OfflineJust signed up for Dean's academy, looking forward to the first call. Looked for business cards last night, and researched LLCs and LLPs. I like the benefits of an LLC but not sure if I'm ready to go that route yet, since getting financing under an LLC seems to be a problem, in MD it will cost about $200 to get the LLC set up. Need more info. on this subject from someone that has already got one in place.
Wrote down some goals, and created a calendar in google. Watched the orientation video also.
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Okay so I've had a property under contract for about 20 days now, been marketing to all the buyers in my buyers list, got a few bites but no CASH offers yet. There a 25-28k profit potential for a rehabber. The ARV is 80k, I have it under contract for $28k, the property needs about $12-$15k worth of work, and I'm assuming $10k in holding and closing costs for the re-habber. I don't know what to do here now! Should I back out on the contract or should I continue to fire away with the marketing. I have till October 10th to close with the seller. Anyone face something like this before? If so any suggestions on getting this thing sold!
Thanks....
Maulik
Hey Maulik....
All I can say is that it seems like a good position to be in for sure. And with that kind of profit potential, I think many "serious" investors would consider it. I'm by no means an expert, but I would personally try to market the @#@%$ out of it especially to "true" investors.
I hope something happens so that you can get that first deal done!
Take care...
Robert M. Burkett CPA
Stay Active & "WORK IT OUT!!"
Get your "Daily Dose" & check out my journal at the link below!! I would love to hear from you as well!
http://www.deangraziosi.com/real-estate-forums/investing-journals/27368/...
I have been busy learning the wholesale business, and identifying markets and price ranges I need to be concentrating in and marketing. I now know where to wholesale and what price range I should be expecting the sellers to come in at. Its been quite a ride so far... Now I'm focusing on correct marketing! Marketing is the key to identifying motivated sellers!
I know that sounds redundant but I didn't know what I was doing or where I should have been doing what I was doing. I initially start out marketing where ever I went and since i live in the suburbs I marketed the wrong people.
I know realize you can't wholesale in the suburbs, you need to go into the city! You have to go to working class neighborhoods with established markets, that is where the equity is. If you are reading this please learn from my mistakes...if you are a wholesaler identify neighborhoods near downtown that are in transition... go do your wholesale and rehab deals there!
Get a title company that will work with you and one that understands wholesaling, also get a lawyer, and get your contract reviewed before you use it.