All Forum Posts by: Sheldon Alex

Thanks for sharing @JJ Conway. Now the people you know who wholesale outside their city, are they doing it successfully with site unseen (with the help of a agent) or do they follow your system?

I'm open to talk more about that @Eric Griemsmann, that is if you are. Let me know. 

Hi Everyone, 

I'm looking at a short sale right now. It was originally priced at $180K but now it's going for $200K. The broker ran a comps, with two properties being sold for $255K, one sold at $285K, and one listed for $299K. The subject property has suffered from water damage, and there's a tenant living in the property. 

What is the rule of thumb usually when purchasing short sale properties (i.e. a 70% rule for fix and flips)? And would this short sale, based on the numbers I just shared and the condition of the property, be worth it? I'm assuming it's not. Let me know your thoughts. 

Yeah I can see why it wouldn't work. Thank you for confirming! 

Hi Everyone, 

Being that I have still yet to find a partner, and don't have money to invest in my first deal, would it be a good idea to try wholesaling properties in locations outside of my city? I figured it'd be necessary since there's hundreds of wholesalers in my area, and even though I'm looking at deals now to possibly wholesale, that it'd be wise to not only focus in my backyard. 

Sheldon 

I was curious, and I'm already assuming that it's likely not possible, but has wholesaling properties that are on auction been successfully done or not? 

Thank you everyone for the recommendations. I'll stick to wholesaling for the meantime.

Thanks for sharing that @Kyle Hricko. With those requirements I'm out of luck in getting a hard money loan by myself. So will need a partner who can cover 100% of the funds. While I do that, will have to start wholesaling as well.

Hi @Corey Woodruff I ended up talking with one loaning company but they don't fund fixer upper properties, and another one told me I needed a partner starting off since it would be my first time getting funding. I'm looking into a couple other companies that offer hard money loans, and checking out crowd funding. Are hard money loans generally good for people who don't have good credit and no money?