it, I'd say sell it and have a better start on the next one.

If you're new, I would highly recommend having an experienced inspector/appraiser or general contractor evaluate the property for and with you at first.  You can lose your tale in older properties if you do not know what you're doing.

I would paint the exterior walls grey, the doors black, and trim white.  Then add some shrubs.  But I always like the grey/black/white look.

Wholesaling is legal everywhere, however the way most people do wholesaling is illegal and unethical.

Wholesaling is an "EXIT strategy" not an "ACQUISITIONS strategy".

By definition Wholesaling is the act of buying something at one price and selling at a higher price.  

If you're contracting to purchase properties without the "intent and ability" to close, and your only intention is to "lock it up" and try to sell it to an end buyer before closing, or use contract clauses to walk away... THATS ILLEGAL & UNETHICAL.  Its brokering without a license.

East Indy Rental 4/3 built in 2014 - Comps $150's - New Paint, minimal repair needs

Would consider seller financing with $15K down and $1500 mo. or sell for cash price of $140K

Call Gus at (240) 817-4185 (Se Habla Español) 

@Tim Bales My contact info is posted, reach out to me for details

Good Karma- may be bringing me 10 more doors!!

Friday I went by my bank to make some deposits and as I was pulling into the drive-thru I noticed two $20 bills on the ground right next to the Pneumatic tube machine. So, I got out and picked them up, then sent them to the teller, and told them that someone before me must have dropped them, maybe they can call the last few people & try to get them back to them. I hated to think of someone who may be living paycheck to paycheck, and that may be their last $40 for the month. I've been there myself.

So the weekend goes by and didn't think anything about it. Then on Monday I get callbacks from two different offers I made last month. Both were now interested in my offers, just need to iron out the final details.

Combined if these two deals go through, it's adding 10 total doors, turnkey/occupied and bringing in a total of $5,300 mo rent and the total purchase price is only $225K, plus the sellers are willing to seller finance with 10% down and 60 month balloon. 

Maybe the good deed had nothing to do with these deals...but maybe it did!! I just know the more good I do for others, the more doors are opened for me.

@Erin Elam There's not B/C areas in Broken Arrow really.  Its almost all AA, A, or a few B.  But in Tulsa and some of the surrounding suburbs there are good pockets of blue collar B/C, C/D areas for sure where you can find good deals.  It only took me 2 1/2 years.  Working on a deal now to acquire 10 more properties, and plan to transition into only acquiring multis to hold in 2019, but may still flip some SFRs.