All Forum Posts by: Richard Gaston

@John Horner Can you give me a link to podcasts, I am still sort of new with ITunes and haven't a clue what I am doing lol...I am still an old man remember? lmao, Internet is a no brainer, learned how to use the computer in the 80's and kept learning. Wife claims she is computer illiterate, yet she plays on Facebook (The Games) all the time lmao. But ITunes? Still new to me, now if I was a kid I would've had no problems lol...

@John Horner Thanks bud, I will certainly do that. I heard (what did you call it, remote wholesaling?)was possible, just not sure how it was done or even how to close a deal when you're here and they are there and several hundred miles between the both of you. So thanks again.

Sorry I just noticed that I repeated myself in that last post, still waking up after working a Graveyard shift and have not had my first cup of coffee yet. If there is an answer to the above question or if it has been posted already point me in the right direction, please and thank you.

Ok I need to build a bit of capital so I am going to do a bit of wholesaling, I know I had posted how I really feel about wholesaling online but as I said I need to make a bit of capital, to work with. How does one do wholesale just on the internet without really looking at the property, just looking at photos. I am finding quite a few motivated sellers online, I want to make an offer online (in fact I just put in an offer for a Lease with Option with terms, but I am doing that for my son who lives in Mississippi, and I live in Washington, lol but thats for a Lease w/Option to purchase, Owner Finance the deal for a certain amount of time, with a subject to clause, told my son if the owner is agreeable to the terms to go look at the property to give me a better idea of what I am dealing with). While I am talking to my son over the phone I have found a couple of fixer uppers close to my area but I want to put in an offer on them all online, get a contract if the offer is accepted also online then put it on contract, also online then sell the contract to a motivated buyer, ok now I am confusing myself here. Basically Find the house put in the offer get it on contract sell the contract, is that better? While I am online only, close the deal and have it wired to my bank account. Is that even possible???? If it is, please someone teach me, I am an old fart but I am still willing to learn. :-)

@Brant Richardson Thanks I will figure that in. As I said earlier I work a graveyard shift so when I posted the questions its right after I have gotten off work, like now for instance lol, so am basically a bit tired and out of sorts. Ok let me try this once more and hopefully I can explain it better.

It has been aprraised at $150,000 in the condition that its in, so I am assuming that is the Fair Market Value right now of what the property is currently worth. Now I am assuming that it needs repairs seeing what was said, "in the condition that it's in". And if that was what the appraised value is then I am going to go out on a limb here and assume that it's not the After Repair Value. Now in order to get a good Comp, I know I need to actually see the house as well as other houses in that same area to actually get a good Comp of what the house is worth or close to it. Now do I add the costs of any and all repairs to get a more accurate ARV, or do I just subtract the repair cost from the Appraised Value, assuming that I do not go over what the Fair Market Value of the Same or like house in that area. I know basically what the rent rates are FOR this area but I figure I would have to also do a rent analysis for that area in order to charge a favorable rent amount, not to much that I won't get any tenents but still enough in order to pay the mortgage if I decide to live there myself. My wife's reasoning is we have lived in this Apartment for a bit over 13 years now (granted we are one of the only longest tenents, with the exception of one other tenent, that has lived here and we are treated like Kings and Queens here) but its one of THOSE neighborhoods, basically our son has been locked up inside the apartment all these years not being allowed to go outside except to go to school. He needs to have a place to play, and her reasoning is that a house has a yard, then he can get out to play like a normal 12 year old. Ok, sorry about being long winded here lol...If we do live there then we may not need a PM so that is one cost that can be eliminated, but I may still consider it at a later date if I decide to buy and hold other houses that I may want to rent, now should I also consider myself as a tenent to figure rent in both units?

