All Forum Posts by: Teddy Patrick jr

I have other ways of obtaining cash.......Its just a matter of when I get it is all.

This is true. Cash deal with partners. I just need to put it together. If I cant get it sold a few months into the term for a 25% discount I will hold the note......Rinse and Repeat........

This property is out of Waco. On the other side of Bessemer. I think I can pick up this house for 15. I know the area and the people who own it obviously dont care about the property. I am a contractor so I can do all the work myself. It may take me a little longer, I do quality work. I am hoping that all goes well. I am going to call the owners in a bit and offer 15k for the property. I will go no more than 20. They will take it....... Rehab costs of 15k, owner finance with a wrap for 69900 with 5k down and a rate of about 7% for 15 years. I am hoping to get 80% for the note........If I cant I am looking at a 300/monthly cashflow.

Well for the most part Cherryville is more of a no town. I know of people there who would love a owner financed home due to the credit and banking issues. I can sell the note for up to 80% of the balance. The main thing is here I would make sure that the payment wouldnt be too high so they would be more obligated to pay their bills. Bill and Bryan what types of investing strategies do you do and how is the outcomes on your ends?

What is the best way to find these wholesale deals? Realtors..... Or on your own, driving for dollars?

Well I do my homework. The area this particular home is in is out of Dallas. The Cherryville area. I dont know about the 10 to 20% down. I think I would be wiling to discount the note up to 25% to pull my money out. The home is listed for 30k and I just found the owner last night, they are based in Raleigh. The house has been sitting empty for about a year now and has had no offers on it. I am thinking to offer 15k. I would say it needs around 10 to 15k in rehab and comps in the area are in the 70 to 90k range. Its on an acre of land. Very private........

So when I find a distressed property in my area, I simply find the owner do an analysis of the the deal to determine whether its a deal or not, put it under contract with a deposit, then flip the contract to a end buyer.........

Work with a contractor for the first few and watch how things are done. Start getting your hands dirty!!!

I am looking to purchase a distressed property here in NC. Purchase the property and rehab it for 25k. Property values in the area are in the 65k to 79k range. After repair I intend to sell the property with a wrap around mortgage putting cash flow in the bank. After a few months of receiving the payments I am thinking of selling the note to pull cash out. Has anyone done this and if so how was the outcome......Any advice would be appreciated!

When wholesaling real estate, do you have to use your own money and credit? If so what do you use it for?