OfflineSo I recently locked up a heck of a deal in a great area! One caveat, it has tenants (normally not a problem) but the owners don't want them to know they're considering selling. Now I've closed houses with tenants before but everyone was on the same page... The owners told the tenants that we were rehabbers when we went to view, take pics and estimate rehab... I guess in a way they were correct. Oh well! I'll keep you guys posted on how this one turns out;) unfortunately , I am almost sure that they'll have to move after the new buyer takes ownership, as their rent is way below market.
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Lenee
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
That is a catch, but a workable one
consider this either the seller can do it or you can negotiate the deal down even further down move them else where (with the extra you negotiated down) and get all parties to win I will be attentive of this post wish you the best 
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Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
You're right! I actually have some other deals that would be similarly priced and was going to potentially offer. However, I'd first want the owner to tell them. Thanks for the advice! I will update as more becomes available
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Best wishes Lenee, and yes, let us know how this one pans out.
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
Lenee,
I'll be interested in hearing how you resolved this obstacle... in my experience, dealing with tenants while trying to show the property for sale is a pain in the hiney!
Valerie
“And will you succeed? Yes indeed, yes indeed! Ninety-eight and three-quarters percent guaranteed!” ― Dr. Seuss
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Hey Tammy! Did I miss your call? These last weeks have been crazy busy with graduations... Hope to talk soon
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Val,
The owners are a little on the odd side.... We shall see! At least it would be easier if they knew what was going on. I explained that they would have to disclose to the tenants. Personally, I prefer sooner rather than later.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
I hope the deal goes through I think the owners may have had issues with the tenants and check to see if any repairs need to be made because maybe the owners delayed repairs and or possiblely try to stiff deposit money
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
Repairs definitely need to be made....around $20-25k. They don't have the money to do them.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
You mean..... The owners or your buyers
Because if it's the owners then that will just bring their price down
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
Well I will be showing this home to 3 people tomorrow. Pretty sure we have it sold. I'll keep you updated on the progress.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
I will try to call again!
www.tw4homes.com website
https://tvallc.isrefer.com/go/RehabLite/reigirl/ FREE SOFTWARE FOR WHOLESALERS, REHABBERS AND AGENTS! Present professional looking deals to buyers and lenders as well as run your numbers and get the ROI.
So I am assuming that the tenants are on month to month? If not the new buyers will have to honor any lease that is in effect until the end of the term. (I am sure that you already know this, but am writing it for any new investors that may not be aware)
Also, if the new buyer wants the tenants to be given their 30 day notice, it is the responsibility of the present owner to do so.
Congrats on the deal.
Karen
"You're never too old to be what you were meant to be!"
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Thanks Karen! Yes, they've been given a 30 day notice. I tried to call and email you regarding a deal that we were trying to get here last year...did you by chance get that?
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Tammy,
I'm sorry! By time I got back home I literally had 21 missed calls... Days are hard for me, but I could try Friday... Did you call from a 217 area code? Sorry about the full box also ;(
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
I was out of town last week (in KY) and I was very frustrated because my phone carrier doesn't have service in rural areas. I must have missed it. I'm so sorry. I am going to have to switch carriers. I hate to have to since I've had them for over 12 yrs. But, since I'm not in LA anymore...
"You're never too old to be what you were meant to be!"
www.deangraziosi.com/real-estate-forums/investing-journals/59128/day-for...
"Shining Like a Star & Dancing on Sunshine"
"Shoot for the moon! Even if you fall short, you'll still land among the stars!"
No worries Karen! I'm switching from Sprint in the next couple weeks due to the same issues after being with them for 4 years... I'll resend email tomorrow. Talk to you soon!
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
One would wonder about this seller not telling his renters whats going on maybe they want to keep them and not making them mad or disappointed that they are selling before the deal goes through or maybe they want them to think he is actually going to make the needed fixup to keep them happy, oh well, keep us posted, honesty always wins, Jim
jbischoff
Hi Jim!
Long time no hear! Well, things have changed a bit (I forgot to update this part)... So I told the owners that they would have to inform the tenants. Currently, they've been given a 30 day notice.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Well it looks like I'll be wrapping this deal up soon;) I had another wholesaler send me what I thought was a buyer but ended up being another wholesaler. The second wholesaler walked the house and and sent me an offer (basically wanting to wholesale it). After I explained to them that I would only deal directly with the buyer, they forwarded their contact info to me. Sellers will walk through and make a decision on Tuesday. And if for some reason they don't take it, I have a back up buyer. Although I could of held out for my own buyer, I rather close this one up quickly and move on to the next! I've never had a problems working with other wholesalers, always a good idea if you have a deal your buyers have passed on.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
Hey Lenee, We all hope you close this deal & move on to the next soon!
Here's are a few questions I have for you:
What formula do you use when you're wholesaling a rental, for example, single family , duplex, triplex cashcows that cashflow? Is it the same wholesale formula Arv x 70% - repairs & your fee, or is it more relaxed because you base it off the ROI/Cap rates & monthly cashflow or ?
Thanks Dallas!
In all actuality I run both. Most landlords want to know their cash on cash ROI, so I calculate the cap rate. However, I also calculate ARV and provide numbers. What does a landlord who is looking to do a cash out refi need to know? How much equity their property has
I like to give more than enough info, rather than not enough. To me, calculating ARV also allows me to easily figure my fee.
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
So it's safe to say we can contact you when we have landlord buyers to figure this out.
In all actuality I run both. Most landlords want to know their cash on cash ROI, so I calculate the cap rate. However, I also calculate ARV and provide numbers. What does a landlord who is looking to do a cash out refi need to know? How much equity their property has
I like to give more than enough info, rather than not enough. To me, calculating ARV also allows me to easily figure my fee.
Watch your thoughts, for they become words.
Watch your words, for they become actions.
Watch your actions, for they become habits.
Watch your habits, for they become character.
Watch your character, for it becomes your destiny.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Our Heart's Desire must be nurtured by our mind,to give birth to common sense, that will enable us to seek out the path less traveled, with the greatest Personal Growth. -J.R.-
You're adding new buyers to your list the 1st time and they tell you they're interested in multifamily or commercial deals, they don't go into detail what they're looking for. Thank you!
Well this deal closed today
! I actually closed 2 in the last 5 days. After showing this deal to about 5 people, I had someone come through and purchase. Over time, we discovered that this property needed more repairs than originally estimated so we had to go back and renegotiate. I felt a little bad due to it being tenanted but the owners couldn't afford repairs and the buyers knew how great of a deal it was that they wanted to fix it up, live in it for a while then flip. I've even reached out to the tenants to see if maybe I can help place them in a new home. I will be getting keys and showing another tomorrow and look forward to closing that one next week. Definitely staying busy 
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~
It's funny how quickly word travels. The family that bought the home told some other family members about the deal and I got a call from a cousin who is also looking for some properties and liked the idea of wholesale properties. Also, the buyer from my deal that closed last Friday is looking for commercial property to buy and wants me to help him find some. Closing deals and adding buyers is what it's all about!
Lenee
www.allstarhouses.com
~Act successful! And you'll draw it to you.~
~Every achievement, big or small, begins in your mind. It starts as a thought.~