All Forum Posts by: Darrell Jones

@Michael Noto Thanks for the advice Zillow is actually more useful than I thought. 

I'm a wholesaler in Connecticut that's been primarily dealing with properties for fix and flip investors. I've come across some leads that would be better for buy and hold investors. My question is how do I run numbers to see how much a particular property would rent for so I could put those numbers together for my end buyer. I know some land lords who buy property don't mind paying more than 70% of the ARV just as long as it rents at a pretty number. Any suggestions?

Hello all, I recently came up on a lead and did a walk through on a single family 4 bed 2 baths Colonial built in 1956. It's in pretty good condition but needs a few contemporary updates inside, but that's just my opinion.

The owner and her brother lives there and seem motivated to a certain extent to sell but she owes 130k on the mortgage and wants to sell to pay off mortgage and make more on top to move somewhere else. Based on my research, the ARV is right around $165,000. The repairs that would have to go into the property are maybe around 10 to 15K. The roof and siding are in good shape so that's a major plus. But it needs new carpet updated fixtures in the kitchen including sink, floor, cabinets and counter tops and possibly fresh paint throughout.

I don t believe there is any real room for a fix and flip investor to come in and make a significant profit. So my question is should I try to find out what this property could rent for and wholesale it to a buy and hold investor or leave this property alone and move on?

Hello all, I recently came up on a lead and did a walk through on  a single family 4 bed 2 baths Colonial built in 1956.  It's in pretty good condition but needs a few contemporary updates inside, but that's just my opinion.  

The owner and her brother lives there and seem motivated to a certain extent to sell but she owes 130k on the mortgage and wants to sell to pay off mortgage and make more on top to move somewhere else. Based on my research, the ARV is right around $165,000. The repairs that would have to go into the property are maybe around 10 to 15K. The roof and siding are in good shape so that's a major plus. But it needs new carpet updated fixtures in the kitchen including sink, floor, cabinets and counter tops and possibly fresh paint throughout.

I don t believe there is any real room for a fix and flip investor to come in and make a significant profit.  So my question is should I try to find out what this property could rent for and wholesale it to a buy and hold investor or leave this property alone and move on? 

It's always good to see others taking a leap of faith and trying something new. Search for a local REIA (Real Estate Investing Association) in your area so you can network with others who are doing what you want to do. I'm sure you'll run into all kinds of investors and also people who will be willing to mentor. Good luck!!

FYI @Brandon Turner you and @Joshua Dorkin are the best!!  Love listening to you guys on the podcasts.  Keep it going...

@Chris Gonzales I'm a wholesaler myself and from my experience one of your biggest qualities overall is being an asset to the buy & Hold Investor or Rehab & Flip investor.  Some of those who desire to be a wholesaler have this misconception that they can go out there find any kind of property put it under contract assign it to an end buyer and make quick cash. 

Truth is our end buyers are looking for good deals, and it helps to have the numbers figured out, i.e comps, after repair cost (ARV) rehab cost, holding cost, cape rate, amount they could get for rent. You don't want to just throw random numbers at your end buyer because more than likely they're going to do their own due diligence and see if it's truly a good deal or not. Furthermore if you are one of those shady wholesalers who think they can get over by fudging numbers on a property, you have opened yourself up to creating a bad name for yourself and put yourself in the position to lose out on building great relationships with investors and creating an extra source of income in the future. Wholesalers must want to develop great relationships and become that go-to guy/lady for investors who are looking for deals but don't have the time to do so themselves.

  Wholesaling is an outstanding way to start out in real estate but it's not for everyone.  It sounds lucrative and easy, coming from the "Gurus" of Real estate but it takes a lot of hard work dedication, hustle, and learning curves along the way.  But once you get that first deal and get the ball rolling then you know that it was all worth it.  Good luck!!!!

Sorry had to make sure I tagged you in this properly, Thanks again @Brandon Turner

This is a very helpful source for what I'm looking for.

Thanks @Brandon Turner I appreciate the guidance and will definitely use that tool.

I'm currently looking for a good Rehab spreadsheet to use for my walk through of properties.  Any body have documents or a particular direction I could get pointed in?