All Forum Posts by: Tony Thompson

Leigh C thanks! Maybe I wasn't specific enough! I don't have 170k nonrefundable for a portfolio I plan to wholesale, if it's a deal! 7 of the properties I know because their in the neighborhood I grew up in and they have been kept well 3 of the 7 have been rented to the same people since I left the neighborhood in 03! So the real question I guess would be; should I really consider this on a wholesale deal, with 120k I will have to borrow?

Wayne Brooks I literally just talked to him yesterday and I did clarify cash flow as rental income - expenses (mortgages, management, repairs, property tax). This is word of mouth I have appointment Saturday with actual owner and will get more info then.

Mark Freeman no they want 10% deposit to contract it non-refundable!!

No clue how to move forward on this one???  Gentleman called and he is working with his uncle to sell the Uncles 26 rental properties.  The package is $1.7mil and cash flows $235k year in Richmond they want my buyers but they want 10% earnest money at contract signing.  I don't have 10% but I want this deal. What can I do? What would you do?

This has me nervous! Small house 3/1 on 5 acres owner needs 41% of ARV but it is rural area! What has some of your experiences been in rural areas as it relates to wholesaling or Fix-n-flip?

Does this seem like a good situation for a contract for deed or a balloon structure of some type? The current payments are only $200 monthly and the balance again is only about $59,500.  As a correction to my original post the property is a 3/1; has been completely gutted out and electric and plumbing started to convert it to a 3/2.

The right rehabber might be able to save 7k-10k if they have a long term relationship with their contractor.

Sorry about that. I've got the ARV about $117k. They say the best wholesalers can make a deal out of just about any lead. That's where I want to get!

I've got a lead where the homeowner has an equity loan that he owes about $59,500.  Now the good party he is really motivated.  The property is 3/2 with 1855 sqft in a great area (high rental) with nearly a half acre lot.  The property needs about 45-50k of rehab. So in order to sell this on a wholesale deal I need to be no higher than $27 on a cash offer. How can I make a deal out of this for my potential buyer(s)?

Originally posted by @Alex Craig:

if within the first 30 days, about 10% below list. Experienced HUD bidders may bid more aggressive. I suggest if you want to get the deal then bid based on the #'s and not how much below list you can snag the property for. I have bid over list price on several deals.

 When you were bidding above list price what was your exit strategy?