All Forum Posts by: Ricardo Acevedo

I looked up the address the seller gave me today and found out the property is a single wide, which means it is a mobile home! At least I did not contact the buyer about the property, yet. Back to the drawing board.. This post was embarrassing lol, but I learned a few things and still have a buyer. A 3 bedroom/2bathroom property for less than 30K will be a challenge to find, but i'll keep looking. I need to start advertising to distressed sellers. Thanks for the information everyone. I will take into consideration all the advice for the assumed scenario because I will be in the same position anyways when I do find this deal. 

Hello, I am a newbie wholesaler that has been studying for a few months and starting to make the beginning moves now. I have an all Cash buyer looking for a 3 bedroom and 2 bathroom home in need of rehab for a max allowable offer of 30K. They filled out my wholesale buyer pre-qualification form. I found a seller with a property that has 3 bedrooms and 2 bathrooms for 22K and in need of rehab. I am meeting the seller at the property on Monday. There is a spread of 8k. I can even have the buyer purchase everything for 28 or 29k. I would like to get a contractor's estimate on the repairs to give to the buyer because of my morals and there is potential for future deals with the buyer. I also do not know if I should disclose to the seller (a company) that I am only going to put down $100-$500 in earnest money because I plan to wholesale, or if I should use a transactional lender to do a double close to avoid trouble. I very recently found a real estate lawyer that I discussed over the phone and email what I plan to do in terms of wholesaling. The buyer knows I am an investor and they filled out a "wholesale" buyer pre-qualification form, so they should understand this will be a wholesale. The seller only knows I am interested in buying the property. My lawyer advised me to make an exclusive contract with the buyer if I don't have the property under contract before I give the address and show the buyer the home to avoid the buyer from purchasing the property right under me. The buyer does not know about the seller, or vice versa. I found both the buyer and seller yesterday. Any advice would be greatly appreciated!!

P.S. This will literally be my first wholesale and I am doing everything for the first time. I am somewhat nervous, but trying my best to ignore that and get the correct information to make this transaction occur as smooth as possible.

@Account ClosedThanks for the information. I will be approaching contractors for "free" estimates with the chance of a referral with a buyer.

@Curt Davis Are you sure a contractor will be okay to do a rehab evaluation for free?..

@Jeff McCaskey The seller will eventually know I am going to wholesale their property. The questions are going to occur anyways, so I will give disclosure, unless I am doing a double close and then it is not of their business. 

Yesterday I found a buyer that filled out my buyer pre-qualification form and is looking for a beatup home that has 3 bedrooms and 2 bathrooms. They will live in the property and rehab it themselves. They've done a few rehabs before the housing bubble, and are just now recovering. They are willing to pay up to 30k in Cash. I found a seller with a property that has 3 bedrooms and 2 bathrooms for 22k; it does require rehabbing. I am meeting the seller on Monday, but so far so good. Any tips?!?..

I have access to a program named Realeflow where I input the condition of certain parts of a home, and the system gives me a price on the repairs. I am wholesaling and will need to give my investor buyers proof of my evaluation on the repair estimates. Along with the program I would also like to have a contractor's estimate. I would use my contractor's estimate along with Realeflow to show the buyer the value of the deal and to show the seller that the price is as is due to the repair costs from the program and my contractor. I will explain to my contractor that there is no guarantee that the deal will result in a need for their services, but I will definitely refer them to my buyer for rehab work, and I will be doing rehabs of my own in the near future too. My questions are... how much is a reasonable fee for a contractor to do a 15 minute rehab evaluation in front of my seller and is my logic of the rehab evaluation to the seller and buyer correct?

Hello, @Aaron Chung  and everyone. This is a link to Fannie Mae properties that were foreclosed, so the government run program allows investors to purchase homes with a minimum downpayment of 10% without mortgage insurance, and principal residency is not required, which means investors are welcome. Foreclosed homes are sold as is and the purchase of the home must be done using one of their Fannie Mae listing agents. A 203k loan would include mortgage and the costs of the rehab.

https://www.homepath.com