All Forum Posts by: Andrew Urban

Hey guys thanks for the reply's :) Don't worry, I'm not selling anything :) I have "property manager" as the title because I own rental properties and that was one of the choices. I guess I'm more of an investor :) Anyways. This thread is kind of about two properties now. The first property is on the water and it does appear to have been bought on 2/17/10 for $26K. I have not spoken with the Realtor about the property, but I will tomorrow. The second property with seems to have Comm. zoning with a res. house. This was just another property with different numbers. I was more looking for how to determine if it's a good deal or not, and what to look for. All of your info is great and when I find out more about the numbers I will be sure to post them here. It does look as thought the first one which was recently sold is someone trying to flip and flip. Is this a bad thing if I can make more money?

Bill,
Awesome and very informative reply. Thank you very much for your input as I will pu it to good use. I will need to really look at the property and se if it's zoned for commercial and being used and priced as residential. If that's the case than the property sounds like it might a very good buy. The area where this is located has really been built up over the last few years, and I'm sure that will continue. Thanks again to all you guys for the input.

Andrew

haha, good call with the address Marc. There is actually another property which seems a little better. It's $69,900 ($159K Assess) and the listing says the house is situation on 8 lots zoned commercial. What does that usually mean? Do you have any suggestions for a site where a non-real estate agent can find reliable comps?

Hello,
I think I might have finally found my first flip :) Here is the MLS link
http://stwmls.mlxchange.com/Pub/EmailView.asp?r=144848592&s=RIS&t=RIS

Asking Price: $84,900
Assess: $118,300.00
Zillow Assess: $123,500

Average sale price for similar homes is $125,00
I have not been inside the house but it looks as though from the pictures it will need around $20k to $30k of improvements.
What do you guys think?

Kevin,
I saw your post regarding wholesale forms and I was wondering if you were still sharing :) This will be my first wholesale so any help you could give me would be great. Thank you and I hope to you soon.

Andrew

I'll have to give this ad mentioned a try. Here is a copy of the ad I have used which has worked well for me and you all are happy to use.

Heading- $20000 / 3br - Investors wanted for 30K, 40K, & 50K houses

Body- Dear investors,
I have a number of properties in RI and the surrounding areas for investors. All of these houses are between $20,000 and $60,000, some need work and some do not. Houses are 1, 2, and 3 family houses. All houses are easy shows any day of the week. Contact An Urban Property for more details and which properties are currently available. Properties sell fast and can be closed in as little as 12 days. Contact Andrew Urban at xxx-xxx-xxxx or at [email protected].

I post this ad in the "for sale Real Estate- by owner" section.
Let me know what you think?

I have a number of people now looking for properties and not enough to sell :) One other questions, and im sorry for so many noob questions, but do i tell the seller right away that im a wholesaler and that I'll be selling the property to a third party? thanks

FYI for others. I have not yet received my 100 bandit signs but once I do I will hang them all over. I have posted a few times on craiglist and i would like to share my add for feedback or for others to use. I posted this ad in the real estate for sale by owner section.

Title- Investors wanted for 30K, 40K, & 50K houses
Body- Dear investors,
I have a number of properties in RI and the surrounding areas for investors. All of these houses are between $20,000 and $60,000, some need work and some do not. Houses are 1, 2, and 3 family houses. All houses are easy shows any day of the week. Contact An Urban Property for more details and which properties are currently available. Properties sell fast and can be closed in as little as 12 days. Contact Andrew Urban at [CONTACT INFO REMOVED].

Thanks for any feed back on this or my last comment :)

Thanks guys!
OK update. I have a few buyers and a two family that needs some work that I found. The owner is asking $39,000 and I think I might be able to get him down to $35,000 cash. Now how do I find comparable house values? Do I use Zillow? Bc it's a 2 family I'm guessing they will be renting so I was going to use rentometer for comparable rent values. There is room for a garage in the basement which I was going to add to the over all rehab cost. I also want to give my cash buyer a run down of expenses and profit to show that it's a good investment correct? Thanks in advance for more help :)

Hello everyone,
I would like to document my journey on here with my first wholesale and would appreciate any help. I have a serious buyer looking for 3 family units in my area which is Providence, RI. I took the advice of others and located some buyers before finding a house, which I have been trying to do at the same time as well. This buyer is a cash buyer and is asking if I have a property list and where the properties are located. What should I tell this buyer until I find some properties for him? What type of questions should I have asked him? Also with thinking ahead what type of contract do I write up between me and the seller and me and the buyer. Do we need to have a real estate agent involved or will a real estate lawyer work? Thanks for all the help guys and I'll be sure to write out this whole experience for other to learn from :)