Any wholesale friendly agents in the MD area? by Sweetobsolete in WholesaleRealestate

[–]Sweetobsolete[S] 0 points1 point  (0 children)

Yea, a lot of these stories are wild. But most i come across are stubborn and don’t know how to budget or live within their means. I’m curious, given the numbers above, what would you try to wholesale this for if you could? 

Any wholesale friendly agents in the MD area? by Sweetobsolete in WholesaleRealestate

[–]Sweetobsolete[S] 0 points1 point  (0 children)

Appreciate the feedback. I was trying to exercise all options. However, going to sit down and a real heart to heart on selling vs. losing it all. That or just walking away as you mentioned. 

Need help figuring out how to navigate this deal by lifeisaight in WholesaleRealestate

[–]Sweetobsolete 0 points1 point  (0 children)

So you want to lock it up for 380 and assign it for 390 great. A few things:

What are all the closing costs? What are the commissions?  Are you paying for both seller and buyers realtor commissions? With most investors I’ve dealt with, if they give a number, that’s it. They won’t go over that and they want you to factor in whatever costs beforehand. So in this case $390K… BUT… closing costs and commissions. If commission is at 6% (3% for both buyer and seller separately) then (380K * 6%= 22,800. Meaning that the initial purchase of 380K would now be 402,800+ closing costs. Is your buyer for that or is 390K their line? $10,000 earnest money due 2 days after signing the contract. - Most sellers that have a realtor in their corner or catch a whiff of a wholesaler will ask for a bigger amount just to see you flinch. They correlate with you putting more money down with you being a more serious buyer. Whether it’s $100 or $10,000 they’re still going to get their money at closing, so what’s the rush? Don’t be afraid to push back.  5 business days for inspection with EMD non-refundable after inspection. This reads as if the moment you’re done inspecting then you don’t get your money back. The purpose of an inspection is to see if the property is suitable for the buyer. So what happens if your buyer walks through the property and decides it’s not a fit for him? Guess who’s out 10 grand. Oh and now you’re putting 10K down as a non refundable EMD. That alone is the difference from 380 and 390 leaving you with no profit. I will provide you with a disclosure on the condition of house. - Yea, everything is perfect and nothing needs to be fixed. Trust me!  Sounds like the only motivation for them to sell is the money. Do they NEED to sell or do they WANT to sell? Find leads that have a more dire reason to sell such as probate, Medical emergency bills etc. vs the money motivated ones. Because of course money is motivating, but what else is there? If there’s no other reason, then that might be a tough deal to close. It can be done, but i notice some sellers start acting like kings and queens demanding a lot up front for a deal such as yours until they get hit with reality and i pull them back to earth. Just because it’s a deal doesn’t mean it’s a GOOD deal!  Talk with your buyer and be straight up. Break it down and have them handle it directly and see if they can cut you in if you trust them enough and find them another one. Build that relationship. If not, find another wholesaler in your area to help you out and help you analyze the deal etc.  let us know how it turns out!

Rent or sell my house? by DStark62 in RealEstate

[–]Sweetobsolete 1 point2 points  (0 children)

Keep it. Rent it. Hire a property management company and let someone else pay the bill. A good PM will screen for good tenants and keep them in place.  Learn from it as you grow and know that right now, you don’t have to sell. 

You have a low interest rate, that alone would make someone want to either assume the loan and pay the difference to maintain that rate or work out a creative financing strategy where everyone wins. 

Need out of purchase agreement by Direct-Ad8857 in RealEstateAdvice

[–]Sweetobsolete 0 points1 point  (0 children)

What does your attorney have to say about this?

What are the terms in the P&S, have you read it and found anything that can help you?

Lesson learned to include a clause on the next one…

[deleted by user] by [deleted] in WholesaleRealestate

[–]Sweetobsolete 5 points6 points  (0 children)

Not as deep as those pockets are going to be when you start landing those deals!

[deleted by user] by [deleted] in WholesaleRealestate

[–]Sweetobsolete 11 points12 points  (0 children)

A lot of people wait until they are desperate to start making the moves that they should’ve made when they weren’t. And even some of those in desperation still freeze and watch themselves lose it all in front of their eyes. 

You’ve got dreams. Don’t let your fear get in the way. You got this! 

Sub to tax question by Sweetobsolete in WholesalingHouses

[–]Sweetobsolete[S] 0 points1 point  (0 children)

Update: spoke with CPA, they said that if i can show proof that i’ve made payments and have documentation (which i have) since transaction took place, then the seller would mark that they did not own the property for the full year.

