All Forum Posts by: Phil Z.

50% is not going to happen (1 in a million). They expect to be within 90%.

You Can Find REO Brokers on the MLS with an REO search, or you can see who is listing agent on Bank/HUD REO Websites: www.hudhomestore.com

Investor Clubs: http://www.mynationalreia.com/clubportal/795files/directory.cfm?clubID=795&pubmenuoptID=11912

ARV's of $200k or less with a Purchase Price of $100k or less seems to be a good sweet spot (First Time Home Buyers). I would suspect you can find those neighborhoods right outside your $300k neighborhoods.

To analyse price, you need to compare the property to comparable sales. Usually within .5mi for inner city and 1 mile for suburb. Try to keep sqft within 20%.

As far as analyzing repair values, your best bet would be to talk to local flippers who use contractors and see what they estimate for costs. Or you can try to find low cost contractors directly.

http://www.mynationalreia.com/clubportal/795files/directory.cfm?clubID=795&pubmenuoptID=11912

Beware of unscrupulous 'gurus'.

I would use $10k for Marketing and the rest for a flip with a Hard Money Lender. I would wholesale at the same time.

There is minimum maintenance required to be a property owner that a 'slum lord' neglects to do. Yes the tenant may be sloppy and break things. But instead of eviction, the slum lord opts to just neglect the property entirely. (i.e. they are probably too lazy to even follow through with the eviction process).

- I was more or less saying that getting in with a listing agent probably isn't going to get you a stream of deals fit for wholesaling.

- I didn't say there weren't good deals on the MLS b/c there are a TON in this market.

- It would be much easier to just get a RE license and pursue MLS deals on your own.

- When I said 'wholesale buyers shy away from the mls', I meant that when the End Buyer is contacted by the Wholesaler, and they do their due diligence, it is a major turn off if it is under deposit on the MLS. Many investors assume that you (unknowingly) tied it up for market value since it was exposed to the retail market. Many times that is the first question they ask me. Its a MAJOR turn-on for Cash Buyers if they know it was never exposed to the MLS.

- Address

- Bed/Bath/SqFt

- Photos

- Wholesale Price

- Repair Cost (Total & Line Item)

- ARV

- 3 Comps

The LLC will protect you from being sued personally for business errors. However, if your deemed doing fraudulent or illegal activities, the LLC might not help you.

In most cases a single member llc pays taxes combined with their personal taxes.