Thanks @Brant Richardson , I have to assume its a legal conversion seeing what our State Laws are. Anytime someone does any kind of work that requires Electrical work an Inspector has to come out to the house to inspect it. I worked last night so am a bit brain dead so to speak, but I do know that part of the law, one of the things I am really careful about when I have to put in a junction box for my Surveillance Cameras, the City Inspector has to come out and inspect it all before I can finish the install and get it set up. The guy, when he heard I have done Real Estate Investments before wanted me to consider buying his house a couple of years back (after the RE Market tanked) or at least let him know of anyone interested in buying it (as I said a really motivated seller). My main concern is the condition, my wife wants me to consider buying it for ourselves and rent out the upstairs apartment, to pay for the mortgage lol.... I may consider that as an option. If its not to bad in of a condition that is. I was wondering though if I go backwards to figure out the purchase price (what I want to offer him) versus the FMV (or the ARV). As I said I am a bit tired so I hope everyone excuse me and understand what I am trying to ask. :)

Ok, I am working on my first deal. I know the guy, for about 5 years now, a regular customer where I work at and he is also my Tech Advisor for my Surveillance Camera biz if anyone needs assistance right away. He has a house and from what I understand it was converted to a duplex, Upstairs converted to an apartment with a seperate entrance, dual Electrical Box so they can pay for their own Electricity. He told me last night he is willing to sell it (my very first motivated seller, lol). He told me that it was Appraised at $150,000.00 in the condition that it's in. Ok I hear that my short hairs start curling (on my neck) and my hair is pretty short right now lol.... I talked to my GC and we both agreed that there maybe a lot of work that needs to be done to it. I do not know what the ARV will be, just what he told me. I am assuming that there will be a lot of work. My question seeing that it was Appraised at $150,000.00, I am assuming that is FMV not ARV seeing it was said "in the condition that its in", now in order to get the ARV do I add the costs of repairs into that to make it more then $150,000 (as long as it don't go over the FMV)? I have not had a chance to look at it yet, so I am going to assume that the repairs are extensive and may have to offer less then $150,000.00.

@John Horner Thanks for the feedback. The reason I was asking is because of my lack of transportation. Of course I can always walk to the property if its close enough, if not we do have a bus lol...And the other reason I was asking is because I am always willing to learn new ways, as well as being Curious. I am trying to figure out how anyone can do it without really seeing the property.

Ok on this subject I am really new at. I know basically about wholesaleing, its almost the same in any business, A business (or person) buys a product below wholesale, turns around and sells it wholesale to another business then the end buyer (the investor) turns around and sells it retail to make a profit. That pretty much sums it up, granted I have read that there is more to that when your wholesaleing houses. But that is not the reason for this post, I am curious about one thing. I have read about wholesaleing online, ok how it the world does one do that. I know if you wholesale you need to make sure you have an accurate picture of what the property is worth, that is what you're giving the investor. And if there are repairs to be considered then that as well needs to be given to the investor, this way they can pretty much size up a more accurate ARV on the property, get the contract to the investor (of course there is always an up charge so the wholesaler can make a decent buck). Now I have seen about wholesaleing and doing it online, how in the world does a wholesaler do that without the ability of getting a more accurate comps? I mean, I have already stated this a time or two lol, I am old school, if I am interested in a peice of property (house) then I actually need to really see it, as an investor I want to be able to put my eyeballs on any damage, if wires need to be replaced, walls need to be painted, plumbing needs to be fix, anything and everything is what I want to look at, so how does an online wholesaler do all that while being online only? I hope I explained it well enough.

Sorry guys, am a bit dopey today. Walking son home from school the other day because he was a bit sick and some dumb a$& decided to run a red light, had to make sure son got to the curb, a bit painfully (he landed on his butt) but I got clipped by the vehicle. He stuck around long enough to make sure we were ok as well as everyone else but before the police got there he left, I am ok just bruised though but the doctors gave me some pain meds (Tylonol with Codene) and I just took a couple to ease the pain, still had to work last night, can't make any money staying at home lol.... But I do appreciate the feed back :) Thank you very much.