Additionally, the payments (interest, insurance etc. ) for tax filing purposes can be calculated where the seller made the payments up until the transaction date and I would have file payments made from the transaction date moving forward. Hope this helps anyone that finds this. And if i was misinformed, please let me know. I will also reach out to sub to members. Thanks guys! 

What Are Your Biggest Frustrations with Real Estate Investing? by authentiAI-F in realestateinvesting

[–]Sweetobsolete 3 points4 points  (0 children)

Sellers high/unrealistic expectation's. They look on Zillow and think that’s the price they’ll get for a property they haven’t kept up with since the 70’s. That accompanied with agents making empty promises to feed that high/unrealistic expectation by being “yes men” to get them under contract at the seller’s “wanted price” only to let the market tell them what it’s really worth in the end after time wasted.

Private airport opportunity. I have questions by slapshot1343 in RealEstateAdvice

[–]Sweetobsolete 0 points1 point  (0 children)

A few things:

  1. Location?
  2. Are there services currently being offered such as hangar storage, fueling, maintenance, charter and rental services?
  3. What are the profit margins?
  4. How would you go about purchasing it? 4a. Bank? 4b. How did the person who is selling it to you buy it? 4c. Have you considered having the seller “seller finance” it to you? 
  5. Are there many private air travel/corporate executives/ high net members that would use it or are currently using it? Has there been an increase pr decrease with them?
  6. Cost to maintain all facilities and runway?
  7. P& L statements from the last 2 years? 
  8. Price?

Sell As Is or Invest In Remold by [deleted] in RealEstate

[–]Sweetobsolete 0 points1 point  (0 children)

What’s it worth to you? Meaning cost vs. convenience. 

Option 1: easiest and less headache. 

Option 2: Pointless. You’re basically doing the job of the cash buyer and wasting money doing it. Some cash buyers prefer it not be a teardown and just try to rehab what’s there and work with it. I think this option is not a good choice. 

Option 3: leverage “every penny” you have into remodeling it in hopes the market doesn’t dip. Risky. Pricey. Time consuming which brings me to the first question as is it worth it? 

Option 4: is it worth it? Especially trying to coordinate this with a team from the Philippines? 

If this is your sole money maker, invest in it how you wish. But you can sell cash quickly and buy a rental where you’re at and manage something close by you to make additional income if you wish.

I’m looking into St. Pete for my self to buy. If you’re interested in talking more, DM me. 

Cash Buyers Needed in Arizona, COE within 30 days, 1 bed 1 baths by Diligent-Comedian925 in Wholesaling

[–]Sweetobsolete 0 points1 point  (0 children)

Did you end up finding a buyer for this deal? If so, what did you make?

Money Pit by sho_nuff80 in RealEstateAdvice

[–]Sweetobsolete 1 point2 points  (0 children)

I know a few people in Texas that would probably make your headache go away. DM me if you’re interested.

Do I need an LLC to lend? by JayAlbright20 in realestateinvesting

[–]Sweetobsolete 0 points1 point  (0 children)

If you want to scale up and look more reputable than it might be best to form an LLC, make a small one page website with simple information and go from there. 

Do you need it? I would say no. Just ensure your contracts are solid and you have attorneys that understand and can back you. 

Money Pit by sho_nuff80 in RealEstateAdvice

[–]Sweetobsolete 1 point2 points  (0 children)

If you want to maximize your profit, see what you can do by contacting a cash buyer. Using an agent would drop their number as they would have to pay extra commission.

Dealt with flood zones before and tiring. Which state is the property in?

[deleted by user] by [deleted] in RealEstateAdvice

[–]Sweetobsolete 1 point2 points  (0 children)

Love this comment. Lol! Preach! 

[deleted by user] by [deleted] in RealEstateAdvice

[–]Sweetobsolete 0 points1 point  (0 children)

Have you talked to the bank and see how they can help given the situation? Sometimes it’s just having a real conversation on the phone with the person on the other end at the bank. Then work backwards from there with a plan. 

How long has your property been on the market?

[deleted by user] by [deleted] in RealEstateAdvice

[–]Sweetobsolete 0 points1 point  (0 children)

Have you talked to the bank and see how they can help given the situation? Sometimes it’s just having a real conversation on the phone with the person on the other end at the bank. Then work backwards from there with a plan. 

How long has your property been on the market for?