Activity
Mon
Wed
Fri
Sun
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
What is this?
Less
More
Memberships
Wholesaling Real Estate
59.9k members • Free
152 contributions to Wholesaling Real Estate
4d •
Day 41 Of taking action
8 follow up calls 4 conversations 2 new leads 3 offers made 0 contracts Getting on the phones with other members of the group is pretty cool. Good to hear what others are working on and the markets they are working. Leads can come from anywhere. Funny how things happen sometimes
0 likes • 2d
@Jamie Parker I would think a lot depends on property condition. Let's use example I mentioned earlier. ARV on 3br 2ba was in 220K-250K range within 0.25 radius. That property was old. Not falling apart, it actually had strong, solid bones. But everything in it had to go. Drywall had to be stripped, electric rewired, new panel installed, duct work done, HVAC installed, plumbing updated, then dry wall applied all over, new kitchen installed, 1 full bathroom remodeled, 1 more bathroom had to be added (no good comps for 3br 1ba in the are), carpets rolled. With recessive lights, decent looks (not anything high, just basic good looks with brand new kitchen/bathrooms) would cost around $110K-$120K. 60% of ARV , based on 220K figure, would amount to 132K. Obviously, no one would buy it for 132K. It sat on market with 95K price tag for a while. Agent asked $78,000 (includes 70K net to seller, 5K his fee and 3K closing costs, shifted to buyer under terms of his contract). 78K represented 82.1% of asking price. I was unwilling to risk 3.5K EMD on it, I was almost sure I wouldn't be able to find a buyer for it at that price, let alone my fee on top of it, no matter how small. I could easily sell it for $44,000, or 50K top. Again, this is based on property condition, which required 110K rehab work. I assume the property you referencing was in a good shape and required only minor fix, may be 10K-20K?
1 like • 2d
@Jamie Parker that's undisputable. Out of 10-20 realtors I speak with may be one or two are hard headed jerks. Most I find common ground with. It's usually the numbers that kill the deal. We end up too far apart. Like 78K deal above. We brought it down to 70K net to seller from initial 95K asking price. But it was still a terrible deal at 78K total cost to buyer. I usually explore number of ways I can take care of/motivate the realtor. Some of them say outright "It won't work for $X, seller refused $X+5K offer, won't go even for X+10K". Others say they will take my offer to seller (even encourage me to put in writing), then come back with a counter offer or rejection. What I am doing now is watching for those properties to sell and waiting for the new owner to record the deed at county. Whoever pays what they pay is my potential cash buyer in the area.
2d •
Day 42 of taking Action
4 calls 2 offers Not a full day of action but every step, even the small ones, are steps forward.
2 likes • 2d
This is awesome!
4d •
Google voice alternative?
One of our two VA's was using Google Voice for cold calls. The other VA uses power dialer. Google voice got suspended and appeal was declined. Google now will not allow register a new account with Google Voice. What is the best alternative to Google Voice?
6d •
E. North Avenue, Baltimore, MD 21202 - $70,000 Asking
SELLER OF EQUITABLE INTEREST ONLY. PROPERTY NOT OWNED BY ASSIGNOR. THIS IS A CONTRACT FOR SALE OF EQUITABLE INTEREST. Property Overview – XXXX E. North Avenue, Baltimore, MD 21202 100% Hard Money Financing (100% on purchase and 100% on Rehab) is available to qualified buyers via Monument City Group. Asking: $70,000 ARV: $280,000-$300,000 Rehab Estimate*: $130,000 *This is a rough estimate. Actual cost will VARY, depending on materials used, your labor costs and experience with full rehab projects. We are pleased to present a value-add investment opportunity at XXXX E. North Avenue, Baltimore, MD 21202. This interior rowhouse spans three levels and offers attractive unit configuration and upside potential — ideal for a rehab-to-rent or resale strategy. Key Property Details - Type: Townhouse / Interior Rowhouse - Address: XXXX E North Avenue, Baltimore, MD 21202 - Layout: 3 full floors above grade, currently configured with 4 bedrooms and 2 full bathrooms. - Additional Rooms: Includes a home office that could easily be converted into a 5th bedroom. There is also a full bathroom in the basement — with a finished basement, you could potentially add a 6th living space. (See attached estimate for scope of work.) - Structure & Size: Built in 1920. The townhouse sits on a 1,290 sq ft lot. Investment Highlights - Flexible Layout — Room for Expansion: The existing 4-bedroom, 2-bath layout is solid, but the home office + basement bath offer conversion flexibility. With finishing, the property could yield a 5- or 6-bedroom home — significantly increasing rental income potential or resale value. - Strong Market Context: Comparable listings in the 21202 market indicate estimated monthly rents around $2,700 (per Redfin) for similar properties. - Appealing for Rehab / Value-Add Strategy: Given the fire damage (see notes below) and the likely need for renovation, this property offers classic value-add upside for investors experienced with rehab and property repositioning.
12d •
What do you do?
What do you do about cash buyers when they ask about the ADDRESS! do I sign an agreement with every cash buyer? So they don’t go behind my back and steal my deal not saying I got my deal stolen I’m just saying. What do y’all think?
1 like • 10d
Who are the gatekeepers on this? lol I will bust the gates and let the topic starter know what to do. Anyhow, one thing you can do that will absolutely protect your right is filing a Memorandum of Contract with the local register of deeds. Here are the basic rules to file MOC: #1. Make sure your contract with Seller spells your right to file MOC. If they don't sign off on it and you file MOC, you can be sued for slander of title. #2. Make sure the laws of the state allow for filing MOC. Some states , such as OK, will not allow filing MOC. #3. Read the rules to make sure your MOC meets the requirements of the clerk's office. This is uber important. If it requires to use certain format/fonts and include tax id or other pieces of data and you fail to properly execute the Memo, it will be rejected by clerk and you won't have any protections in place. Now, what to do in a state like OK, where you can't file Memo? I would suggest having potential buyer sign Non-Circumvention Agreement before sharing an address.
1 like • 9d
@Elaine Douty see below from google search: A real estate "memorandum of contract" template is a concise document that publicly records the existence of a private sales contract to protect the buyer's interest in a property. These templates typically include basic information like the names of the buyer and seller, a description of the property, the date of the original contract, and a reference to the full contract, which is often attached as an exhibit. The purpose is to place a "constructive notice" on the public record so third parties are aware of the buyer's claim. Key components of a memorandum of contract template - Parties: Names and addresses of the seller(s) and purchaser(s). - Property Description: A legal description of the property, often including tax parcel information and an attached exhibit (Exhibit A) with the full description. - Contract Reference: A statement that the memorandum is based on a more detailed and private contract, referencing the date of that agreement. - Consideration: A statement that the agreement is made for valuable consideration. - Closing Date: The date or approximate date for the closing and transfer of title. - Signatures: Lines for the seller and purchaser to sign, and often for witnesses. Why use a memorandum of contract? - Public Record: It is recorded in the county's public records to create constructive notice of the buyer's claim, which can protect against future liens or sales. - Buyer Protection: It prevents a seller from transferring the property to someone else after the buyer has entered into a contract. - Proof of Agreement: It serves as proof that a contract for sale exists, even if the full details remain private. - Important Note: A memorandum is a summary and not a substitute for the full purchase agreement. The full contract should always be a separate document containing all the detailed terms and conditions of the sale. Where to find templates
1-10 of 152
@eric-nicholson-5576
Real Estate Investor in Maryland. Buying, fixing, flipping, wholesaling properties in the state of Maryland and Nationwide. www.webuyhomesinmd.net
Active 11h ago
Joined Dec 17, 2024
Maryland
Powered by