All Forum Posts by: Trevon Peracca
Trevon Peracca has started 72 posts and replied 230 times.
Post: Seller Financing
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
@Brian Gibbons: He owns it free and clear
Post: Seller Financing
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
Good afternoon BP,
I have a motivated seller that would like to do business with me. The property is in great condition. He rehabbed it for his mother to live in and then she unexpectedly passed... He owns it free and clear: I want to wholesale the deal but if he won’t agree to the price I would like to offer seller financing to get him more money on the deal and I could hold it as a rental.
He had it listed on the MLS with a family member for 140k, but he responded to my direct mail and said he is willing to negotiate.
Can some please explain how to structure a seller finance transaction as far as paperwork and dealing with title/escrow etc.?
Here are the Numbers:
ARV: 150K
Repair Cost: 15K (Garage needs to be torn down, need to pour a new slab under the garage, and rebuild garage.
Average Rent: 1400
If I wholesale it, my MAO will have to be around 75k, in the event he does not accept that, I want to have an alternative solution to his problem.
Please share thoughts
Thanks,
Trevon
Post: New Member from Honolulu
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
Welcome to BP!
Post: Title/Escrow company Referrals in Western Suburbs of Chicago
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
Does anyone have Title/Escrow company referrals in Western Suburbs of Chicago? I am looking for a company that understands that mechanics of a transaction with a wholesaler.
I am in Hanover Park/Streamwood Area.
Thank you!
60133
Post: Any names of good agents (Chicago)
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
Originally posted by @Benjamin Traisman:
Hey all,
I am just starting out and am fully immersed in the typical literature although still trying to get my hands on the ABC's of Real Estate Investing. I am looking primarily on Zillow, Realtor.com, and Craigslist for possible deals. Mostly I am looking for possible deals to practice crunch and get some practice on that all important skill using the calculator on the site and doing some work by hand. I am looking into mostly duplexes and triplexes if I can find them. In that regard I am most interested currently in Buy and Hold until I get more experience working with contractors to dive into something like a flip. I was wondering if anyone had a names of good agents in the Chicago area that would be able to show me properties. I am still about a month out of education and financial capital before I can seriously consider making an offer on a property, so I have sometime before I reach out to agents just thought I would get a head start. So after this long intro let me know if anyone has any suggestions. Looking forward to hearing more. I live in the city but am expanding my search to the western burbs. Thanks much
Hey there, i know a phenomenal agent that works the suburbs. Inbox me and i will give you the info for @Matt Pittman. He is a Remax Hall of Fame agent who is also an investor, i am sure he can find you what you are looking for.
Post: Searching for a Wholesaling Partner/Acquisitions Manager
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
I am searching for a Wholesaling Partner/Acquisitions Manager.
I am looking for someone that has the time available to complete certain tasks in exchange for a profit share of my business or a set percentage of each deal.
I need someone with big goals and a large vision to build a business.
Please contact me for more info: [email protected]
Post: Real Estate School or Not?
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
No, you do not have to be an agent.
Post: PLEASE HELP ME FIND A PROPERTY IN CHICAGO!!!!!
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
Get in touch with @Matt Pittman. Inbox me for his info.
He is a fantastic realtor and an investor, so he knows what to look for in cash flowing properties.
Post: what is a fair split or share of the profit
- Wholesaler
- Chicago, IL
- Posts 245
- Votes 102
I would cut them 25% of the final profit. Because most people that fund 100% of the deal will get 40%-50%
I would definitely consult with an attorney first. You can find them right here on BP under Community> Find Members.