All Forum Posts by: Ryan Kruger

Great information, thank you!

Investors,

I’m struggling with getting my first wholesale deal for a few reasons but the main reason I believe is uncertainty on the legal side of the deal. I have downloaded and read a few purchase agreements for my state but I’m stuck wondering if I need to find an attorney to actually write up a contract that has all of the information and the contract be assignable. Multiple deals on my dashboard right now that I am eager to jump on but I do not want to contact the seller, make an offer, and give him a bogus contract that has holes in it. So my question is, for those that have successfully started wholesaling when you began did you have an attorney write your contracts for you? Also, how was your experience with finding cash buyers and how often did you have to actually use the inspection contingency as an escape?

As always, anyone willing to connect or give some words of advice please reach out through a PM.

Richmond VA

@Jonathan Oh thank you!

Good afternoon,

I am looking to either begin or join a REIA in Richmond Virginia. I have been searching for like minded people to learn and invest with in Richmond for a couple weeks now. I realize that most of these meetings are taking place virtually now over zoom, but if anyone in the area is aware of a local group or willing to create one please contact me!

For those who have joined or created groups such as these, how did you recruit and get the word out about your meetings? 

Thanks for all the help!

Investors,

I am looking at a few single family homes in my area I am interested in buying and holding with the intent to rent. I am still in the analysis portion of my research and so far its looking like a good deal. It is a 4 bed 2.5 bath built in 2004 in fair condition. No major improvements needed. The homeowner is facing foreclosure and the asking price is $295,000. Comparable homes in the neighborhood are in the low 300's.  My issue is that I am struggling to find or determine what I could/should charge for rent. Ive heard the .8%-1.1% of home value estimate for rental rates, but where do I find information on comparable home rents? Ive looked online to see if any comparable homes were up for rent but I haven't found any close by with the same property features. In your experience, where or how could I find reliable rental rates? 

Thanks!

I’m struggling with my confidence in my ability to correctly evaluate a properties value so I do not end up over paying for my first deal and I buy right.

How do I correctly calculate a specific properties value? I know I need to find ARV by looking for comps in the area and if it needs work I can subtract rehab costs from the ARV to get a general idea of the highest offer price.

Other than that, I'm struggling to find resources on how to learn real estate finance. And how to factor in costs such as PMI, vacancy, things like that.

Any books, articles, webinars, PEOPLE that anyone is aware of that could guide me in the right direction?

Thank you!

Jumping into the Richmond VA real estate game and looking for advice from investors. I see the benefits of each wholesaling, fix and flips, and BRRR properties. In your experience, which would be the best route to start searching for my first deal with little to no cash? I have a few properties I've got my eye on in each of the following categories but I don't want to build to many bridges at once. I want to focus on a specific aspect of the market and jump in. What are somethings you did starting out that worked, and what hasn't?