All Forum Posts by: Zack Broaddus

This depends on what you think will happen with taxes in the future. If you think that they will rise, then a Roth IRA would be your best choice because you pay taxes as you put money into it. If you think that taxes will go down, then go for a non Roth IRA and you will pay taxes on your money when you take it out in the future. Also, if you have a traditional IRA right now, you could convert it into a Roth IRA and pay the taxes on the money right now. Personally, I feel that taxes will go up in the future, so I prefer a Roth IRA to a traditional IRA. If you are interested in learning more about this type of stuff, check out "Money: Master the Game" by Tony Robbins. It is a long book, but it is enjoyable to read Tony's work and I have learned so much already from only reading half of the book. I hope this was helpful.

This is a vacant lot, located at 7721 Yester Oaks Lane, that is ready to be built on. The lot is unique because of its proximity to the city, airport, and river, while still managing to be in a wooded, suburban area. The lot is located in between 3 culdesacs and is very secluded. The houses in the surrounding neighborhoods are extremely nice, and most are assessed between $240,000 and $250,000. Also, the lot is full of huge hardwood trees that would certainly pay for the lot's clearance and possibly even a driveway. This lot is currently assessed at $45,000 but it can be all yours for only $35,000. If you are interested or want some more details, I would be happy to work with you to help you get what you want. 

(It is the rectangular lot that has no numbers on it in the above picture)

Once you've determined your ARV (using comparable sales within the last 6 months from Zillow, Redfin, Realtor.com, the MLS, etc.), you are going to take that number and multiply it by 0.7 (ARV= $100,000. $100,000 x 0.7 = $70,000). If you are wholesaling the house, this is what your buyer would be willing to pay for the house if it needed absolutely no work whatsoever. That said, you are going to have to factor your profit into that (you get the $100,000 ARV house for $65,000 and then sell it for $70,000). Most houses will need at least some repair, if not a lot, so you will also need to subtract that from your number (if it will cost $20,000 to get the house into shape, then $100,000 x 0.7 = $70,000 - $5,000 - $20,000 = $45,000). Now you know that you will have to get the house at $45,000 in order to move it to a 70% buyer and take home $5,000 for yourself. However, depending on your market, not all buyers will buy at 70%, for some it will be 65%, others 60%. If you are keeping this house for yourself, then ignore the wholesaling fee, and you could pay $50,000 for it. I hope this was helpful!

Hello!

My name is Zack and I am brand new to Bigger Pockets.  That said, I want to get the most out of this website and provide value at the same time.  I am a wholesaler in the Richmond area, but I also find plenty of deals in Henrico, Hanover, Chesterfield, Hopewell, Petersburg, and Colonial Heights.  I currently have a pretty solid list of buyers, but I would love to meet more!  If you are looking for properties to buy in the Central Virginia area, please tell me a little about yourself and the types of properties that you are looking to buy, and I will go out of my way to find what you are looking for.  If you'll take the time to do this, I'll surely appreciate it and thank you for your kindness.  

I am a wholesaler in Richmond, Virginia, and I am always looking to expand my list of cash buyers.  I struck up a conversation with a local buyer who told me to go to the courthouse and check the tax records to find out who is buying.  I should have asked him these questions when we were speaking, and I will surely call him tomorrow and ask him, but I would like to get you guys' opinions as well.  So here are my questions:

Would I be able to see a list of recent cash transactions at the courthouse, or would I just be looking for the LLC's/people who own the most properties?

Also, which part of the courthouse do I go to for this info?

Lastly, have any of you tried this strategy for finding buyers, and if so, how has it worked out?

I would suggest getting into wholesaling first, that way you will take on less risk and be able to make some mistakes without being hurt.  There are plenty of great wholesaling books out there, I recommend E-books because they are pretty short (50-60 pages) and to the point.  You can just google wholesaling books and breeze through them all, they will all give you different strategies to implement, and they are free!  A few that I have read are "Raining Cash," "Quick Flips and Fast Cash," and "Flip" by Nick Ruiz.  You can also learn a ton from youtube, there are videos out there for just about everything related to wholesaling.  Hope this helps.

You just have to dive in!  You can sit around and read every book in the library on real estate investing, but nothing will prepare you more than stepping out of your comfort zone and taking action.  To me it seems like you are getting into the wholesaling business, which is perfect for someone in your situation because there is really nothing to lose!  Just remember, you are in the people business, so communicating is a must.  Don't worry about being rejected, anyone in this business has been rejected more times than they have succeeded, it happens to the best of us.  Just shake it off and move on to the next one.  It's a numbers game, so just keep pushing forward and you will better and more comfortable over time.  Failure can't cope with persistence, so the only way that you will fail is if you give up.  You may be a little uncomfortable at first, but you can do it!  If you need any help along the way, just come back to the forums and there will be plenty of people who have been in your shoes to walk you through the process.  So get out there and take action!  Even if you fail, you will get another shot.

Just looking at this on the surface, it sounds like you may want to pass on this one.  Also, if the seller isn't willing to drop down to the price that you need to get it at, it would be best to just move on to the next deal and tell him to call you back if he changes his mind in the future.  There are plenty of deals out there, and if you go up to his price, you will be wasting his time as well as yours because you won't be able to find a buyer for it.

Hope that was helpful!

As I began to expand my marketing for motivated sellers, I have placed citations on yellowpages, yelp, etc.  These citations have led to me getting many calls about expanding my online presence.  Today, I got a call from a company called YEXT, offering to place my information on many more of these sites and to help me develop a website.  Have any of you used this company or a similar service to expand your online presence, and if so how has it worked out in terms of generating leads? 

So I recently got a 2 acre lot in Richmond under contract at a great deal.  After informing my buyers of this new deal, a few of them reached out to me and asked if owner financing was a possibility.  I have never been asked that before, so I just told them that it needed to be a cash transaction.  Has anyone ever used owner financing in their wholesale deals?  Is it even an option?  If so, I would love to hear about how you did it and how things worked out so that I could add owner financing into my playbook.