All Forum Posts by: Tiffany Cunningham

I found a property in a great neighborhood that needs tons of work. I mean at least 75-80k. The seller is acting on behalf of his mother. The property has been vacant and in unlivable condition since at least 2009, maybe before then. Long story short I did my calculation to get my MAO and it was rejected. I have room to increase my offer, however the work I've put in to find this property, the amount of phone tag that's taken place kind of makes me question whether or not I should do business with this guy. He's a used car salesman so he's been talking a good game and since I'm a newbie at this he's really getting to me. Raising my offer seems like it's the only way I could possibly get this house under contract. How does one deal with a rejected offer?

Does anyone have an option agreement that it binding in NY? I have a deal pending that needs to be made official in writing and the file place has nothing. I've contacted several lawyers and they seem to respond only when time permits which is understandable. However, I have very little time wait in hopes of them sending it. If I could draft it on my own that would be great, but I honestly have no idea where to even begin. Any tips on how to draft such a document? If someone has a blank copy of one I'd appreciate it.

I understand @Sal Mazzone

What i'm asking is when you wholesale, do you use any contracts that are specifically drawn up for wholesaling in NY? Or maybe i should contact an investor friendly attorney

@Sal Mazzone do you have any suggestions?

Multiple investors that I've been networking with have given me scattered advice as to how to set up my business opposed to wholesaling with my name and not an LLC.

I would like to wholesale the deal, but if i could talk the seller down i could possibly work something out.  How would i bypass the wholesale route and move straight to rehabbing?

OK guys I have another lead that could potentially be a home run. Its a 2br 1ba drive for dollars lead so i can visit it if need be.The house is vacant, free and clear of mortgage and has been for quite some time. ARV is 350k.

I have an appointment to see the house inside and out. By the looks of the outside, the house is in dire need of TLC. I have 3 questions to ask you guys:

1. I'm no contractor and I have no idea where to begin with making an estimate on the necessary repairs. How do I come up with a repair estimate?

2. The property is in Yonkers, NY. I've been networking with a lot of Westchester County marketers and they have all given me 10 different stories as to what type of contracts should be used, what type of LLC should be set up for wholesaling etc etc. Is an LLC necessary at this stage in my wholesaling business? This would be my very first deal.

3.Are there any special contracts available that are used by NY investors?  I'd like to bring a copy of the contracts with me to my appointment, as I would like to be "over" prepared opposed to being under prepared and not be readily available to close the deal. 

All is appreciated. Thanks again for the wholesaling advice and real estate wisdom.

The home for 96k was an abandoned property. It needed a full remodel inside and out. Comps in the neighborhood are looking more in the 390k-420k range. How do you go about getting a more concrete number to work with?  A 30k swing could turn this deal from good to bad

OK I think I have something but I wanted to confirm with some seasoned investors before I make a move

I have a yellow letter lead that just might be ready to sell his 3 family home/income property for the right price. Tax assessment website says it's full market value is 283k. Zillow and findcompsnow.com is saying value is 451k. A similar home in dyre need of a full renovation around the corner sold for 96k. Similar recently sold homes range from 350k-450k max

The home has 8br 4 ba 2800sq ft roof replaced 2 yrs ago interior remodeled last in 2002. Maybe 30k of work put in would bring the value up. This is my rough estimate based on square footage and the description the seller gave me. (2800sq ft * light remodel $11/Sq ft for about $30,000)

How should I proceed in making an offer? Should I even make an offer? My MAO calculation says if i do, I should offer no more than 276k if i want to get a $7500 wholesale fee.

What do you guys think?

I'm looking for wholesalers in NY. I have a couple of cash buyers on my list looking to buy deals asap.  

I'm on a budget but I am able to do a direct mail campaign in the NYC/Westchester County area for absentee owners. I'm looking more for mentorship and someone to show me the Real Estate ropes. I've been very close to making a deal with someone out of state but they backed out I'm assuming because they could tell I was brand new to the business and didn't have a lot of knowledge in the field. 

So what I'm trying to say is...Helpppppp!

@Matt Lane i'll be in contact with you shortly