All Forum Posts by: Sawyer Scott

Hello Bigger Pockets. I am attempting to get a deal under contract for a mobile home park, however I am struggling with how to evaluate it.

Using the standard MPH evaluation formula found in the BP forums prices the property extremely low because it is not currently profitable. I asked the realtor if the seller would consider an offer significantly lower than asking and he laughed and gave me the classic "hell, I'd buy it myself if it was priced any lower!"

I know he's got it priced high and when I asked how he got that number, he just said he "knows someone will buy it for that price" I know the seller is in danger of foreclosure soon as well.

The problem is this specific MHP had horrible management coupled with a natural disaster that hit the area a few years ago causing homeowners in the area to move away. So this property is not profitable at all. However, the area will be in demand in the next year or two which is why I know it is a great investment for the right price. I just don't know what the right price is.

 How do I join?

Hello team!

I just got a brilliant property under contract and was able to postpone the EMD until the inspection contingency period ends. I am a new wholesaler in Michigan and this would be my first deal. I honestly think this is a great opportunity and seriously considered flipping it myself with a hard money loan, however I'm not very handy and at the end of the day I just don't have enough confidence in my self to take that on while working long hours at the hospital. However, I digress. I need to find cash buyers quickly, can anyone tell me their best practices so I can wrap this deal up before I have to put down EMD myself or let this deal fall through? Any Advise is greatly appreciated!

Cheers,

Sawyer Scott

*FOR SALE on assignment*

Hickory Street, Fenton, MI 48430

3 bed/ 2 bath

2 car detached garage

1525 sqft on 1/3 acre lot

Great opportunity just off the beautiful trending downtown strip in Fenton. Located on a quiet peaceful drive this home is walking distance to all the great restaurants, boutique shops, parks, and lakes. 3 bed, 2 bath house on a large lot with a detached garage. Owner has already made major improvements including new furnace & central air, roof, whole house generator, siding, gutters, and more. Great opportunity for fix and flip or BRRRR / short term vacation rental.

Comps for other 3 bed/2 bath homes with similar square footage in the area sold within the last few months are nearly $300k.

ARV of $250k+ (depending on reno, could be much higher)

Repair cost of roughly $32k

Flip Profit: $45k+

Asking $160k cash only

I am currently looking into purchasing an apartment complex. I would like to utilize creative finance to create a 0% out of pocket solution when purchasing.

For those of you with more experience in commercial real estate, is it possible to use a hard money loan as a down payment for a commercial bank loan? If so what may be the pit falls off doing so, that is other than high risk and interest rates.

Cheers

Sawyer Scott

@Jerry Puckett you answered my questions AND THEN SOME. Thank you so much this information will be invaluable to me moving forward. I don't know why I thought the process would differ so much from the regular home buying process. Unfortunately, the seller was only willing to drop his price down $8k which most likely means we will not be able to come to an agreement. With that being said this opportunity happened to fall in my lap and I am grateful for an incredible first experience. I am excited and eager for the next one. I appreciate your advice and thank you again.

Thank you @Jeffrey Donis I appreciate the feedback! I am about to make a very important phone call and I just want to have all my ducks in a row.

Hello all, I'm a newbie in the wholesaling game about to approach my first potential deal. I have done all the research and ready to reach out to a potential seller, however I don't know the proper way to describe my position. They are willing to sell, but I cannot buy it myself so I do not want to get their hopes up if none of my buyers come through. They've given me a price, but I need to talk them down almost $15k for the deal to make sense.

Long story short I am confused on how to explain and/or negotiate an option period to give me time to find the right buyer. Should I just disclose that I plan on wholesaling they're property? Will that scare them off or aggravate them? Please let me know how some of you approach sellers and what has worked for you.

PS. I would love to get your take on whether I should pursue a double closing or use a contract. Are there are any basic contracts available through bigger pockets?

Cheers,

Sawyer Scott